On climate change, cars and ostriches

F&C Asset Management comments on hte statement by Van Jolissaint, Chief Economist of the German-US DaimlerChrysler Group.

Following the widely reported comments by Van Jolissaint, Chief Economist of the German-US DaimlerChrysler Group, attacking what he called "quasi-hysterical Europeans" and their "Chicken Little" attitudes to global warming (according to BBC News), Karina Litvack, Head of Governance and Sustainable Investment at F&C Asset Management, said:

"Mr. Jolissaint's "Chicken Little" outburst is mystifying – particularly given his company's push in the European market to improve fuel efficiency, and generally position itself as savvy about climate change. Forget about chickens – you'd have to be an ostrich with your head stuck firmly in the sand not to see that consumer and government attitudes around the world are changing. The American love affair with SUVs and trucks is definitely under threat, and the sales figures don't lie. Why would Toyota, the world's most profitable auto company have just announced a big push on marketing Prius, its hybrid vehicle, in the US?"

"Our view is that big opportunities are out there for companies like Toyota and others that invest in cleaner technologies, so our Stewardship fund is already heavily invested in alternative energy stocks, new technologies and an array of companies engaged in improving the efficiency of existing technologies."