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Super funds and investors with $34tn urge leaders to speed up climate action
(The Guardian, 26 Jun 2019) Fund managers call on world leaders to bring in carbon pricing and phase out coal power ahead of G20.
Superannuation funds and investors representing US$34tn in assets – nearly half of the total under management across the globe – have called on world leaders to bring in carbon pricing and phase out coal power to limit global heating to 1.5C.
Released ahead of a G20 leaders meeting in Osaka, Japan, the statement by 477 institutional investors urges world leaders to accelerate their response to the climate crisis to ensure the goals of the 2015 Paris climate deal can be met.
The statement is backed by Australian asset managers and retail and industry super funds including Australian Super, First State Super, Cbus, Colonial First State Global Asset Management, HESTA, BT Financial Group, VicSuper, New Forests and IFM Investors.
“We reiterate our full support for the Paris agreement and strongly urge all governments to implement the actions that are needed to achieve the goals of the agreement with utmost urgency,” the statement says.
It calls on leaders to strengthen international commitments, release long-term strategies to cut emissions and plan for a just transition to a low-carbon economy.
It would mean setting a deadline to phase out thermal coal electricity and fossil fuel subsidies, putting “a meaningful price” on carbon and committing to improve climate-related financial reporting standards.
Australia this week reiterated at United Nations climate talks in Germany that it would develop a long-term strategy by the end of next year consistent with limiting global heating to 1.5-2C, but has not committed to increasing the target it set in Paris.
The Guardian, 26 Jun 2019: Super funds and investors with $34tn urge leaders to speed up climate action
