The International Energy Agency says that a total of one trillion per year will need to be invested in clean technology by 2050 if we are to keep global temperature increases below the upper threshold limit of 2 degrees Celsius. However in 2013 global spending was pegged at just $254 billion.
"Gaps, weaknesses and delays in climate change and clean energy policies will increase the risks to our investments as a result of the physical impacts of climate change, and will increase the likelihood that more radical policy measures will be required to reduce greenhouse gas emissions," said the statement – the largest of its kind by global investors on climate change. "Stronger political leadership and more ambitious policies are needed in order for us to scale up our investments."
“The perception prevails that we need to choose between economic well-being or climate stability. The truth is that we need both. What is needed is an unprecedented re-channelling of investment from today´s economy into the low-carbon economy of tomorrow. Investors are owners of large segments of the global economy as well as custodians of citizens’ savings around the world. Having such a critical mass of them demand a transition to the low-carbon and green economy is exactly the signal Governments need in order to move to ambitious action quickly,” said Achim Steiner, UN Under-Secretary-General and Executive Director of the UN Environment Programme.
“It is significant that the largest institutional investors from around the world are in agreement that unmitigated climate change puts their investments at risk,” said Mindy Lubber, director of INCR and president of the U.S.-based nonprofit sustainability advocacy group, Ceres. “The financial community has a message for heads of state gathering at the United Nations next week: we can’t afford to wait any longer for a climate deal.”
Stephanie Pfeifer, Chief Executive of IIGCC said: “The international investor community has today made it clear that the status quo on climate policy is not acceptable. Investors are taking action on climate change, from direct investment in renewables to company engagement and reducing exposure to carbon risk. But to invest in low carbon energy at the scale we need requires stronger policies. At the UN climate summit next week, policymakers can ensure pockets of climate leadership turn into mainstream actions.”
The statement was coordinated by the four investor groups on climate change – Ceres’ Investor Network on Climate Risk (INCR) in the United States, the European Institutional Investors Group on Climate Change (IIGCC), the Investors Group on Climate Change (IGCC) in Australia and New Zealand, and the Asia Investor Group on Climate Change (AIGCC) – with the United Nations Environment Programme Finance Initiative (UNEP FI) and Principles for Responsible Investment (PRI).
Click here to read the full statement.
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