Big money urges governments to tackle climate change

September 19, 2019 - 12:12 am

A group of more than 500 major institutional investors is urging governments to do more to tackle climate change, ahead of a U.N. summit on the issue next week.

The banks, insurance companies and pension funds warned Thursday that current national commitments won't meet the goal of the 2015 Paris climate accord.

Signatories of the Paris pact committed to keeping global warming well below 2 degrees Celsius (3.6 Fahrenheit), ideally aiming for an increase of no more than 1.5C (2.7F) by the century's end compared with pre-industrial times.

The investors, who say they manage $35 trillion in assets, said failure to meet the Paris goals would lead to an "unacceptably high temperature increase that would cause substantial negative economic impacts."


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