A group of investors, organized by the New York State Comptroller’s Office and the Ceres Investor Network on Climate Risk, has announced strong support for cuts in global greenhouse gas emissions. The groups — representing over $13 trillion in assets across 181 institutions — called for reduction of emissions worldwide by 50-85% by 2050. Developing nations are called upon to reduce emissions 25–40% below 1990 levels by 2020.
The statement seeks increased governmental investment in energy efficiency initiatives, and low-carbon technologies. The group also focuses on issues common to international sequestration projects, calling for, “revisions to the Clean Development Mechanism to ensure real, permanent and verifiable emission reductions.” Adaptation to unavailable adverse impacts is also encouraged. A global carbon market, with caps on emissions and linkages between different trading schemes, would help effectuate the cuts called for in the issue paper.
The report marks the latest in a string of efforts on behalf of investors to encourage climate change action–a recent report found that shareholder resolutions urging climate action were more both common and more successful than in years past.
- Read the full report from IIGCC.org (pdf)
- Read more on climate law issues
