We have seen previously that large investors completely understand how climate change mitigation is critical. Last year, more than 200 investors representing $13 trillion in assets demanded action on climate.
Now, according to the United Nations, the movement is growing to 259 investors with $15 trillion in assets. This represents over a quarter of global market capitalization…
If companies like Allianz and HSBC are willing to act, why are some countries still stalling progress on this vital topic ? Why can’t they just follow the examples of the European Union and many others ?
Here is an extract of the UNEP article :
The world’s largest global investors have a powerful message for governments and policy-makers around the world as well as climate negotiators in Cancun: take action now in the fight against global warming or risk economic disruptions far more severe than the recent financial crisis.
Citing potential climate-related GDP losses of up to 20 percent by 2050 and the economic benefits of shifting to low-carbon and resource-efficient economies, investors released a major statement today calling for national and international policies that will spur private investment into low-carbon technology.
(…) Based on the Stern Report, we know these impacts could reach global GDP cuts of an unimaginable 20% per year. Why should we take that risk? The solutions are quickly emerging and we must deploy these solutions to help secure the innovation and sustainable growth our economies need.”
Today’s statement comes in advance of key negotiations in Cancun, Mexico, beginning on 29 November, to agree on a new international climate change regime to substitute the Kyoto Protocol.
When I started in 2003/4 to delve into climate change mitigation and cleantech – a word that didn’t even exist then- climate change mitigation was regarded as bad for business… Times they are a-changing said Bob Dylan.
For more related news, I strongly recommend you to have a look at the UNEP Finance Initiative.