“Climate change has quite rightly been framed as the greatest market failure ever,” says Rob Tacon, head of the U.N. Environment Program’s Financial Initiative.
We normally think of capitalists as ravaging the Earth with profit in their eyes. While that still might be true, 181 of the world’s largest investors have issued a united call for action against climate change, most importantly a binding treaty to cut pollution and boost funding for low-carbon technologies.
The world’s largest investors—collectively managing over 13 trillion U.S. dollars in assets—have issued a United Nations-backed call for concrete action in the fight against climate change, UN officials said here Thursday.
The statement signed by 181 investors on Wednesday in New York called for a strong binding treaty to reduce pollution and catalyze global funding for low-carbon technologies, the officials said.
They signed the statement just less than one week before UN Secretary-General Ban Ki-moon convenes the UN Summit on Climate Change on Tuesday to generate momentum for a deal at the UN talks in Copenhagen, Denmark, where nations are expected to “seal the deal” on a new pact to curb greenhouse gas emissions.