World’s Major Investors Want Climate Regulations Now
The world’s largest investors today issued a statement calling on the United States and other governments to “act now to catalyze development of a low-carbon economy and to attract the vast amount of private capital necessary for such a transformation.”
These investors, from the U.S., Europe and Australia, represent $13 trillion in assets that they are eager say to invest in a low-carbon economy – if only they had the assurance of a legally binding agreement with both short- and long-term emission-reduction targets, a price on carbon emissions and well-designed carbon markets.
The statement was announced at the Investor Summit on Climate Risk, a meeting of 450 global investors at the United Nations that includes U.S. Special Envoy for Climate Change Todd Stern, investor George Soros and former Vice President Al Gore.
“Some 85 percent of the financial resources needed to cope with climate challenges must come from private sources. In effect, the battle over climate change will be won – or lost – in the hands of private investors,” said Bjarne Graven Larsen, CIO of ATP, Denmark’s largest institutional investor, in a press release. “In order to play this role effectively, strong, stable and credible policy frameworks are crucial. We are waiting for policymakers to deliver.”