In advance of September’s G20 meeting in Hangzhou, China, 130 institutional investors are urging international leaders to ratify the Paris climate agreement.
In a letter, a coalition of six organizations representing the investors urged leaders to double global investment in clean energy, tighten up climate disclosure mandates, develop carbon pricing and phase out fossil fuel subsidies.
“The Paris agreement provides a clear signal to investors that the transition to the low-carbon, clean energy economy is inevitable and already underway,” said Stephanie Pfeifer, chief executive officer at the Institutional Investors Group on Climate Change.
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“Governments must ratify the Paris agreement swiftly and have a responsibility to implement policies that drive better disclosure of climate risk, curb fossil fuel subsidies and put in place strong pricing signals sufficient to catalyze the significant private sector investment in low-carbon solutions required to realize the agreement’s goals.”
The letter’s signatories of global investors include the Alberta Investment Management Corp., the Ontario Teachers’ Pension Plan and OPTrust.