Investors Call on Governments to Avert Climate Change
20 November 2012: The UN Environment Programme Finance Initiative (UNEP FI) has announced the release of an open letter from several of the world's largest investors to governments ahead of the UNFCCC negotiations scheduled to convene in Doha, Qatar, beginning on 26 November. The letter calls for a “new dialogue” on climate change policy to avert dangerous climate change and resulting economic impacts.
The letter calls for: clear, consistent and predictable policies that encourage low-carbon investment; knowledge sharing between governments on effective climate and clean energy policies, building on successful existing national and regional measures; and stronger international agreements that send clear market signals about the future of climate policy and reductions in greenhouse gas (GHG) emissions. The letter also outlines key features of successful climate change and clean energy policy, including: clear short-term, medium-term and long-term GHG emission reduction targets; target timetables alongside enforceable legal mechanisms; and incentives to shift the risk/reward balance away from high-carbon in favor of low-carbon investment.
The European Institutional Investors Group on Climate Change, the North American Investor Network on Climate Risk, the Australia/New Zealand Investor Group on Climate Change, the Asia Investor Group on Climate Change and UNEP FI prepared the letter. The UN-backed Principles for Responsible Investment Initiative (PRI) also supported the letter. [Open Letter] [UNEP FI Press Release]