During the third quarter of 2003, Eos Research & Consulting Ltd. conducted a two part study examining emerging standards for how energy companies manage climate change related risks. The first part was a survey of financial institutions in Canada, U.S. and internationally to determine their expectations for how energy companies should approach risks associated with climate change and policies to address it. In a parallel effort, using criteria which were based in part on the results from the financial sector survey, eleven leading energy companies were compared in a benchmarking study which examined response to climate change risks to date. The result provided two facets of the emerging standard for climate change risk management in the energy sector. This paper examines the results of the financial sector survey, drawing conclusions about the role that sector will play in setting expectations for how energy companies respond to climate change risks in the foreseeable future.

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