The worldwide investor group urges the US to rejoin the Paris Local weather Settlement
© Reuters. FILE PHOTO: Green lights are projected on the facade of the Hotel de Ville in Paris, France after US President Donald Trump announced his decision that the US will withdraw from the Paris Climate Agreement
By Matthew Green and Ross Kerber
LONDON (Reuters) – A group representing European and US investors with total assets of $ 30 trillion called on the United States to swiftly rejoin a global deal to combat climate change on Wednesday, as a decision by President Donald Trump took effect on leaving the pact.
The group, which includes large investors like New York-based BlackRock Inc (NYSE :), the world’s largest asset manager, warned that the US exit from the 2015 Paris Accords was entering the race for a cleaner world economy Could fall behind.
“The resumption of the Paris Agreement would send an important political signal and would help free up additional capital flows from investors to support sustainable growth and job creation in key sectors of the US economy,” said Stephanie Pfeifer, executive director of Institutional Investors Group on Climate change. said in an email to Reuters.
The coalition of European and some US funds, together with other investor groups in Asia, Australia and New Zealand, issued a joint declaration calling for the US to return to the Paris Pact.
The statement was released on Wednesday morning after US election polls were due to close, indicating that the withdrawal from the Paris Agreement remains controversial.
BlackRock did not immediately respond to a request for comment.
Democratic presidential candidate Joe Biden said in the run-up to the US presidential election on Tuesday that he would reintroduce the country to the Paris Agreement.
Trump struggled with promises to leave in the last election, saying the deal would hit the U.S. economy. He was bound by UN rules to wait until November 4, 2019 to begin a year-long process necessary for a country to leave. No other country has gone.
Mindy Lubber, executive director of sustainability group Ceres, which also signed the statement, said the Paris withdrawal was a “monumental mistake” but pointed to climate commitments from US states and corporations as a sign of progress.
“There’s a reason investors stand up and say we should get back into the Paris Agreement because they believe it’s good for both the economy and the environment and our future,” Lubber told Reuters.
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