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Institutional investors call on government leaders to increase efforts on climate change

A group of asset owners and managers representing more than $26 trillion in assets are calling on government leaders to step up their efforts to achieve the Paris Agreement's goal of limiting the average global temperature increase to 2 degrees Celsius ; and also to support investments in a low-carbon economy, including phasing out fossil-fuel subsidies and phasing out investments in thermal coal assets; and enhance climate-related financial disclosure.

"The global shift to clean energy is underway, but much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks," the group said in a joint statement Monday.

The investors added that they are "concerned that the implementation of the Paris Agreement is currently falling short of the agreed goal of 'holding the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels."

The group's statement was released Monday ahead of the G-7 Summit in Canada.

Investors who have signed onto the statement include the $352.8 billion California Public Employees' Retirement System, Sacramento; $224.8 billion California State Teachers' Retirement System, West Sacramento; A$130 billion ($98.1 billion) AustralianSuper, Melbourne; A$39 billion Health Employees Superannuation Trust of Australia, Melbourne; Allianz Global Investors, Aviva Investors, Deutsche Bank, HSBC Global Asset Management, Nomura Asset Management.