Despite the clear policy recommendations in the 2009 Investor Statement on the Urgent Need for a Global Agreement on Climate Change,1 policymakers made only incremental progress in Copenhagen, leaving a great deal of work to be done to address the risks that climate change presents to the global economy and to investments. Meaningful policy progress is required to accelerate private investment in a low-carbon economy. On the global level, it is imperative that efforts advance this year to negotiate and conclude a legally binding agreement with ambitious greenhouse gas emission reduction targets. But investors, businesses, and governments cannot wait for a global treaty before taking action. Countries must take steps now if they are to attract the sizable amount of private investment needed to be competitive in the global race to develop and transition to low-carbon technologies. Investors and businesses have been and will continue taking significant action to address climate risks and opportunities, but to enable the necessary flows of private capital and allow us to fully assist in achieving a low-carbon and sustainable global economy, policymakers around the world must take rapid action at national, regional, and international levels. Image: cnpc.com.cn. More…

Source: UNEP-FI