>> Investors, funds, and banks managing $32 trillion are demanding tougher policies to tackle climate change. The urgent call comes as policy makers meets for a United Nations Climate Summit in Poland, where the aim is to agree to keep global temperatures from rising more than two degrees celsius. While that goal was agreed to, at the 2015 climate talks in Paris, investors said governments are still not doing enough.
A total of 415 pension funds and financial firms from across the world, including UBS and Schroders, signed a letter demanding governments phase out coal burning, cut carbon emissions, and end subsidies for fossil fuels. And they issued a stark warning if that doesn't happen. Saying in the statement that without aggressive action, the world faces economic damage three or four times worse than the 2008 financial crisis.
One investor with a fund managing $207 billion, called US President Donal Trump's move to revive the coal industry, misguided. President Trump pulled the US out of the Paris climate accord last year, making it the only country on earth that has declined to be part of the landmark agreement.