A group of 181 institutional investors today called on U.S. and international policymakers to design an international treaty to help combat global warming.
In a policy statement released today at the International Investor Forum on Climate Change in New York, hosted by New York state Comptroller Thomas DiNapoli, the investors asked for a “strong and binding international treaty that will reduce pollution and catalyze massive global investments in low-carbon technologies.”
“We cannot wait any longer,” said Mr. DiNapoli, sole trustee of the $116.5 billion New York State Common Retirement Fund, Albany, during a news conference. “There’s too much at stake for the health of our planet, as well as for the health of our investments.”
The statement, signed by officials at pension funds and asset managers representing $13 trillion in assets, called for, among other things, a global target date of 2050 to reduce carbon emissions worldwide by 50% to 80% and from developed countries by 80% to 95%, with interim targets of 25% to 40%; public financing “mechanisms” that leverage private-sector finance for investment in developing countries; and measures to reduce deforestation.
Mr. DiNapoli said he hoped today’s policy statement would push the Senate to vote in favor of a bill similar to the American Clean Energy and Security Act of 2009, also known as the Waxman-Markey bill, which was passed by the House in June and aims to reduce global warming through a cap-and-trade system.
“There needs to be a sense of urgency in Washington,” Mr. DiNapoli said. “We hope to renew the focus on this issue.”
Members of the investors group include managers Allianz Global Investors, BlackRock, ING Group NV and Swiss Reinsurance Company, and pension funds the $194 billion California Public Employees’ Retirement System, Sacramento, and $8 billion Illinois State Board of Investment, Chicago.