Institutional investors managing £15 trillion of assets have called for an ambitious global climate deal to give them certainty to invest in clean technology.
More than 340 institutions including BlackRock, the world's largest asset manager, AXA Group and Legal & General Investment Management, have called for strong policies to drive action on climate change.
The organisations want governments to put a "stable, reliable and economically meaningful" price that polluters have to pay for their carbon emissions, which will help scale up investment towards clean power and energy efficiency.
Ahead of a UN climate summit in New York next week, the investors called on governments to phase out subsidies for fossil fuels.
The institutions warned that experts say an extra $1 trillion (£600 billion) a year on average up to 2050 is needed to limit temperature rises to 2C.
Global investment in clean energy in 2013 was just $254 billion (£160 billion).
In a statement, the investors, who also include the BBC Pension Trust, BT Pension Scheme, Aviva Investors, Standard Life Investments and Church Commissioners for England, set out action they will take to tackle climate change.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article