Energy Security & Climate Change: Investing in the Clean Car Revolution

World Resources Institute

16 June, 2005

This report is the result of a collaborative effort between the Global Automotive Research team at Merrill Lynch and the Capital Markets Research project at the World Resources Institute.

The objective of the report is to present a clear, concise explanation of the market forces and regulatory environment driving the trend toward cleaner cars and to highlight companies from the Merrill Lynch global auto universe which are leveraged to it.

WRI's Capital Market Research is a project within the Sustainable Enterprise Program that provides detailed research and analysis to financial institutions, investors and issuers that seeks to embed environmental risk and opportunities into financial analysis and investment decisions. Reports are available at http://capitalmarkets.wri.org.

050616WRI_Report.pdf