London, June 26: Investors, managed over $34 million assets, are demanding immediate action from governments on climate change, ratcheting up pressure on the leaders of the globe’s 20 biggest economies meeting, G20 summit, going to be held this weekend in Osaka, Japan.
According to Reuters news reports, in an open letter to the “governments of the world”, the groups representing 477 investors have stressed “the urgency of decisive action” over climate change in order to achieve the Paris Agreement aim.
In 2015, almost 200 countries agreed to limit the rise of the global average temperature to below 2 degrees Celsius. The present policy has put the globe on a track for a 3C by the end of this century.
Investors’ letter comes shortly ahead of the G20 summit going to be taken place on June 28-29 in Osaka, and as Antonio Guterres, the secretary-general of the United Nations (UN), urges nations to support further ambitious climate goals.
“There is an ambition gap… This ambition gap is of great concern to investors and needs to be addressed, with urgency,” a statement issued by the investors accompanying the letter said.
They urged governments to bolster Paris Agreement aims by 2020 – phase out fossil fuels and thermal coal power subsidies by deadlines – set a tough global carbon price by 2020, as well as, enhance climate-related financial reporting.
“It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways,” the statement said.