More than 400 investors, who collectively hold a third of the world’s assets, are demanding governments end their support of fossil fuels and make significant strides in cutting carbon emissions in the next decade.
In a joint statement Thursday, 457 investors who control $41 trillion in assets signaled they want governments to “significantly strengthen” plans to cut carbon emissions in the next decade and hit detailed emissions targets to achieve net zero emissions by 2050, The Guardian reported.
The statement came ahead of the Group of Seven (G-7) summit, which began Friday, and November’s United Nations climate change conference. On the same day, executives from 78 companies worth nearly $2 trillion also wrote an open letter to G-7 leaders to push them toward working with the private sector to address climate change. Broadly, the CEOs are calling for G-7 leaders to halve their greenhouse gas emissions by 2030 and achieve net zero by 2050.
British asset managers from some of the country’s largest firms — Aviva, HSBC Asset Management, Legal and General Investment Management and M&G — signed the joint statement.
“We stand at the beginning of a pivotal decade in which institutional investors and government leaders worldwide have the power to raise ambition and accelerate action to tackle the climate crisis,” the letter said, as reported by The Guardian. “If we do not meet this challenge and change course immediately, the world could heat in excess of 3C this century – far beyond the goal of the Paris agreement.”
All seven nations have broken their own climate commitments. Wealthy nations have invested nearly $16 billion in funding for low- and middle-income countries’ projects related to gas between 2017 and 2019, a new report shows.
The Guardian reports that none of the G-7’s biggest stock market indices are on track toward the necessary carbon cuts, citing research from the Science-Based Targets Initiative. In the U.S., that includes the S&P 500.
In addition to setting an agenda for addressing climate change, G-7 leaders are also reportedly calling for a new probe into the origins of the coronavirus.
READ MORE STORIES FROM CHANGING AMERICA