Investors managing more than $34 trillion in assets, nearly half the world'...
LONDON - Investors managing more than $34 trillion in assets, nearly half the world’s invested capital, are demanding urgent action from governments on climate change, piling pressure on leaders of the world’s 20 biggest economies meeting this week.
Almost 200 nations agreed in Paris in 2015 to limit the global average temperature rise to well below 2 degrees Celsius above pre-industrial times. Current policies put the world on track for at least a 3C rise by the end of the century. Governments were urged to strengthen their Paris Agreement targets by 2020; phase out thermal coal power and fossil fuel subsidies by set deadlines; set a robust global carbon price by 2020 and improve climate-related financial reporting.
Large investors signing the statement included Legal & General Investment Management and the California Public Employees’ Retirement System , although the world’s two biggest asset managers, BlackRock and Vanguard, did not. A U.N.-backed panel of scientists has said limiting global warming to 1.5C would cost at least $830 billion a year but the cost of inaction is thought to be much higher.A number of institutional investors have already started to divest from fossil fuel companies due to the risk their assets will become stranded as the cost of renewable energy falls.
However, some countries argue that they need to keep using fossil fuels to power their economic development.
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