Independent: Investors With $2.8 Trillion in Assets Unite Against Climate Change Denial

Taking steps to end reliance on fossil fuels and curb climate change is on the agenda at the meeting of foreign ministers of the world’s 20 largest economies in Bonn, Germany. “But as G20 foreign ministers meet on Thursday to prepare for a climate change summit in Hamburg in July, managers of funds with assets totalling more than $2.8 trillion - more than the entire annual GDP of the UK - called for leading economies to phase out fossil fuel subsidies within the next three years to avert a catastrophe,” reports Ben Chapman for the Independent. The group of global investors and insurers contend that subsidies for coal and oil are wasteful and bad economic policy as the costs of the changing climate continue to rise. The investors and insurers have investments in the fossil fuel industry, “but said a clear policy signal that clean energy will be backed would give them the confidence to shift their billions into renewables.” G20 foreign ministers and investors will be waiting to hear from new US Secretary of State Rex Tillerson, former CEO of ExxonMobile, but they are also uncertain how much influence he has with the US president. – YaleGlobal

Independent: Investors With $2.8 Trillion in Assets Unite Against Climate Change Denial

As the US President ramps up support for fossil fuels, some of the world's biggest funds, worth almost $3 trillion, demand end to subsidies for coal and oil
Ben Chapman
Thursday, February 16, 2017
All intellectual property rights, including copyright, in the content accessible (or available for download) on the Website, including text, pictures, graphics, video, audio material, software or any other form (Content) belong to or its licensors. All rights are hereby reserved.

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.