'We know that more ambitious action on climate is needed, a fact compounded by increasing geopolitical tension and the devastation caused by intensifying extreme weather events.' InvestorAgenda
Governments must"enact policies the world needs to avert the worst of the climate crisis and... investors need to usher in a new era of economic prosperity built around a just, sustainable, clean energy economy," said a coalition of investor groups.
Signed by 532 investor groups—but none of the top three U.S. index fund managers, BlackRock, State Street, and Vanguard—the statement reiterates warnings from the Intergovernmental Panel on Climate Change and the International Energy Agency , both of which have clearly stated that fossil fuel extraction must be rapidly phased out in order to limit global heating to 1.5ºC above pre-industrial temperatures.
Guaranteeing long-term resilience and energy security by rapidly scaling up the deployment of low-carbon energy systems, electrification, flexibility, and storage;Setting deadlines to phase out thermal coal power and fossil fuel subsidies, and establishing plans and targets to peak and then phase out the use of other fossil fuels, in line with credible 1.5ºC pathways;
The groups, including the Asia Investor Group on Climate Change, CDP, and Ceres, also called on governments to support the Global Methane Pledge to reduce emissions by at least 30% by 2030; to scale up climate finance for adaptation and resilience to meet the needs of the Global South; and to strengthen climate disclosures across the financial system.
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