We’re pleased to announce that we have signed the 2022 Global Investor Statement to Governments on the Climate Crisis.
We’re at a critical turning point and are taking action to limit global temperature rise to 1.5°C above pre-industrial levels. Ahead of the 27th United Nations Climate Change Conference to be held in Egypt in November 2022, we – alongside hundreds of investors around the world – are calling on governments globally to entrench five priority climate asks into their national legislation. Effective policies, in line with limiting global warming to no more than 1.5°C, are essential for accelerating and scaling up private capital flows needed for a climate resilient, net-zero transition.
Overview of the 2022 policy requests:
– Ensure that the 2030 targets in their Nationally Determined Contributions align with the goal of limiting global temperature rise to 1.5°C. If their targets are not aligned, governments must enhance and strengthen their 2030 targets before COP27, considering different national circumstances.
– Implement domestic policies and take early action to ensure that their 2030 greenhouse gas emissions are aligned with the goal of keeping global temperature rise to 1.5°C. This will require governments to accelerate the development, deployment and dissemination of technologies that enable the transition towards a net-zero emissions economy, including:
- Guaranteeing long-term resilience and energy security by rapidly scaling up the deployment of low-carbon energy systems, electrification, flexibility, and storage, including the development of enabling infrastructure.
- Implementing robust carbon pricing mechanisms, rising over time, with appropriate coverage and adequate social considerations.
- Setting a deadline to phase out thermal coal power and fossil fuel subsidies and establishing plans and targets to peak and then phase out the use of other fossil fuels, in line with credible 1.5°C pathways.
- Developing transparent just transition plans involving affected individuals, workers, and communities.
- Establishing new or more ambitious commitments to end all deforestation globally.
– Contribute to the reduction in non-carbon dioxide greenhouse gas emissions and support the effective implementation of the Global Methane Pledge to reduce emissions by at least 30 percent from 2020 levels by 2030.
– Building on the agreed outcomes of COP26, scale up the provision of climate finance from the public and the private sector for mitigation, and for adaptation and resilience, with a particular focus on the needs of developing countries.
– Strengthen climate disclosures across the financial system through:
- Requiring mandatory TCFD-aligned reporting for the largest companies and financial institutions to report on climate-related risks and opportunities, backed by a robust global taxonomy.
- Requiring the public disclosure of 1.5°C pathway-aligned, science-based, independently verifiable climate transition plans for listed and large non-listed companies, asset managers and regulated asset owners.
- Coordinating and driving consistency across global financial regulation in the areas of mandatory climate risk disclosure and prudential risk supervision, as critical engines of progress necessary to address systemic risks.
Find out more about the policy asks here: