The Institutional Investors Group on Climate Change (IIGCC) has sent a letter to the G8 Heads of State ahead of the Heiligendamm Summit underlining the importance of laying the foundations for a post-2012 policy framework on climate change. Ethos has signed this letter along with other IIGCC member organisations, including leading asset managers and pension funds in the UK and continental Europe.
In the letter, signatories call upon the G8 (+5) governments to agree on the key elements of a post-2012 framework at the upcoming Summit this week. Key considerations include agreement on a target for the stabilisation of temperatures, or of greenhouse gas concentrations in the atmosphere, and ambitious absolute emission reduction targets for industrialised countries. The letter to the G8 can be accessed on the website of IIGCC.
Peter Dunscombe, Chairman of IIGCC, commented that «the IIGCC recognises the financial implications of climate change for long-term investors and believes that credible and effective climate change policy is critical for protecting and enhancing the value of our investments. Without a long-term public policy framework directed at achieving a low carbon economy, companies and their investors cannot plan effectively how to respond to climate change risks and opportunities».
Dominique Biedermann, Director of Ethos, added: «For investors who are increasingly willing to consider climate change risks and opportunities in their investment decision-making, a clear and long-term public policy aimed at stabilizing and significantly reducing greenhouse gas emissions is required. The G8 governments have an opportunity to show leadership on this issue this week. It is important that they agree to work towards binding commitments within the existing multilateral framework for the period after the commitments under the Kyoto-Protocol end in 2012. »
Note:
The IIGCC is a forum for leading investment organisations and pension funds to promote the assessment and active management of the investment risks and opportunities posed by climate change. IIGCC currently has 36 members with assets under management of over EUR 3000 billion. Ethos is member of the IIGCC since 2003.
In 2006, Ethos signed the IIGCC Investor Statement on Climate Change, which recognises that investment decisions taken today will have a major impact on the climate. Signatories pledge to incorporate climate change risks and opportunities in their financial analysis, to actively engage with the companies in which they invest to encourage them to tackle climate change implications, and to encourage governments to establish a policy framework that sets clear and challenging yet achievable international targets for greenhouse gas emissions reductions.
For more information: www.iigcc.org
