A group of over 530 financial institutions, managing assets exceeding $29 trillion, has issued the 2024 Global Investor Statement to Governments on the Climate Crisis. Released ahead of Climate Week NYC and the upcoming COP29 climate conference, the statement urges governments to establish policies that unlock private capital to accelerate the transition to net zero. The coalition calls for mandatory climate-related reporting and the creation of strategies to decarbonize high-emitting sectors. Coordinated by the founding partners of The Investor Agenda, including groups like Ceres, CDP, and the UNEP Finance Initiative, the statement stresses the need for legal, policy, and regulatory frameworks that promote private sector investment.
While acknowledging recent progress, such as the U.S. Inflation Reduction Act and the EU’s Fit-for-55, which helped drive $1.8 trillion in global clean energy investments in 2023, the statement highlights the gap between current efforts and the estimated $4.8 trillion needed annually to achieve net zero emissions by 2050. The report calls for greater focus on emerging markets and developing economies (EMDEs), where underinvestment remains a major challenge. The main actions identified by investors are setting ambitious targets for 2030 and 2035, implementing a carbon price, removing fossil fuel subsidies to support clean energy, fixing the environmental and biodiversity challenges, and mandated disclosure of information on climate compliance with ISSB standards. Advocates emphasized the need for a “whole of government approach” to unlock public and private capital for climate mitigation, energy and adaptation, especially in EMDE. They reiterated their commitment to work with policy makers to encourage sustainable growth while meeting climate and environmental goals.