8,092 viewsDec 11, 2018, 11:49am
A global group of 415 investors managing $32 trillion in assets just released a combined statement urging governments to accelerate their actions to mitigate climate change.
The 2018 Global Investor Statement to Governments on Climate Change reiterated their support of the ongoing Paris Agreement discussions taking place during COP24 in Katowice, Poland.
The group of global investors manages the funds of millions of beneficiaries around the world and urges governments to support and quickly adopt measures outlined in the Paris Agreement.
The group warns that ignoring action against climate change could cause permanent economic damage up to four times the size of the 2008 financial crisis. To mitigate these economic damages, the group of investors calls on global leaders to commit to three priorities.
- Quickly adopt and achieve the measures outlined within the Paris Agreement
- Increase the rate of investment in renewable energies and speed up the transition to low-carbon economies. This would include adopting a price for carbon emissions.
- Improve financial reporting on the impacts of climate change on businesses.
In order to limit global warming below 2°C compared to preindustrial levels, global economies must significantly and quickly curtail their emissions. Schroders, a member of the global investor’s group, warns that a temperature rise of 4°C could cause $23 trillion in global economic losses over the remainder of the century.