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ESG

New effort aims to track investor progress in meeting Paris Agreement goals

Seven organizations have joined together to produce a global annual environmental, social and governance report on progress toward meeting the Task Force on Climate-related Financial Disclosure recommendations.

Institutional investors globally will be directly reporting and sharing progress made toward the goals of the 2015 Paris Agreement that aims to curb the world's temperature increase this century to less than 2 degrees Celsius.

In San Francisco on Wednesday, the Asia Investor Group on Climate Change, CDP Worldwide, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change, Principles for Responsible Investment and United Nations Environment Program Finance Initiative announced they had joined forces to deliver information on ESG to the asset owner community via the newly launched Investor Agenda.

The organizations represent 392 investors with $32 trillion in assets under management that will capture investment, corporate engagement, investor disclosure and policy advocacy data.

"Investors are in a unique position to mitigate the threats of climate change. With trillions of dollars under management globally, we can demand accountability from the largest corporate greenhouse gas emitters and hold governments responsible for the impact of their decisions. The Investor Agenda is producing real progress as we risk irreversible damages of global warming," Betty T. Yee, controller of the state of California, who serves on the board of the $361.1 billion California Public Employees' Retirement System, Sacramento, said in a news release.

Kristian Fok, chief investment officer at the A$40 billion ($28 billion) Construction and Building Unions Super, Melbourne, said in the release: "The Investor Agenda demonstrates the work of global investors to manage climate risk in existing portfolios and through new investment opportunities. As Australia's leading pension fund for the built environment and a founding member of Climate Action 100-plus, Cbus understands the importance of a just transition. We're investing in a better future through green buildings, renewable energy opportunities, and are committed to science-based targets" and the Task Force on Climate-related Financial Disclosure.

Investors can join the group of signatories until Nov. 15.