On Monday the 8th of May, 217 investors representing more than USD 15 trillion in assets signed a letter to  G7 and G20 governments in the light of their upcoming summits in May (G7) and July (G20). A number of the Supporting Institutions of the Climate Action in Financial Institutions Initiative are among the signatories.

During the last G20 and G7 Ministerials, the nations did not managed to find a consensus on climate change, especially as the United States is in the process of reviewing its position towards climate change and the Paris Agreement. As such, climate change was omitted in the latest G20 and G7 Communiqués.

Recalling the urgency to support the implementation of the Paris Agreement and the need for a robust political roadmap, 217 Investors have called on the G7 and G20 governments to:

  • Continue to support and implement the Paris Agreement, including the implementation of NDCs and 2050 climate plans to achieve the goals of that agreement.
  • Drive investment into the low carbon transition through aligning climate-related policies, phasing out fossil fuel subsidies and including carbon pricing where appropriate.
  • Implement climate-related financial reporting frameworks, including supporting the Financial Stability Board Task Force on Climate-related Financial Disclosures recommendations.”

These three recommendations are detailed in a briefing paper authored by the six institutions who coordinated the letter: