More than 400 international investors rebel against the inadequacy of measures taken by governments worldwide to combat climate change – and urge them to take resolute Action. Currently, more than 190 countries are negotiating at the UN climate change conference in Katowice, Poland on the implementation of the 2015 agreed global climate Treaty of Paris.

“We are concerned that the implementation of the Paris agreement goes far enough to reach the agreed target to hold the increase in global average temperature well below two degrees Celsius,” – said in a joint call of 415 large banks, pension funds, life insurers, asset managers, and other billion-dollar investors to the politicians.

the signatories include some of the largest financial houses in the world: about the Alliance, asset management subsidiaries of large banks such as Deutsche Bank, BNP Paribas, UBS, HSBC and the pension funds ABP and PGGM. Together, these financial put companies funds in the amount of 32 trillion – 32.000 billion dollars. Accordingly, their Power: they could deprive the States as well as companies much-needed capital.

emissions at record high

The groups are calling for the shutdown of coal-fired power plants, the end of fossil fuel subsidies and the introduction of a “major” prize for the emissions of the greenhouse gas carbon dioxide (CO2). Between the goals of Paris, on the one hand, and the existing Commitments of States to reduce emissions on the other hand, a gap klaffe the 415 investors warn. This would increase “to an unacceptable high temperature”, the “substantial negative economic consequences”.

The call shows that at least parts of the economy in the area of climate protection are now more determined than the policy. In the Paris agreement, the international community had praised three years ago to limit the rise in average temperatures to well below two degrees, if possible, to below 1.5 degrees. However, the emissions have since risen further to a record high.

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to meet Only 17 countries in the world, according to the Federal development Minister Gerd Müller (CSU) in Paris agreed milestones. Also Germany is lagging behind its own climate protection targets. And even if all the governments would redeem their promises of 2015, would, on a temperature rise of at least 3.2 degrees.

damages of $ 23 trillion

threatens The governments would have to increase their national climate amounts and active in the global transition to a carbon-carrying carbon economy, the large investors. Their demands, among other things, to a From for coal-fired plants and a rise in the price of fossil fuels to a large extent coincide with those of scientists and the International energy Agency.

the financial giant, to ensure the protection of the climate, is primarily altruistic or moral motives, but, above all, economic:

first of all, the capital in fear of donors, the global warming could damage the world economy is devastating. Secondly, they hope to billions of transactions through a global energy transition, which would require a lot of capital. Third, you can use for your investment, nothing less than the uncertainty that prevails in the international climate policy, mainly due to the cancellation of the Paris agreement by US President Donald Trump and the election of the right-wing populists Jair Bolsonaro Brazilian head of state.

Without a fundamental political change, it could be a long-term temperature rise of around four degrees, warns the British asset Manager Schroders, which supports the appeal. This could lead to global economic losses in the amount of 23,000 billion dollars.

For comparison, These losses would be at least three times as high as the damage caused by the global financial crisis of 2008.