Managers Representing US$13 Trillion in Assets Call for Fast Paris Ratification
A letter to the world’s top 20 economies from 130 institutional investors managing US$13 trillion in financial assets urges their leaders to complete the process of ratifying the Paris climate accord by the end of this year, “to accelerate the implementation of this economically and socially critical agreement.”
The Institutional Investors Group on Climate Change (IIGCC), many of whose members are pension, faith-associated, and social responsibility funds, wrote in an open letter that bringing the Paris deal into force “will send strong policy signals to support significant investments [that] are critical to climate success,” CleanTechnica reported.
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In its letter, the IIGCC urged G-20 leaders to “provide stable, reliable, and economically meaningful carbon pricing commensurate with the scale of the climate challenge; develop plans to phase out subsidies for fossil fuels; support a doubling of global investment in clean energy by 2020; [and] prepare to strengthen your nationally determined contributions” to greenhouse gas emission reductions.
The international investors also urged leaders to “prioritize rulemaking by national financial regulators” to require that companies seeking investment fully disclose their climate risk.