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.