Six of the world’s largest sovereign wealth funds are expected to publish a climate change strategy in France later today.
The funds are meeting French President Emmanuel Macron to work out how they can better support the goals of the Paris climate agreement.
“Beyond the colossal amounts these funds manage, it’s the snowball effect we’re betting on,” said one French Government adviser, according to the Reuters news agency. “By getting them to make this joint pledge, there will be a ricochet effect spreading across global finance.”
The funds manage an estimated $2 trillion and are largely taken from major oil-producing countries: United Arab Emirates, Kuwait, Saudi Arabia, Qatar and Norway. The sixth is from New Zealand.
“A big part of our work has been to create trust and show there is political leadership to get them moving, showcase them.
It’s not greenwashing,” added the adviser.
Reuters reports that the guidelines should…
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