Investors in Australia have backed a press notice calling for the G7 to stick by the Paris agreement and continue driving its implementation for climate change action.
This coming from fear over President Trump’s lackadaisical attitude toward solar and renewable energy while at the same time trying to revive America’s coal industry.
The Paris agreement will be discussed at an upcoming summit in Taormina, Italy on May 26-27. Over 214 investors signed the letter with an estimated $214 trillion in assets.
Detailed in the companies aims are to help keep temperature rises below 2°C, drive investment in phasing out fossil fuels , introducing carbon pricing as well as aligning with climate related policies.
Climate change action: What is being said
“Maintaining policy commitments which drive strong growth in low carbon investment is key to tackling climate change.”
“While the private sector can provide the investment required to build a secure, affordable and low emissions global energy system, we urge the G7 to set strong policy signals which provide the investment certainty needed to drive trillions of dollars into new clean energy investment opportunities” she went on to say.
Climate change action: Who is standing up for the cause
Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change in Europe adding,
“Investors recognise the global transition to a low-carbon, clean energy economy is now firmly underway and they want to make well-informed decisions that help Paris Agreement signatories deliver their national commitments.”
“Regardless of what the US administration does, it’s vital that every signatory across the G7 and G20 adopts policies that drive better disclosure of climate risk, curb fossil fuel subsidies and put in place strong pricing signals.”
The Investor Group on Climate Change was founded on the notion that climate change has and will have positive and negative impacts on investments in the future and to help companies understand the effect climate change may have on their business.
The organization represents countries in Australia, Europe and Asia as well as having signatures from groups such as the CDP, formerly the Carbon Disclosure Project and Ceres a sustainability non-profit organization.