World’s top investors urge to end all coal use

Dec 10, 2018, 7:49 AM EST
(Source: ItzaFineDay/flickr)
(Source: ItzaFineDay/flickr)

The world’s biggest investors, gathered at the UN climate summit on Monday, called on the governments to phase out all coal burning, end fossil fuel subsidies and levy hefty taxes on carbon or brace for a financial collapse several times worse than the 2008 crisis.

The desperate call for drastic action against climate change comes from investors, including the world’s biggest pension funds, insurers and asset managers, with hold over $32tn of the global economy, notes The Guardian.

Investment firm Schroders warned that the global economy could lose $23tn a year if the governments fail to rein in climate change while New York State Common Retirement Fund pointed out the new job opportunities that would be created by transitioning to a low-carbon economy.

The heads-up from the investor fraternity comes after an objection from the U.S., Russia, Saudi Arabia and Kuwait blocked the IPCC report on climate change from being “welcomed” at the ongoing global climate talks in Poland, reports the BBC.