LONDON/SYDNEY/BOSTON, April 18, 2016 /3BL Media/ –The Paris Agreement enters into force once 55 countries representing 55% of global emissions have deposited their instruments of accession with the UN. Investors support an early entry into force of the agreement, possibly as early as next year.
Speaking in London Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (representing over 120 European asset owners / managers) said, “The agreement reached in Paris was an historic breakthrough that delivered an unequivocal signal for investors to shift assets swiftly towards the low-carbon economy. It’s now vital the 195 countries who adopted the Paris Agreement, especially the top 20 major emitters, amplify that signal that by signing and acceding to the Paris Agreement to bring it rapidly into force.”
Emma Herd CEO of the Investor Group on Climate Change (IGCC, Australasia) added: “Investors are speaking with a clear voice. The purpose of this letter is to urge every government to sign the Paris Agreement on Friday April 22nd at the United Nations in New York and move swiftly to implement an effective national policy response able to deliver an efficient transition to a sustainable low carbon economy. Maintaining strong momentum is particularly important in the lead up to the G20 meeting in China.”
Mindy Lubber, President of Ceres and Director of the Investor Network on Climate Risk (INCR, North America) said:, “The Paris Agreement provides the framework to trigger the pace and scale of investment – at least $1 trillion per year, four-fold higher than current levels – needed to decarbonise the global economy while limiting global warming to two degrees Celsius or less. It’s vital therefore that world leaders sustain the political momentum captured in Paris Agreement.”
Fiona Reynolds, Managing Director of PRI said, “Global climate finance hit record-breaking levels in 2015 but a huge investment gap still needs to be bridged. Developing nations also need to know they will have access to the investment required to transition smoothly to a low carbon economy. Prompt action by major emitters on the Paris Agreement is required to meet both these urgent capital allocation challenges.”
Eric Usher, Director (acting) UNEP FI added, “Countries that accede early to the Paris Agreement will benefit from increased regulatory certainty, which will in turn help attract the trillions of investments necessary to secure the low-carbon transition. We encourage all world leaders to sign and accede to the Paris Agreement as soon as possible.”
Paul Simpson, CEO, CDP said, “This rallying cry shows an unequivocal business and financial imperative for governments to take concrete action from the momentous political will represented by the Paris Agreement. Those countries who are major emitters are also some of those with most to gain from prompt action to curb the threat of climate change because of the massive impacts it could have, not just on agricultural systems, transport or energy infrastructure but on bottom lines. CDP’s investor research shows clearly that the best prepared investors and companies will be the ones to gain competitive advantage.”
The letter is available for viewing here: http://investorsonclimatechange.org/paris-agreement
Since 2009, investors have been calling for an effective global climate agreement under which governments will:
- Provide stable, reliable and economically meaningful carbon pricing that helps redirect investment at a pace and scale sufficient to match the climate change challenge.
- Strengthen regulatory support for energy efficiency and renewable energy to ensure these technologies are disseminated rapidly
- Support innovation in and deployment of low carbon technologies, including financing more clean energy research and development.
- Develop plans to phase out subsidies for fossil fuels.
- Ensure that national adaptation strategies are structured to deliver investment.
- Consider the effect of unintended constraints from financial regulations on investments in low carbon technologies and in climate resilience.
In 2015, ahead of the G7 summit in Elmau, Germany, the CEOs of more than 120 institutional investors expressed their support for the adoption of a long-term decarbonisation goal by the G7 summit, and ultimately by the Paris climate conference.
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KEYWORDS: Environment and Climate Change, Energy, Paris Agreement, IIGCC, IGCC, incr, CERES, PRI, AIGCC, UNEP FI, CDP, Investor Platform for Climate Action, #ActOnClimate, investors, COP21, climate change, carbon risk, Carbon pricing, Climate Finance, G20, G7, fossil fuels, decarbonization, renewable energy, Global Warming
This post was originally published on 3BLmedia.com
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