A total of 130 investors in charge of over $13 trillion have called on the G20 countries to ratify the Paris Agreement before the end of this year.
In a letter to the G20 heads of state – who are set to meet in Hangzhou, China, on 4 and 5 September – the investors also called for a doubling of global investment in renewable energy, and measures such as the introduction of a price on carbon and a phasing out of subsidies for the fossil fuel industry.
— IGCC Update (@IGCC_Update) August 24, 2016
“Governments must ratify the Paris agreement swiftly,” said Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (IIGCC).
Pfeifer, who was one of the executives to sign the letter, says the Paris Agreement provides a “clear signal to investors” that the transition to the low-carbon economy is inevitable and “already underway.”
UN climate chief Patricia Espinosa welcomed the letter, tweeting “Thanks to 130 investors [for] supporting rapid ratification and implementation of [the] Paris Agreement.”
— Patricia Espinosa C. (@PEspinosaC) August 24, 2016
The letter lists six key “recommendations” to the G20 leaders:FinalWebInvestorG20Letter24Aug1223pm
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