CEOs from 120 institutional investors have signed an open letter to G7 finance ministers urging them to support the inclusion of a long-term emissions reduction goal in an international climate agreement, which is expected to be signed in Paris this December.

The investors include OPTrust, Ontario Teachers’ Pension Plan, the California Public Employees’ Retirement System and the California State Teachers’ Retirement System.

“As institutional investors responsible for managing the retirement savings and investments of millions of people or managing endowments, we believe climate change is one of the biggest systemic risks we face,” the letter says. “With the right market signals from policy makers, investment in low-carbon and climate resilient opportunities can flow and climate impacts and resulting economic damages can be mitigated.”

This is the first time a global coalition of investors has called for a long-term emissions reduction goal to be included in the Paris agreement.

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