Major European investors urge EU to enshrine climate goal in law

epa07858575 Large crowds march during the Global Strike for Climate rally in Melbourne, Victoria, Australia, 20 September 2019 (issued 21 September 2019). Millions of people across the world are taking part in demonstrations demanding action on climate issues. The Global Strike For Climate is being held only days ahead of the scheduled United Nations Climate Change Summit in New York. EPA-EFE/JAMES ROSS AUSTRALIA AND NEW ZEALAND OUT

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European investors representing over six trillion euros in assets are calling on European Union governments to speed up efforts to enshrine the EU’s 2050 climate neutrality goal in law.

In a letter, 44 firms, including Allianz, Handelsbanken, Aberdeen Investment and Aegon NV, said a law would give investors more confidence to make long-term decisions on environmentally responsible projects.

The move showcases investors’ increased focus on climate change, both as a risk and an opportunity.

Most of the 28 EU member states have signed up to an EU-wide pledge to be climate neutral by 2050 but Poland, the Czech Republic and Hungary are dragging their feet. A law would force all member states to achieve climate neutrality by 2050.

Ursula von der Leyen, the new president of the European Union’s executive Commission, has made combating climate change one of her top priorities.

Via Reuters

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