When the seven-continent Live Earth concert kicks off today in East Rutherford, across the Hudson River at Giants stadium, located in The Meadowlands Sports and Entertainment Complex in New Jersey, a dozen of America''s largest institutional investors will be part of the audience calling for action to fight global warming.

Joining the throng of rock fans and environmentalists at the concert will be executives from State Street Corp, AIG, Citi, Generation Investment and the New Jersey, New York and New York City Retirement Systems, which collectively manage more than $2 trillion in assets.

What are buttoned-down investment executives doing at a rock concert in New Jersey? They are concerned about global warming just as Al Gore and environmentalists are.

"Global warming poses enormous risks for investment portfolios and the economy and further delays in reducing greenhouses gases will only compound those risks," said New Jersey State treasurer Bradley Abelow, whose office manages more than $70 billion in assets. "That''s why a growing community of investors has called on Washington to get serious about the issue and it''s why a dozen of us are attending Live Earth."

Mindy S Lubber, president of Ceres and director of the $4-trillion Investor Network on Climate Risk (ICNR), said the lack of a comprehensive US climate strategy is stifling investment in new technologies that will lower greenhouse gas emissions, which contribute to global warming.

"Climate change presents a huge opportunity for US investors who buy into the best technological innovations, such as renewable energy, bio-based fuels and hybrid vehicles," said Lubber, who is also attending today''s concert. "But the lack of a comprehensive strategy, with aggressive targets for reducing greenhouse gases, is hindering the ability of American businesses to invest and innovate in clean technologies."

"To tap American ingenuity and drive business to a leadership position in the low-carbon future, we need regulations to enable the markets to deploy capital and spur innovation," added Orin S. Kramer, chair of the New Jersey State Investment Council and a member of the board of the Alliance for Climate Protection, which is receiving the proceeds from Saturday''s concerts.

"As institutional investors we are by definition long-term investors. It is for this reason we are especially concerned about the long-term health of the companies in which we have investments," added Patrick Doherty, director of corporate and social responsibility at the New York City Comptroller''s office. "Global warming poses serious risks that our portfolio corporations need to respond to now to protect their bottom line in the years ahead."

The New Jersey, New York and New York City state pension funds are among 65 leading companies and investors managing $4 trillion in assets who called on US lawmakers this spring to enact strong federal legislation that will achieve the 60-90 percent greenhouse gas reductions below 1990 levels by 2050 that scientists and climate models suggest are needed.

The group, organised by Ceres and the Investor Network on Climate Risk, also included Merrill Lynch, Allianz and F&C Asset Management, as well as state pension funds in California, Connecticut, North Carolina, Illinois and Kentucky.

Ceres (http://www.ceres.org) is a leading coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Ceres also directs the Investor Network on Climate Risk, a network of 55 institutional investors managing $4 trillion in assets focused on the business impacts of climate change.