A joint statement calling on governments to end support for fossil fuels and accelerate action to end carbon emissions has been signed by leading and influential investors.
The statement has been signed by 457 investors, who together control $41 trillion in assets, making up almost a third of the world’s assets. Signatories included Aviva, HSBC Asset Management, Amundi, Axa and Allianz Global Investors.
However, there were notable absences. These include JP Morgan, Goldman Sacks and BNY Mellon.
So what?
As ESG finance becomes increasingly important to financial institutions, calling on government action demonstrates influential actors in the financial system using their position to create greater change in connected areas.
This could lead to increasingly rapid decarbonisation, as we race against more degrees of warming. However, with still many financial institutions investing in fossil fuels, and those that are acting often accused of their action not matching their words, it is clear more systemic change must happen in the financial services industry.
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