Coal power plant in Australia: investors demand exit
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A group of 457 international investors has published a joint statement calling on governments to end their support for fossil fuels.
The signatories collectively manage a fortune of 41 trillion dollars, the equivalent of 34 trillion euros, and thus almost a third of the total world wealth.
In the letter first reported by the Guardian, investors are calling on governments to "significantly step up" their plans to reduce CO2 emissions over the next decade and target a zero emissions target by 2050 in order to be 1 To achieve the 5-degree target of the Paris climate protection agreement.
Specifically, the signatories urge, among other things, the abolition of subsidies for fossil fuels, the early end of energy generation from coal and the avoidance of new CO2-intensive infrastructure.
Call before G7 summit
The supporters are probably the largest group of investors that has ever jointly called for more climate protection, especially in view of the assets under management. The signatories include well-known companies such as Allianz Global Investors, Amundi, Axa, BNP Paribas and Nomura Asset Management. The initiator of the letter is the "Investor Agenda", an initiative of associations and groups that advocate sustainable investment.
The joint letter was published in good time for the start of the G7 summit in Cornwall, where climate protection will be a central theme.
However, the text is primarily aimed at the UN climate conference, which will be held in Glasgow in November this year.
The corona crisis is also mentioned in the letter.
The signatories are calling for post-crisis economic recovery plans to support the transition to zero emissions.
The investments of the governments should be based on the Paris climate protection agreement.
However, the list of supporters is not comprehensive: Large asset managers and banks such as BlackRock, Vanguard, JP Morgan and Goldman Sachs are missing.
Climate protection activists also criticized investors for hardly following their demands.