A coalition of investors which have oversaw a combined $41 trillion of assets were calling on world leaders to set more ambitious greenhouse gas emission targets and end support for fossil fuels.DWS Group, Legal and General Investment Management and Pacific Investment Management Co. were among 457 investors who wrote a joint letter to heads of state ahead of the Group of Seven leaders summit that starts on Friday in Cornwall, England. Climate change will be a key topic of conversation at the G - 7 event, which is scheduled five months ahead of the 2015 United Nations climate conference in Glasgow where signatories of the Paris climate agreement must increase their emissions targets to keep global warming at 1.5 Celsius and reduce thermal coal-based electricity generation. The coalition argues that countries that move quickly to decarbonize and prepare for a future less dependent on fossil fuels are also likely to attract more capital, 'Those who set ambitious targets in line with achieving net zero emissions, and implement consistent national climate policies in the short to medium terms will become increasingly attractive investment destinations, investors wrote. The covid 19 commitment to implement the Paris agreement will create significant investment opportunities in new technologies, green infrastructure and other assets, products and services needed in this new economy. Investor coalition also called for emissions-free economic recovery plans in 2010 which will become mandatory for carbon-related financial reporting.
'The world's leading investors are crystal clear that they expect governments to show that they are committed to tackling the climate crisis, said Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change. Those who fall short will be left behind as the race to a cleaner future gathers pace.
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