Large investors urge progress at climate talks | Energy & Oil | Reuters
LONDON, Nov 16 (Reuters) - Stronger domestic and international policy is needed to help unlock investment in low-carbon technology in the absence of a global climate deal, investors with over $15 trillion of assets said on Tuesday.
A United Nations summit in Cancun, Mexico, starts in just two weeks' time to negotiate a new global climate deal but expectations have sunk to a modest package that includes a fund to manage aid to poor nations, new ways to share clean technology and to protect tropical forests. [ID:nLDE6AF0FB]
Around 260 investors, including Dutch pension fund ATP, HSBC (HSBA.L: Quote) and Deutsche Bank Asset Management (DBKGn.DE: Quote), called for Cancun to deliver $30 billion of climate aid promised last year, in a statement released by the U.N. Environment Programme Finance Initiative.
"Among the investors' key priorities is delivery of promised fast-start climate financing, consistent with pledges at last year's U.N. climate negotiations in Copenhagen," a UNEP Finance Initiative statement said.
Last December, rich nations promised $30 billion of "fast start" finance to help poorer countries adapt to climate change and reduce their greenhouse gas emissions from 2010 to 2012.
