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World’s Wealthiest Investors Demand Governments End Support for Fossil Fuels

World’s Wealthiest Investors Demand Governments End Support for Fossil Fuels

Hundreds of the planet’s richest and most powerful investors and business leaders are petitioning governments around the world to abandon support for fossil fuels and work collectively to transition to renewable sources of energy to prevent the worst effects of anthropomorphic climate change.

Photo: Jeff J Mitchell/Getty Images

The Alliance of CEO Climate Leaders includes 457 CEOs, venture capitalists, and financial services managers who control $41 trillion, fully one-third of the world’s total assets.

For scale, that equates to $2 for every known galaxy in the observable universe.

“With the ongoing challenge of the COVID pandemic, it is easy to forget that climate change is an immediate and growing threat to people, ecosystems, and economies – with our current trajectory leading us to potentially irreversible outcomes. To avoid the worst impacts of climate change we need to limit warming to 1.5°C, which will require nearly halving greenhouse gas emissions by 2030 and reaching net-zero by 2050. This drastic departure from today’s emissions growth trajectory requires bold action across private and public sectors five months before COP26 in November,” the group wrote in an open letter to the G7 that was obtained by The Guardian on Thursday.

“We call upon all world leaders including those meeting at the G7 Summit this week to deliver on our shared climate ambitions and enable a net-zero world – and additionally to work together with the private sector for bolder actions on shared ambitions within a clearer and more ambitious policy framework,” they added.

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“As the Alliance of CEO Climate Leaders, we stand ready to work side-by-side with governments to support these policies and transform the scale of public-private effort this decade in the race to net-zero, for the benefit of people today and for generations to come,” the letter concluded. “We call on the G7 and other world leaders five months ahead of COP26 to help supercharge the net-zero and climate resilience transition with bold and courageous commitments, policies, and actions.”

Read the full letter here.

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