Climate Change

Big investors urge G7 to step up climate action, shift from coal | Reuters

Link to the article <www.reuters.com/article/us-climatechange-investors/big-investors-urge-g7-to-step-up-climate-action-shift-from-coal-idUSKCN1IZ0ZP>
ENVIRONMENT <www.reuters.com/news/archive/environmentNews> JUNE 4, 2018 / 1:21 AM / UPDATED 9 HOURS AGO Big investors urge G7 to step up climate action, shift from coal Alister Doyle <www.reuters.com/journalists/alister-doyle>
3 MIN READ
– <www.twitter.com/share?url=https%3A%2F%2Freut.rs%2F2Ju9C56&text=Big%20investors%20urge%20G7%20to%20step%20up%20climate%20action%2C%20shift%20from%20coal> – <www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Freut.rs%2F2Ju9C56&t=Big%20investors%20urge%20G7%20to%20step%20up%20climate%20action%2C%20shift%20from%20coal>
OSLO (Reuters) – Institutional investors with $26 trillion in assets under management called on Group of Seven leaders on Monday to phase out the use of coal in power generation to help limit climate change, despite strong opposition from Washington. Smoke rises from the cooling towers of Matla Power Station, a coal-fired power plant operated by Eskom in Mpumalanga province, South Africa, May 20, 2018. REUTERS/Siphiwe Sibeko
Government plans to cut greenhouse gas emissions were too weak to limit warming as agreed by world leaders at a Paris summit in 2015, they wrote. U.S. President Donald Trump announced a year ago that he was pulling out of the pact.
“The global shift to clean energy is under way, but much more needs to be done by governments,” the group of 288 investors wrote in a statement before the G7 summit in Canada on June 8-9.
Signatories included Allianz Global Investors, Aviva Investors, DWS, HSBC Global Asset Management, Nomura Asset Management, Australian Super, HESTA and some major U.S. pension funds including CalPERS, it said.
As part of action to slow climate change, the investors called on governments to “phase out thermal coal power worldwide by set deadlines”, to phase out fossil fuel subsidies and to “put a meaningful price on carbon”.
The investors also urged governments to strengthen national plans for cutting greenhouse gas emissions by 2020 and to ensure that companies improve climate-related financial reporting.