Just days before world leaders are expected to travel to New York to sign the Paris Agreement on climate change, some 400 institutional investors with a combined $24trn in assets have called on them to not only sign but accede to the accord but implement it into national law as a matter of urgency.
Following the adoption of the Paris Agreement by the COP (Conference of the Parties) in December last year, it is being deposited at the United Nations in New York on Friday April 22. It will remain open for one year for signature.
The agreement will enter into force after 55 countries that account for at least 55% of global emissions have ‘deposited their instruments of ratification’ as the UN puts it.
Ahead of this, investor groups have written to the heads of state and government of the US, the European Union, China, Japan, Germany, the UK, France, India, Italy, Brazil, Canada, South Korea, Russia, Australia, Spain, Mexico, Indonesia, the Netherlands, Turkey, Switzerland, Saudi Arabia, Argentina and South Africa.“It is now essential that the strong political consensus between 195 countries captured in Paris is made actionable through the rapid entry into force of the Paris Agreement,” the investors say.
It would send an “important signal to investors” that governments are translating into concrete action the “momentous political will” demonstrated by Paris.
In 2015, ahead of the G7 summit in Germany, the CEOs of more than 120 institutional investors expressed their support for the adoption of a long-term decarbonisation goal by the G7 summit, and ultimately by the Paris climate conference.
Christiana Figueres, the outgoing Executive Secretary of the UN Framework Convention on Climate Chance, tweeted: “Thanks to groups representing $24 trill for support of rapid #ParisAgreement implementation.” Link
The investor bodies:
Institutional Investors Group on Climate Change
Investor Group on Climate Change
Investor Network on Climate Risk
Principles for Responsible Investment
UNEP Finance Initiative