Philanthropy

World's largest investors urge climate change action


By added on 21/09/2009

The world's largest global investors issued a joint call for strong action this year from U.S. and international policy makers in the fight against global warming.

 

Amid growing focus on upcoming international climate treaty talks and Congressional debate of climate and energy legislation, global investors have issued a major policy statement calling for a strong and binding international treaty that will reduce pollution and catalyse massive global investments in low-carbon technologies.

 

Signed by 181 investors collectively managing more than £8 trillion in assets, the investor statement is the largest of its kind on climate change in world history.

 

Investors released the statement at an all-day International Investor Forum on Climate Change hosted by New York State Comptroller Thomas P. DiNapoli and keynoted by British economist Lord Nicholas Stern.

 

The statement calls for the following elements to be included in a global climate change treaty:

 

  • A global target for emissions reductions of 50-85% by 2050 (1990 baseline)
  • Developed country emissions reduction targets of 80-95% by 2050 with interim targets of 25-40% by 2020 backed up by effective national action plans
  • Developing country action plans that deliver measurable and verifiable emission reductions
  • Government support for energy efficient and low carbon technology
  • Measures that support the move to an effective global carbon market, including ambition caps, fair and efficient allocation of allowances and links between different trading schemes
  • Revisions to the Clean Development Mechanism to ensure real, permanent and verifiable emission reductions
  • Public financing mechanisms that leverage private sector finance for investment in developing countries
  • Measures to reduce deforestation and promote afforestation, and;
  • Support for adaptation to unavoidable climate change impacts.

 

Signatories to the statement include state treasurers, controllers, pension fund leaders, asset managers and foundations worldwide.