UBS, AXA, HSBC & Other Investors Call on Governments to Step Up Climate Actions
19 Setembro 2019 - 1:29AM
Dow Jones News
By Maitane Sardon
A group of 515 institutional investors, including UBS Group AG
(UBS), AXA SA (CS.FR) and HSBC Holdings PLC (HSBC), are pressuring
governments world-wide to step up actions to tackle climate change
as global investor efforts to promote responsible climate practices
continue to grow.
UBS Asset Management, AXA Investment Management, HSBC Global
Asset Management, Allianz Global Investors and Legal and General
Investment Management--who collectively have $35 trillion in assets
under management--are some of the investors urging governments to
ramp up measures to meet the goals of the Paris Agreement.
In a statement sent Thursday to leaders across the globe, the
investors asked for the phasing out of thermal-coal power, the
placing of a "meaningful" price on carbon pollution or the
cessation of government subsidies for fossil fuels, among
others.
The investors are also calling on governments to update and
strengthen nationally determined contributions to meet the
emissions-reduction goal of the agreement no later than 2020.
The investors say the current emissions targets are not enough
and would lead to an "unacceptably high" temperature increase that
would cause negative economic impacts.
"It is vital for our long-term planning and asset-allocation
decisions that governments work closely with investors to
incorporate Paris-aligned climate scenarios into their policy
frameworks and energy transition pathways," the investors say.
Climate-related risks--such as droughts or floods caused by
changes in temperature and precipitation that can lead to
agricultural losses--are already threatening investment portfolios
and are set to grow, according to research by BlackRock.
The investor group also asked governments to commit to improving
financial reporting on climate-related issues by supporting the
Task Force on Climate-related Financial Disclosures. The TCFD is a
voluntary disclosure platform created by the Financial Stability
Board that can be used by companies to provide financial
information related to physical or supply-chain risks they face due
to climate shifts.
The initiative is a result of a collaboration by non-profits and
investor groups, including the Institutional Investors Group on
Climate Change, CDP, Ceres, Principles for Responsible Investment,
Investor Group on Climate Change, United Nations Environment
Program Finance Initiative and Asia Investor Group on Climate
Change.
Write to Maitane Sardon at maitane.sardon@dowjones.com
(END) Dow Jones Newswires
September 19, 2019 00:14 ET (04:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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