Financial industry heavyweights have called on governments and businesses worldwide to step up climate change efforts. A group of 415 investors who collectively manage assets worth US$32 trillion have called on governments to take stronger actions to meet goals as set out in the Paris climate agreement. The statement from the Institutional Investors Group on Climate Change was first launched in June ahead of the G7 summit in Canada but has been reissued to coincide with the current negotiations happening in Poland.
Backers of the statement include pension funds, asset managers, insurance companies and more, all calling on governments to do more to limit global warming and sets out the measure’s investors need to see to help them further shift their portfolios. “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 group said in a statement. The group has said actions like phasing out thermal coal power and fossil fuel subsidies were needed and leading on climate change would produce new jobs and investment opportunities.
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