HESTA is among 477 global investors with an estimated $48.5 trillion in assets urging G20 leaders to take urgent action to keep global temperature rise to 1.5 degrees Celsius.
HESTA is among a record number of signatories to the Global Investor Statement to Governments on Climate Change which called on government leaders to step up ambition on climate change and enact strong policies by 2020 to achieve the goals of the Paris Agreement.
This includes phasing out thermal coal power and pricing carbon, as urgent global action is needed if the goals of the Paris Agreement are to be met.
HESTA has long supported putting a meaningful price on carbon, as part of action taken by hundreds of investors globally.
HESTA Head of Impact Mary Delahunty says investors have a vitally important role in supporting the necessary transition to a low carbon economy.
“As global investors we’re focused on not just managing the risks associated with climate change but also identifying the opportunities that will emerge as the need to transition the global economy for a low carbon economy picks up pace.
“Ambitious, clear and consistent policy settings are vitally important to encourage investors like HESTA who have a long-term investment focus.”
Investors are calling for governments around the world to achieve the Paris Agreement goals, with a renewed focus on updating and strengthening nationally-determined contributions to meeting emission reduction targets.
Signatories called on government leaders to take a range of actions including to:
Mary says HESTA is already a signatory to the Task Force on Climate-related Financial (TCFD) Disclosures, which can improve climate disclosure from financial institutions and the companies they invest in.
Signatories have called for governments to publicly support and implement the TCFD recommendations and include these in a range of international standards.
“It’s vital that we see constructive collaboration between investors, government and business to ensure we take the necessary steps to limit temperature increase to 1.5-degrees Celsius," Mary says.
“We will continue to work with investors around the world to push for change that will help protect our members’ investments from risks associated with climate change and ensure they have a better world in which to retire into.”