Originally published on the CGS blog on September 17, 2009.
181 of the world’s largest investors – collectively managing over $13 trillion in assets – have signed a U.N.- backed statement for concrete action against climate change.
The statement calls for a new global climate treaty to reduce pollution, catalyze global funding for energy-efficient and low-carbon technologies and to include a target for emissions reductions of between 50 and 85 per cent of 1990 levels by 2050.
It also appeals for action to reduce deforestation and support, as well as for support for adaptation measures.
The move comes ahead of this December’s UN talks in Copenhagen, Denmark, where nations are expected to create a new pact to curb greenhouse gas emissions.
Rob Tacon, Chair of the UN Environment Programme’s Financial Initiative said, “Climate change has quite rightly been framed as the greatest market failure ever…The magnitude of the negative economic impacts and the potential of climate change to bankrupt our global financial system, as well as to threaten the planet’s life-supporting natural ecosystems, are calling.”
