Asset owners managing more than $10.4 trillion have urged governments not to let worries about security of fossil fuel supplies impede the transition to greener energy needed to limit catastrophic climate change.
With governments scrambling to replace Russian oil and gas supplies after the invasion of Ukraine, United Nations climate scientists issued new warnings this week on the need to quickly scale up renewable energy and roll back support for emissions-intensive fossil fuels.
The group called for an end to using taxpayer cash to prop up the fossil fuel industry through subsidies that go against the pledges made by governments to get to net-zero emissions.
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