We are among a record number of signatories to an open letter, urging world leaders to move faster in their response to climate change.
Ahead of the June 2019 G20 Summit in Japan, we joined a group of 477 global investors, representing US$34 trillion, who are calling on leaders to strengthen international commitments, by enacting strong policies to achieve globally recognised climate change targets. These policies include those agreed in the Paris Agreement, such as phasing out thermal coal power and pricing carbon.
“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 investors wrote.
The open letter also implores governments to act to limit average global temperature rise to no more than 1.5 degrees Celsius, support a low carbon transition, and commit to improving climate-related financial reporting.
“As one of Australia’s largest industry superannuation funds, and a major institutional investor, we believe we have an important role to play in bringing about positive action on climate change to protect the retirement savings of our members”.
- Deanne Stewart, our Chief Executive Officer
We are responding on behalf of our members - the teachers, nurses and emergency workers who often see the effects climate change first hand. However, this issue will require a coordinated, collective and collaborative response from governments, business and investors, to ensure that critical changes are made now for the long-term interests of our members and the community.
The actions we take today should not compromise the outcomes received by investors tomorrow, and we see it as our responsibility to consider risks associated with climate change as part of our our Investment strategy.
First State Super was one of the first funds to launch a Climate Change Adaptation Plan to protect our members’ investments from the negative impact of climate change and is one of our key risk considerations.
Paris Agreement goals
- Update and strengthen nationally-determined contributions to meet the emissions reduction goal of the Paris Agreement, starting the process now and completing it no later than 2020, and focusing swiftly on implementation
- Formulate and communicate long-term emission reduction strategies
- Align all climate- related policy frameworks holistically with the goals of the Paris Agreement
- Support a just transition to a low carbon economy.
