Investors holding $41 trillion demand action on climate — now
June 10, 2021. Summarized by summa-bot.
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PRODUCTION - 31 May 2021, Berlin: Cars, trucks and delivery vehicles drive into the city on Kaiserdamm in the capital. An ECJ ruling on the exceeding of the limit values for nitrogen dioxide is expected. The EU Commission has sued Germany for exceeding the annual and hourly limits for nitrogen dioxide in numerous areas since 2010. Germany is thus systematically violating the EU air quality directive and has done too little to keep this violation to a minimum. Photo: Michael Kappeler/dpa (Photo by Michael Kappeler/picture alliance via Getty Images)
Investors managing more than $41 trillion in assets are loudly calling on world leaders to immediately step up their climate game if they don't want to miss out on a wave of clean energy investment.
More than 450 major investors signed a letter that was released Thursday urging governments to set more ambitious emission reduction targets, detail "clear" road maps to decarbonize pollution-heavy industries and implement mandatory climate risk disclosure requirements.
The letter, signed by Fidelity, State Street and other influential asset management firms, marks the strongest call yet from investors urging governments around the world to take bolder steps to fight the climate crisis.
"While there will be a cost for compliance with SEC climate disclosure rules," the letter said, "it is far less costly to companies and their investors than ignoring the risk. "
Mindy Lubber, the CEO of Ceres, a sustainability nonprofit that helped organize the investor letter, said investors are aware of the substantial risks in getting climate policy right.
"Investors know that the impacts of the climate crisis are systemic financial risks," Lubber said in a statement, "and will worsen, if left unchecked. "