Investors managing assets worth $35 trillion are sending a message to governments and companies: Do more to fight climate change.
A group of 515 investors on Wednesday urged policymakers to act with the “utmost urgency” to comply with the goals of the 2015 Paris climate agreement, which seeks to limit global warming.
“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 said in a statement ahead of next week’s United Nations Climate Action Summit.
Signatories to the statement include some of the world’s biggest pensions funds and asset managers, including the California Public Employees’ Retirement System, UBS Asset Management, Allianz Global Investors and Nomura Asset Management.
The group urged governments to phase out thermal coal power and fossil fuel subsidies, and set a price for carbon emissions. They called on companies to provide more information on climate risks.