NEW YORK: Insurers and pension funds managing US$2.3 trillion pledged on Monday to shift their portfolios away from carbon-heavy industries in the hope of triggering snowballing climate commitments from other big investors.
UN Secretary-General Antonio Guterres, who organized Monday's summit to try to boost stalling international efforts to control emissions, sees insurers and pensions funds as a crucial lever to transition the global economy off fossil fuels. Under current emissions pledges by governments, the Earth is on track for well over 3 degrees Celsius of warming by the end of the century - an outcome that scientists say could put the survival of modern industrial societies at risk.
But members of the new grouping said they might also have to divest from heavily-polluting industries as a last resort if they proved unwilling to change their business models so they no longer pose a danger to the stability of the climate.
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