GREAT CLIMATE AMBITIONPosted to WOGNEWS
GREAT CLIMATE AMBITION
- Dec 11, 2019 5:17 pm GMT
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The largest-ever group of investors has called on governments to phase out thermal coal power worldwide, put a price on carbon, end subsidies for fossil fuels, and strengthen nationally-determined contributions. The 631 institutional investors managing more than USD37 trillion in assets urged governments to step up efforts to tackle the global climate crisis and achieve the goals of the Paris Agreement, in a joint statement issued yesterday at the United Nations COP25 climate summit.
The Global Investor Statement to Governments on Climate Change was developed by the seven founding partners of The Investor Agenda.
"The global shift to clean energy is under way, but much more needs to be done by governments to accelerate the low-carbon transition and to improve the resilience of our economy, society and the financial system to climate risks," the investors wrote. They warned the current government commitments leave an "ambition gap" that will not prevent global average temperature from rising beyond the 1.5 degree threshold that scientists warn could trigger catastrophic and irreversible effects of climate change.
United Nations Secretary-General António Guterres highlighted the investor call to action in his remarks to heads of state and government at COP25 on 2 December. "Because societies are moving, business communities are moving, local authorities are moving, the youth is moving. It is for political leaders to be able to take profit of this movement and to lead for us to be able to defeat climate change."
The Investor Agenda was launched in 2018 by seven founding partners - Asia Investor Group on Climate Change, CDP, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change, Principles for Responsible Investment and UNEP Finance Initiative.