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- $29 Trillion Coalition: Over 530 financial institutions are urging governments to enact policies unlocking private capital for the net-zero transition.
- Climate & Nature Goals: Investors demand sector-specific strategies, mandatory climate reporting, and solutions addressing nature and biodiversity crises.
- Developing Economies Focus: The coalition emphasizes the need for increased private investment in climate action within emerging markets.
More than 530 financial institutions, managing over $29 trillion in assets, are pressuring governments worldwide to take decisive action on the climate crisis. In a joint statement ahead of COP29, investors call for policies that will accelerate the transition to a net-zero, climate-resilient economy, including mandatory climate-related reporting and decarbonization strategies for high-emitting sectors.
The 2024 Global Investor Statement to Governments on the Climate Crisis outlines five critical policy areas, such as boosting private investment in developing economies and addressing biodiversity challenges. Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (IIGCC), described it as “the most ambitious yet,” adding, “COP16 and COP29 provide the ideal settings for governments to respond to investors’ asks.“
With COP29 in Baku on the horizon, investors are pushing for clear government commitments. “Strong policies will unleash a wave of capital to fund the climate solutions that the global economy desperately needs,” emphasized Rebecca Mikula-Wright, CEO of the Asia Investor Group on Climate Change (AIGCC).
Despite progress made through initiatives like the U.S. Inflation Reduction Act and the EU’s Fit-for-55, which led to $1.8 trillion in global clean energy investment in 2023, this falls short of the $4.8 trillion needed annually to reach net zero by 2050. The statement underscores that emerging markets are especially underfunded.
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The coalition’s demands include enacting economy-wide public policies, implementing sectoral transition strategies, and mandating climate-related disclosures. The statement concludes, “A whole-of-government approach is essential to unlocking the public and private capital flows needed for the net-zero transition.“
Investors have until November 1, 2024, to sign the statement, which will be presented at COP29.