Investors want urgent actionDecember 2008
A group of more than 130 major global investors issued a joint statement last month warning politicians not to allow the financial crisis to divert attention from tackling global warming.
The statement, sent to the world’s heads of state, called for a ‘strong, binding framework’ to succeed the Kyoto Protocol on climate change.
It was signed by some of the world’s largest asset managers and pension funds, collectively representing $6400billion in assets, and was co-ordinated by three leading investor groups on climate change – the US-based Investor Network on Climate Risk (INCR), the European Institutional Investors Group on Climate Change (IIGCC), and the Investors Group on Climate Change (IGCC) in Australia and New Zealand.
Peter Dunscombe, chairman of IIGCC, said: ‘We are urging world leaders to provide the policy framework that will help investors drive the financial flows necessary to address this urgent crisis. A strong global agreement will provide companies, governments and investors with the incentives to act quickly and efficiently.’
He said any international agreement must be concluded by the end of 2009, and that it should produce targets, incentives and government backed strategies for greenhouse gas emissions that businesses can follow.
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