Investors from the Institutional Investors Group on Climate Change (IIGCC) have written to all EU heads of state and government, urging them to pass a net zero emissions target into European law as a matter of urgency.

Signed by over 40 CEOs and senior executives, representing over €6tr in assets, the IIGCC, the European membership body for investor collaboration on climate change, notes that without greater action, projected losses from a 4C global temperature rise are estimated at €21tr over the next 80 years. However greater action on climate change could deliver €23tr in global economic benefit by 2030.

Signatories include Legal and General Investment Management, Aegon NV, DWS, Aberdeen Standard Investments and Allianz Global Investors.

“Investors expect EU member states to show continued global leadership on climate change,” explains Stephanie Pfeifer, CEO, IIGCC. “Agreeing the net zero emissions target will strengthen Europe’s ability to attract investment, support clean growth and create jobs. EU leaders should embrace this opportunity without delay.”

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