WOBO welcomes the reminder from edie in respect of fuels and their use.

Investors managing some $39trn of assets are calling on governments to set clearer and stronger plans for phasing out fossil fuels at COP27, with a similar call to action being made by almost 200 health organisations.

The Investor Agenda Group issued a statement to national governments late on Wednesday (13 September), garnering support from most – but not all – of the world’s largest fund and asset managers. Notable absences from the 532-strong signatory list at this point include BlackRock and Vanguard.

The statement notes that there was a “significant acceleration of action” on climate mitigation ahead of, and at, COP26 in Glasgow last year. But it argues that there is still much more to be done to avoid the worst of the climate crisis, with levels of warming up to 2.4C still predicted by 2100. This exceeds the Paris Agreement’s 1.5C and 2C pledges, the former of which has become the guiding principle for the UN-convened annual summits.

As the statement is an open letter, all governments are urged by the investors to update their Paris Agreement commitments ahead of COP27, as they promised to do last year. Updates, the letter states, should provide long-term certainty on the energy transition, carbon pricing, nature and supporting affected communities.

The letter notably argues for fixed deadlines to end coal power and fossil fuel subsidies. G7 nations have already pledged to end “inefficient” subsidies by 2025, but climate activists and economists have urged more clarity on how, precisely, this should be defined. On a more global scale, the final COP26 agreement states that nations will phase out “unabated” coal power and “phase down” other fossil fuels. This marked the first time that fossil fuels were mentioned, but the wording was weakened at the last minute due to interventions from emerging economies powered largely by fossil fuels, such as China and India.   Read more….