Varma joins international climate petition

Written by Adam Cadle

21/09/2022

Varma has signed the 2022 Global Investor Statement to Governments on the Climate Crisis petition.

The petition, which has been signed by 533 international investors with assets totalling US$39trn, calls of governments and political decision-makers to increase measures to combat climate change.

Investors have demanded stricter climate goals from states by 2030 to help ensure that the climate does not warm by more than the 1.5 degrees outlined in the Paris Climate Agreement.

In the petition, states are required to specify their climate goals for 2030 before the 27th UN Climate Conference (COP27) in November, so that they are in line with international climate agreements.

Investors expect nations to set clear intermediate goals on, for example, ways in which the use of coal can be disengaged while facilitating the transition to emission-free forms of energy.

Alternatives could be, for example, removing subsidies from polluting sectors and facilitating investments in sustainable technologies and forms of energy.

The background of the petition is The Investor Agenda community, whose goal is to speed up the transition to an emission-free economy.

The community consists of several responsible investment organisations, including Principles for Responsible Investment, the UN umbrella organisation for responsible investment.

“The extreme weather phenomena seen this summer, such as the drought in Europe and the floods in Pakistan, are proof of the necessity of more effective climate action,” commented Varma director of responsibility, Hanna Kaskela.

“In turn, extreme weather events have far-reaching effects on functions critical to societies, such as the availability of hydropower and food production.

"Investors' joint appeals are the best way for us as investors to influence the national climate goals.”

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