Posted by: maboulette | May 9, 2017

Big Investors Urge Trump Stick with Paris Climate Accord


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Those investors with more than $15 trillion in assets under management have urged governments led by the US to stick with the climate accord signed in Paris to fight for climate change in spite of US President Trump making threats to pull out.

“As long-term institutional investors, we believe that the mitigation of climate change is essential for the safeguarding of our investments,” stated letter signed by 214 investors and published Monday.

GOVERNMENTS OF THE GROUP OF SEVEN

The letter was sent to the governments of the Group of Seven, prior to a summit in Italy on May 25-26, and to the leaders of the Group of 20 who will be meeting July in Germany.

TRUMP STILL UNSURE

Trump is due to announce in coming days whether he will carry out a campaign threat to “cancel” the 2015 Paris Agreement, which goal is to limit a rise in temperatures by phasing out use of fossil fuels.

EUROPEAN UNION

The European Union has been shouting to push Trump, who wants to strengthen the U.S. coal industry, to stick with the accord. His advisers have warned of legal problems if Washington stays but waters down its climate commitments.

“Climate change action must be an urgent priority in the G20 countries, especially the United States, whose commitment is in question,” Mindy Lubber, head of non-profit organization Ceres, which helped organize the letter, said in a statement.

CEO INSTITUTIONAL INVESTORS

Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change in Europe, which also coordinated the letter, said nations should shift to a low-carbon economy “regardless of what the U.S. administration does”.

Separately, senior government officials from almost 200 nations will meet in Bonn from May 8-18 to work on detailed rules for the Paris Agreement.

 

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