GLOBAL - Institutional investors launched a climate change action plan at a summit held at the UN yesterday to boost investments in energy efficiency and clean energy technologies.
Alex Sink, CFO, Florida, said: "With today's action plan, investors are advancing the need for closer scrutiny of investments to include the financial risks of climate change, while also harnessing emerging opportunities."
The investors pledged to collectively invest US$10bn in clean technology opportunities over the next two years and incorporate green building standards into their investment decisions.
The group, whose assets under management total $1.75trn, also agreed to reduce energy use in core real estate holdings by 20% over the next three years.
Denise Nappier, Connecticut state treasurer, commented: "Thanks to the leadership of many participating at this summit, the idea that climate risk affects many industries around the world that are embedded in our portfolios is being absorbed into the very fibre of our financial markets, from banking to investment, from insurance to re-insurance."
The group mapped out specific steps including goals aimed at working with the Securities and Exchange Commission (SEC), congress and companies to improve disclosure and responses to climate change.
The aim of the summit was to identify ways to minimise risks and maximise investment opportunities related to climate change.
Signatories to the action plan included state treasurers, controllers, pension fund leaders, asset managers and foundations from London, California, Florida, New York, Connecticut, North Carolina and Pennsylvania.
The event was attended by more than 450 investor, financial and corporate leaders from around the world.
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