130 investors sign letter calling on G20 to take steps to meet Paris climate agreement

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9 September 2016

Aviva, MS Amlin & Aegon take climate mitigation steps, following insurers' letter to G20

Author: Leon Kaye, Triple Pundit

"Insurers to G-20: Stop Fossil Fuel Subsidies," 2 Sept 2016

…In an open letter sent to G-20 leaders, insurance companies and other financial institutions channeled last year’s COP21 talks in Paris to urge a quicker transition to a clean-energy, low-carbon economy...They also put pressure on the G20 to finalize the Paris agreement, double the world’s investment in renewables by 2020 and behoove financial regulators to mandate climate-related disclosures...Three large multinational insurers — Aviva and MS Amlin…and…Aegon — have been particularly outspoken with pushing this declaration…Aegon says such commitments to confronting climate change risks are necessary…and will motivate the company to increase investments in renewables…Earlier this year, Aegon…announced that it would no longer invest in companies that generate more than 30 percent of their revenue from the sales of thermal coal...Aviva…reduced its carbon emissions by almost 40 percent since 2010, and cut its employees’ air travel…Renewable power also provides over 60 percent of the company’s electricity needs…

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7 September 2016

Full letter

Author: Investor Platform for Climate Actions

Dear G20 Leaders:

The signatories to this letter are 130 investors with more than USD 13 trillion in combined assets under management. The Paris Agreement on climate change provides a clear signal to investors that the transition to the low-carbon, clean energy economy is inevitable...Governments have a responsibility to work with the private sector to ensure that this transition happens fast enough to catalyse the significant investment required to achieve the Paris Agreement’s goals…With that in mind we offer the following recommendations:

  1. Complete your process for joining/ratifying the Paris agreement in 2016 if possible
  2. Implement the 2015 Global Investor Statement on Climate Change’s recommendations for governments
  3. Support a doubling of global investment in clean energy by 2020
  4. Prioritize implementation of, and prepare to strengthen, your nationally determined contributions
  5. Prioritize rulemaking by national financial regulators to require disclosure of material climate risks.
  6. Welcome the work of the G20 green finance study group

[Also refers to ACTIAM, Aegon NV, Alberta Investment Management Corporation (AIMCo), Amundi, AMP Capital, AP1 First Swedish National Pension Fund, AP2 Second Swedish National Pension Fund, AP3 Third Swedish National Pension Fund, AP4 Fourth Swedish National Pension Fund, AP7 Seventh Swedish National Pension Fund, Archbishops' Council, Armstrong Asset Management, ATP, Australian Ethical Investment, AustralianSuper, Aviva Investors, AXA, AXA IM, Baldwin Brothers Inc., Bank J. Safra Sarasin, Bayerische Versorgungskammer, Bedfordshire Pension Fund, BMO Global Asset Management, BNP Paribas Investment Partners, Brawn Capital, Brown University Sustainable Investment Fund, BT Pension Scheme, California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), Cathay Financial Holding Co., Ltd., Catholic Super, CBRE Global Investors, Cbus Super, CCLA, Central Finance Board of the Methodist Church, Christian Brothers Investment Services, Christian Super, Christopher Reynolds Foundation, Church Commissioners for England, Church of England Pensions Board, Church of Sweden, Connecticut Retirement Plans and Trust Funds, Dana Investment Advisors, Danske Bank Asset Management, Danske Civil- og Akademiingeniørers Pensionskasse, Deutsche Asset Management, Dragon Capital, EdenTree Investment Management Ltd., Encourage Capital, Environment Agency Pension Fund, Epworth Investment Management Ltd, ERAFP, ESSSuper, ETF Partners, Eureka Funds Management, First Affirmative Financial Network, Friends Fiduciary Corporation, Friends Provident Charitable Foundation, FRR - Fonds de Réserve pour les Retraites, Greater Manchester Pension Fund, Henderson Global Investors, Hermes Investment Management, HESTA, HSBC Global Asset Management, IFM Investors, Impax Asset Management, Inflection Point Capital Management, Insight Investment, Jesuits in Britain, Juristernes og Økonomernes Pensionskasse, Kempen Capital Management, L&G Investment Management, Local Government Super, London Pensions Fund Authority, Mercer, Merseyside Pension Fund, Miller/Howard Investments, Inc., Mirova, MN, Nanuk Asset Management Pty Ltd, Natixis Asset Management, NEI Investments, New York City Comptroller, New York State Common Retirement Fund, New Zealand Superannuation Fund, NextEnergy Capital, Nordea Wealth Management, North East Scotland Pension Fund, OFI, Ohman, Old Mutual Global Investors, Ontario Teachers’ Pension Plan, OPTrust, Oregon State Treasurer, Pax World Management LLC, PensionDanmark, PGGM, PKA, Plater Trust, Railpen Investments, Rathbone Greenbank Investments, Representative Body of the Church of Ireland, Reynders, McVeigh Capital Management, Robeco, Russell Investments, Sisters of St. Dominic of Caldwell, New Jersey, Sonen Capital, South Yorkshire Pensions Authority, Stafford Sustainable Capital, Statewide Super, Tellus Mater Foundation, Temporis Capital LLP, The Barrow Cadbury Trust, The Joseph Rowntree Charitable Trust, The Pensions Trust, The Sustainability Group at Loring, Wolcott and Coolidge, The United Reformed Church, Trillium Asset Management, Trustees of Amherst College, Unipension FAIF A/S, Unitarian Universalist Association, USS, Veris Wealth Partners, VicSuper, Vision Super Pty Ltd, Walden Asset Management, Wespath Benefits and Investments, West Midlands Pension Fund, West Yorkshire Pension Fund, and WHEB.]

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