A coalition of investment firms are calling on world leaders to abolish the use of coal-generated electricity for the sake of climate change, but many of those investors are also tied to green energy.
A group of international investment companies with a combined $26 trillion in assets signed a letter Monday imploring Group of Seven — better known as G7 — members to diminish the world’s use of coal. Investors criticized coal as a major source of greenhouse gas emissions and said the 2015 Paris summit didn’t go far enough in cutting emission rates around the word.
“As institutional investors with millions of beneficiaries around the world, we reiterate our full support for the Paris Agreement and strongly urge all governments to implement the actions that are needed to achieve the goals of the Agreement, with the utmost urgency,” the letter began. Investors encouraged G7 members to “phase out” fossil fuels and thermal nuclear power worldwide by “set deadlines.” (RELATED: Enviros Upset Banks Won’t Stop Lending To Coal Companies)
Signatories of the letter include Aviva Investors, HESTA, DWS, Allianz Global Investors, Nomura Asset Management, HSBC Global Asset Management, Australian Super and several U.S. pension funds. Their message comes shortly before G7 nations — France, Japan, Germany, Canada, Italy, the United Kingdom and the United States — are set to meet in Canada this week to discuss a litany of issues.
However, many of these investment firms have ties to an industry that stand to win in the face of coal’s demise: renewable energy.
Allianz Global, for example, manages assets that are dedicated to renewable energy assets. The German company’s home country is an international leader in wind energy, with numerous firms encouraged to invest in the sector. Similar situations exist with Aviva, Nomura and others. HSBC has entire positions dedicated to climate change and renewables.
“To ensure a smooth and just transition to a low carbon economy and to adapt to the warming already locked in to the climate system, it will be important that the benefits of gaining access to cleaner energy sources are shared by all, and that those workers and communities affected by the transition are supported,” their Monday letter continued.
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