Global investors appeal for action on climate change

The world's largest investors � collectively managing over $13 trillion in assets � have issued a United Nations-backed call for concrete action in the fight against climate change. The statement signed by 181 investors n New York calls for a strong binding treaty to reduce pollution and catalyse global funding for low-carbon technologies. The move comes ahead of this December's UN talks in Copenhagen, Denmark, where nations are expected to 'seal the deal' on a new pact to curb greenhouse gas emissions. "Climate change has quite rightly been framed as the greatest market failure ever," said Rob Tacon, Chair of the UN Environment Programme's Financial Initiative (UNEP FI), a partnership between the agency and more than 170 financial institutions around the world. "The magnitude of the negative economic impacts and the potential of climate change to bankrupt our global financial system, as well as to threaten the planet's life-supporting natural ecosystems, are calling," he added. The document calls for a new global climate treaty to include a target for emissions reductions of between 50 and 85 per cent of 1990 levels by 2050, as well as for government support for energy-efficient and low carbon technology. It also appeals for action to reduce deforestation and support, as well as for support for adaptation measures.