17 Nov 2010 11:11:08
Investors issue climate change warning
A group of the world's largest investors has called for decisive action in the fight against climate change to avoid economic crisis.
The statement, signed by 259 investors with assets totalling $15 trillion (£9.4 trillion), said that previous experience within the field of renewable energy shows strong government policy and private investment go hand in hand.
Attention was also called to the upcoming United Nations (UN) Climate Change Summit in Cancun, which begins on November 29th.
Barbara Krumsiek, chair of UN Environment Programme Finance Initiative, said that a key initiative the group expects to come out of the summit is a "fast-start climate financing", which it said was pledged last year in Copenhagen.
"While no comprehensive agreement is expected, investors are hoping for some forward movement during the international negotiations in Cancun," she added.
UN secretary general Ban Ki Moon has already said that people need to be "practical and realistic" about the outcome of the conference and a binding agreement may not be reached.
The group also cited figures, which show a possible loss to gross domestic product of 20 percent by the year 2050.