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Laxman Pai, Opalesque Asia: An investor group with a combined €33 trillion ($39.1 trillion) in assets has called on the European Union to set 2030 carbon-emission reduction goals at 55%, to support low-carbon economy investments.
This is the minimum level of ambition required to achieve net-zero emissions by 2050, it said.
The policy report is issued yesterday by the Institutional Investors Group on Climate Change (IIGCC). Representing more than 250 members, mainly European pension funds and asset managers, the intervention highlights the importance the investment community is placing on the EU's approach to climate change leadership.
The European Commission President, Ursula von der Leyen, is set to announce a proposed increased emissions reduction target today. The target is of critical relevance to the future competitiveness and growth of member states, including the delivery of the EU's commitment to a sustainable economic recovery to COVID-19.
"At least" a 55% reduction in emissions is required to limit global warming to 1.5 degrees. A "well above" 55% target is required when taking account of EU global 'effort sharing' obligations, in recognizing existing historical emissions and economic capability, the group said in a press release.
"The EU has shown it understands climate action and economic growth go hand in hand and has the full backing of investors in creating a more resilient economic future across member states," explains Stephanie Pfeifer, CEO...................... To view our full article Click here
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