AMN
Investors and insurers with more than 2.8 trillion dollars in assets under management today called on the Group of 20 economies to phase out fossil fuel subsidies by 2020 despite US doubts about climate change. G20 nations should work to accelerate green investment and reduce climate risk.
The 16 signatories wrote on the eve of a two-day meeting of G20 foreign ministers in Germany to prepare a summit in Hamburg in July. The summit should set a clear timeline “for the full and equitable phase-out by all G20 members of all fossil fuel subsidies by 2020. They included Actiam, Aegon Asset Management, Aviva Investors, KBI Global Investors, La Francaise, Legal and General and Trillium Asset Management.
All G20 nations signed up for a 2015 Paris Agreement aimed at phasing out greenhouse gas emissions from fossil fuels between 2050 and 2100 and shifting to cleaner energies to avert heat waves, floods, droughts and rising ocean levels.