415 investors around the world called on countries to strengthen their independent contributions to combat climate change

The world's 415 investors (corporations) with $32 trillion in assets under management this week called on leaders at the United Nations COP24 global climate change conference in Katowice, Poland, to address the "gap between ideal and reality" by strengthening their nationally determined contributions to meet the goals of the Paris Agreement
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Announced Monday at a COP24 side event, a record number of global investors gathered as signatories to the 2018 Global Investor Statement on Climate Change, which in the simplest way reaffirmed signatories' "full support" for the Paris Agreement and "strongly" urged global governments to implement the actions necessary to achieve the goals of
the Paris Agreement in an "extremely urgent manner.
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"The current state of global policy puts us on track to achieve a 4 degree Celsius temperature rise, which would cost $23 trillion in associated global economic damage for the rest of the century, with permanent economic damage three to four times
the magnitude of the impact of the 2008 global financial crisis," said Schroeder, one of the signatories of the Global Investor Statement.
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The statement calls on global leaders attending COP24 talks to do the following:

1.
Achieve the goals of the Paris Agreement: update and strengthen nationally identified measures and actions to achieve the emission reduction targets of the Paris Agreement, start the process in 2018 and complete it by 2020, with a rapid focus on implementation; Develop and communicate a long-term emission reduction strategy for 2018; aligning all climate-related policy frameworks with the goals of the Paris Agreement; Support a fair transition
to a low-carbon economy.

2.
Accelerate private sector investment into the low-carbon transition; integrating the Paris climate scenario into all relevant policy frameworks and energy transition pathways; Propose a meaningful price for carbon; phasing out fossil fuel subsidies for a specified period of time; Phasing out global thermal coal power
by set deadlines.

3.
Commit to improving climate-related financial reporting; publicly support the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) and its extension; Commit to implement the TCFD recommendations in their jurisdictions no later than 2020; Requests the FSB to incorporate TCFD recommendations into its guidelines; International standard-setting bodies are required to incorporate TCFD recommendations into their standards
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Chris Newton, executive director of IFM Investments, said: "The reality is that the long-term nature of the challenge is a zombie-like reaction
in many people.
This is a factor in disaster, as the effects of climate change can be sudden, severe and catastrophic
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We need infrastructure assets to continue to provide essential services
to communities and economies around the world.
When others clearly shy away from challenges, we have a responsibility to get investors to act
for the long term.
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