Ahead of the Group of Seven summit, which begins tomorrow, 457 investors managing $41 trillion in assets have signed an open letter calling on world leaders to enact more ambitious climate policy.

The letter mentions six specific actions for governments, including committing to achieving net-zero emissions by 2050, strengthening their Nationally Determined Contributions, and implementing mandatory climate risk disclosure.

Notably, the world’s top two asset managers, BlackRock and Vanguard, did not sign the letter. However, State Street Global Advisors, the third-largest, did sign.

“Those who set ambitious targets in line with achieving net-zero emissions, and implement consistent national climate policies in the short-to-medium term, will become increasingly attractive investment destinations. Countries that fail to do so will find themselves at a competitive disadvantage,” the letter reads.

This letter comes a day after more than 350 organizations signed a different letter calling on G7 leaders to stop financing fossil fuels and support a just recovery from COVID-19, with a particular focus on helping the Global South.

Sources: Business GreenGuardianCNNReuters $

Originally published by Nexus Media.

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