IIGCC publishes open letter to COP28 Presidency calling for ambitious outcomes

Letter identifies three priority outcomes of phasing out fossil fuels, building resilience and reducing vulnerability, and the scaling up and aligning of finance for climate action

Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (IIGCC) has written to H.E. Dr. Sultan Ahmed Al Jaber, COP28 President-Designate and UAE Special Envoy for Climate Change to present the investor perspective on climate negotiations and to urge ambitious climate action at COP28 in Dubai.

IIGCC has over 400 members across 27 countries, representing more than €65 trillion in assets. The organisation brings the investment community together to work towards a net zero and climate resilient future.

The letter (available here), highlights that ‘investors are uniquely placed to support the climate transition, although their ability to do so is in part predicated on there being a supportive and conducive political and regulatory environment.’

Building on this, the letter highlights the important role COP28 has in fostering a policy environment which is supportive and similarly ambitious to the investors who have set net zero pledges.

Specifically, the letter emphasises the ‘importance of COP28 setting out a global pathway to achieve emissions reductions, enhanced resilience, and finance flows that are aligned with climate neutrality objectives and climate resilient development.’

To support this, the open letter highlights three key areas of focus:

1. Phasing out fossil fuels and speeding up global decarbonisation efforts: IIGCC calls on all Parties to align their national policies with the shared commitment to achieve the long-term goals of the Paris Agreement, including increasing renewable energy adoption, setting more ambitious energy efficiency targets, and accelerating the transition towards energy systems free of unabated fossil fuels.
2. Building resilience and reducing vulnerability: IIGCC highlights the importance of COP28 achieving significant progress on enhanced adaptation action including by providing clarity on the Paris Agreement's Global Goal on Adaptation.
3. Scaling up, accelerating and aligning finance for climate action: IIGCC calls on COP28 to support reform of the global financial architecture to address finance gaps and derisk projects, as well as to support progress on a New Collective Quantified Goal on Climate Finance to mobilise public and private capital for a net zero and climate-resilient future.

Stephanie Pfeifer, CEO, IIGCC, said: “As the need for decisive climate action becomes clearer than ever, it is imperative that COP28 is suitably ambitious and delivers meaningful outcomes to support the global transition to net zero. For the hundreds of investors globally that have already set ambitious net zero commitments as part of their duty to clients and beneficiaries to protect and preserve the long-term financial value of their assets from the physical and transition risks of climate change, they will be watching to see whether COP28 can be a defining moment in delivering a supportive policy environment for net zero. I urge the COP28 President-Designate to do what he can to help make this happen.”  

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The letter represents the views of Stephanie Pfeifer and the IIGCC team. It does not necessarily represent the views of members either individually or collectively.

About IIGCC

IIGCC brings the investment community together to work towards a net zero and climate resilient future. We create change the world needs by unlocking investor action on climate change.

Our work supports investors in generating returns for clients and beneficiaries, which in turn provides financial wellbeing for future generations. We work with our members to address climate risk and ensure they are well positioned to make the most of investment opportunities offered by climate mitigation and adaptation efforts, ensuring that their investments contribute towards a better world for us all to live in.

Our team supports investors to create practical solutions that can make a real difference in tackling climate change – providing guidance and support on investment practices, policies and corporate behaviours that have real impact and deliver change that the world needs. For more information visit www.iigcc.org and @iigccnews

Media contact

Ross Gillam, Head of Media Relations, IIGCC

E: rgillam@iigcc.org

T: +44 (0)7388 506013

Disclaimer: All communications and initiatives undertaken by IIGCC are designed solely to support investors in understanding risks and opportunities associated with climate change and take action to address them. Our work is conducted in accordance with all the relevant laws, including competition laws and acting in concert rules. IIGCC’s services to members do not include financial, legal or investment advice. The views expressed here do not necessarily represent those of all IIGCC members.