BREAKING NEWS

Big investors urge Trump to stick with Paris climate accord

By REUTERS

MAY 8, 2017 03:14

OSLO - Investors with more than $15 trillion of assets under management urged governments led by the United States to implement the Paris climate accord to fight climate change despite US President Donald Trump's threats to pull out.

"As long-term institutional investors, we believe that the mitigation of climate change is essential for the safeguarding of our investments," according to the letter signed by 214 institutional investors and published on Monday.

"We urge all nations to stand by their commitments to the Agreement," it said. Signatories of the letter included the California Public Employees Retirement System and other pension funds from Sweden to Australia.

The letter was addressed to governments of the Group of Seven, before a summit in Italy on May 25-26, and to leaders of the Group of 20 who will meet in Germany in July.

Trump is due to announce in coming days whether he will carry out a campaign threat to "cancel" the 2015 Paris Agreement, which aims to limit a rise in temperatures by phasing out use of fossil fuels.

The European Union has been scrambling to persuade Trump, who wants to bolster the US coal industry, to stick with the accord. His advisers have warned of legal problem if Washington stays but waters down its climate commitments.

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