Investors managing more than $34 trillion (£27 trillion) in assets, nearly half the world’s invested capital, are demanding urgent action from governments on climate change, piling pressure on leaders of the world’s 20 biggest economies meeting this week. In an open letter to the “governments of the world”, groups representing 477 investors stressed “the urgency of decisive action” on climate change to achieve the Paris Agreement target. The letter argues that “there is an ambition gap” that needs to be addressed with urgency. The investor letter was signed by the chief executives of the seven founding partners of The Investor Agenda, including the Institutional Investors Group on Climate Change and the United Nations-backed Principles for Responsible Investment. Large investors signing the statement included Legal & General Investment Management and the California Public Employees’ Retirement System. The letter comes ahead of a June 28th – 29th G20 summit in Japan and as United Nations Secretary-General Antonio Guterres urges countries to back more ambitious climate goals.

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