Investors worth $12trn have called for action on climate change, saying that any delay on a low-carbon transmission will require ‘stringent’ measures in future and create a ‘false economy’.
Investors from across the world are urging G7 ministers to work together to push for long-term carbon reduction measures at the climate change conference set to take place in Paris in December.
A letter by 120 investors – which includes the British Telecom (BT) pension scheme, Swedish AP funds and Church Commissioners for England – says that policy makers must give signals to investors to invest in low-carbon initiatives and projects to reduce financial and economic damage caused by climate change.
The letter said that neglecting to act now would only increase the need to act later.
It said, “Delaying action will require more stringent policies later if we are to remain within the 2°C emissions budget, exacerbating risks associated with energy investments and potentially stranding assets.”
“A low carbon future is an imperative. Delaying strong policy on climate change would be a false economy.”
Meanwhile, campaigners have been calling on governments to “get down to the nuts and bolts” of ambitious but achievable targets in Bonn next month ahead of the Paris conference on climate change.
CARE’s climate change advocates said that the meeting in Bonn will be the “first yardstick” in judging whether the rhetoric of leaders in tackling climate change will translate into “real political commitments”. They also stressed the importance of committing to financial aid to developing countries affected by climate change.
Sven Harmeling who is leading CARE’s delegation in Bonn said, “While there has been some progress in the right direction, the emissions reduction pledges put on the table so far will still keep humanity on a highly dangerous course, further exposing hundreds of millions of people to severe threats from climate disruption, food insecurity and increasing inequality.”
He added, “The poorest and most marginalized, such as many smallholder farmers, women and children, will face grave injustice. While they are agents of solutions, they have to struggle even harder for living a life in dignity and fulfilling their human rights.”
World leaders are expected to come under increasing pressure from campaigners and businesses alike in the coming months over the conference in Paris.
Image: WorldIslandInfo.com via Flickr