More than 280 institutional investors with $26 trillion in assets under management have urged governments to step up their ambition and action to achieve the goals of the Paris Agreement, support investment in the low-carbon transition, and improve climate-related financial disclosures.

“The global shift to clean energy is underway, but much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks,” investors wrote in a joint statement announced.

The statement, known as the 2018 Global Investor Statement to Governments on Climate Change, was delivered to the United Nations Framework Convention on Climate Change and G7 government leaders.

‘Falling short of agreed goal’

“We are concerned that the implementation of the Paris Agreement is currently falling short of the agreed goal of ‘holding the increase in the global average temperature to well below 2-degrees Celsius above pre-industrial levels’,” they added.

In the statement, investors note that they continue to make significant investments into the low-carbon transition across a range of asset classes, and increasingly incorporate climate change scenarios and climate risk management strategies into their investment processes, while engaging with the largest greenhouse gas emitters.

> Read the letter in full