IIGCC responds to conclusion of UN Climate Change conference in Durban
London, December 11, 2011
In response to the conclusion of the United Nations Climate Change conference in Durban, Stephanie Pfeifer, Executive Director of The Institutional Investors Group on Climate Change (IIGCC) said:
“Climate negotiators have taken a significant step forward in Durban. The inclusion, for the first time, of the US and China in a new roadmap towards an agreement with legal force to cut carbon emissions is critical in the battle against climate change. Uncertainties, however, remain and we urge policymakers to ensure that the momentum is maintained and the agreed time-frame adhered to, but the direction of travel has now been set.
“The Durban package recognises the potentially crucial role that the private sector could have in financing the transition to a low-carbon economy. As an international agreement begins to take shape, action at a domestic level will remain an important driver of investor behaviour.
“For private sector capital to flow at the speed and scale required, we encourage national governments to continue to show leadership on climate change and put in place investment grade policy that provides investors with predictability and clear market signals. A significant amount of private sector capital would be unlocked if mechanisms shifted decisively the risk/return balance in favour of low carbon investments.”
In October, 285 investors from across the world representing more than $20 trillion in assets stressed the urgent need for policy action which stimulates private sector investment into climate change solutions and creates jobs.
“With recent evidence suggesting that time is running out to hold the increase of global average temperatures below 2 degrees Celsius, introducing measures which stimulate private investment into climate change solutions has become more important than ever before.”
NOTES TO EDITORS
About the Institutional Investors Group on Climate Change (IIGCC) www.iigcc.org
The Institutional Investors Group on Climate Change (IIGCC) is a forum for collaboration on climate change for European investors. It provides investors with a voice on climate change and platform from which they can engage with policymakers, investors, sectors and other stakeholders on addressing long-term risks and opportunities associated with climate change. The group currently has 77 members, representing assets of around €7.5trillion.
In detail, the IIGCC’s objectives are to: 1. encourage a pro-active approach amongst asset owners and asset managers on climate change; 2. improve company disclosure/performance on climate change; 3. encourage public policy solutions that ensure a move to a low carbon economy and which are consistent with long-term investment objectives.
For further information see www.iigcc.org