Wednesday, August 24, 2016

Investors Urge G20 Nations to Ratify Paris Climate Deal This Year

Wind farm (Credit: Reuters) Click to Enlarge.
Investors managing more than $13 trillion of assets urged leaders of the Group of 20 on Wednesday to ratify a global climate deal by the end of 2016 and to step up efforts to shift from fossil fuels.

A total of 130 investors, grouped in six coalitions, wrote a letter to G20 leaders and also called on them to double global investment in clean energy, develop carbon pricing and phase out fossil fuel subsidies.

Among backers were the California Public Employees' Retirement System, Swedish National pension funds, Aegon, AustralianSuper, the Church of England Pensions Board and the New York City Comptroller, it said.

"The Paris Agreement provides a clear signal to investors that the transition to the low-carbon clean energy economy is inevitable and already under way," the investors wrote to G20 leaders before a Sept. 4-5 summit in China.

The letter called on the G20 to "complete your process for joining/ratifying the Paris Agreement in 2016 if possible."

[Based on ratifications to date (23) , national statements and indications given to a high level meeting on early ratification in New York on Friday 22 April and other information, it is estimated that at least 57 countries are likely to have ratified the Paris Agreement by the end of 2016, accounting for 59.88% of global emissions.

Under this scenario, the Paris Agreement will entry into force by the end of the year.


But no G20 nation has yet completed the process.  France has ratified but is waiting to submit documents with other European Union nations.

Read more at Investors Urge G20 Nations to Ratify Paris Climate Deal This Year

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