Investors target policy makers with climate demands ahead of COP29
Ahead of the COP29 summit in Baku later this year, a new global statement signed by 534 institutional investors, managing over $29trn in assets, calls for decisive government action to address the climate crisis
Launched today, the 2024 Global Investor Statement to Governments on the Climate Crisis outlines five key policy areas that require urgent action: economy-wide public policies, sector-specific strategies, addressing biodiversity and water-related challenges, mandating climate-related financial disclosures, and boosting private investment in climate initiatives in developing economies.
Released just a week before Climate Week NYC, the statement will be presented to world leaders at the UN Climate Conference (COP29) in Baku, Azerbaijan.
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The statement has been signed by more than 500 investors, ranging from the largest American and Canadian pension funds such as CalpERS, CalSTRS, CDPQ to major Asian institutional names, many of the UK's local government pension funds and pools and some of Europe's largest pension funds and asset managers.
Signatories are demanding governments introduce policies that will enable private capital to drive a transition to a climate-resilient, nature-positive, net-zero economy.
Stephanie Pfeifer, Institutional Investors Group on Climate Change (IIGCC) CEO and Investor Agenda Steering Committee member, described the statement as the most ambitious yet and highlighted the need for clear policy commitments. "While there are notable examples of supportive policies underpinning government climate commitments, the new Global Investor Statement highlights the need for more comprehensive policies by calling for enhanced action on nature and emerging markets finance. COP16 and COP29 provide the ideal settings for governments to respond to investors’ asks” she argued.
Rebecca Mikula-Wright, CEO of the Asia Investor Group on Climate Change (AIGCC) and Investor Group on Climate Change (IGCC), emphasised the importance of strong policies: “With just five years to go before the critical 2030 milestone, this group of leading investors is making it clear to governments that the right set of strong policies will unleash a wave of capital to fund the climate solutions that the global economy desperately needs.”
The initiative is coordinated by the Founding Partners of The Investor Agenda, which includes major organisations such as Ceres, CDP, and the Institutional Investors Group on Climate Change (IIGCC). They call on governments to increase the ambition of their climate commitments in the lead-up to COP29.
Investors have until 1 November 2024 to sign the statement with COP29 due to take place between 11 and 22 November in Baku, Azerbaijan.
