Acting on behalf of both their \u0022fiduciary duty\u0022 and the need to protect the planet from climate catastrophe, more than 500 international investor groups managing $39 trillion on Tuesday called on governments to \u0022raise their ambition\u0022 at the global climate conference in November, and focus on urgently implementing specific policies to end fossil fuel production.\r\n\r\n\u0022We know that more ambitious action on climate is needed, a fact compounded by increasing geopolitical tension and the devastation caused by intensifying extreme weather events.\u0022\r\n\r\nThe pro-climate action coalition the Investor Agenda, which includes major financial institutions from around the world, released its 13th annual \u0022Global Investor Statement to Governments on the Climate Crisis\u0022 two months before world leaders are set to meet in Cairo at the 27th United Nations Climate Change Conference (COP27).\r\n\r\nSigned by 532 investor groups—but none of the top three U.S. index fund managers, BlackRock, State Street, and Vanguard—the statement reiterates warnings from the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), both of which have clearly stated that fossil fuel extraction must be rapidly phased out in order to limit global heating to 1.5ºC above pre-industrial temperatures.\r\n\r\nLast year\u0026#039;s climate change summit, COP26, resulted in formal commitments from world policymakers which, if fully implemented, \u0022would reduce the projected level of global warming from 2.7°C to somewhere between 2.1°C and 2.4°C,\u0022 said the Investor Agenda. \u0022This is a significant acceleration of action, but much more is needed.\u0022\r\n\r\nThe coalition called on governments to enhance and strengthen their emissions targets for 2030 ahead of the conference, implementing domestic policies including:\r\n\r\n\r\n\tGuaranteeing long-term resilience and energy security by rapidly scaling up the deployment of low-carbon energy systems, electrification, flexibility, and storage;\r\n\tImplementing robust carbon pricing mechanisms, rising over time;\r\n\tSetting deadlines to phase out thermal coal power and fossil fuel subsidies, and establishing plans and targets to peak and then phase out the use of other fossil fuels, in line with credible 1.5ºC pathways;\r\n\tDeveloping transparent just transition plans involving affected individuals, workers, and communities; and\r\n\tEstablishing new or more ambitious commitments to end all deforestation globally.\r\n\r\n\r\n\u0022Once again, investors are issuing a clear call to governments on the urgent need for public policy to reflect and support investor action,\u0022 said David Atkin, CEO of Principles for Responsible Investment. \u0022We know that more ambitious action on climate is needed, a fact compounded by increasing geopolitical tension and the devastation caused by intensifying extreme weather events.\u0022\r\n\r\nFriends of the Earth Action called the statement the financial sector\u0026#039;s \u0022most ambitious appeal to officials yet.\u0022\r\n\r\nThe groups, including the Asia Investor Group on Climate Change, CDP, and Ceres, also called on governments to support the Global Methane Pledge to reduce emissions by at least 30% by 2030; to scale up climate finance for adaptation and resilience to meet the needs of the Global South; and to strengthen climate disclosures across the financial system.\r\n\r\nThe Investor Agenda emphasized that continued global investment in fossil fuel projects not only risks worsening the effects of the human-caused climate emergency, but it also must end to protect investors from financial risks associated with climate risks:\r\n\r\n\r\nFull implementation of the Paris agreement will create significant investment opportunities in clean technologies, green infrastructure, and other assets, products, and services needed in this new economy. In turn, investors can use capital allocation and stewardship to support sustainable activities that generate jobs and economic growth, make a just transition from carbon-intensive activities, and increase resilience.\r\n\r\nInvestors are urgently seeking to manage their exposure to climate risks and increase the contribution that their investments make to the Paris agreement goals. Investors are taking action as it is not only permitted by law but is in many cases required to ensure their ability to generate returns in the long-term as a core fiduciary duty and benefit from the opportunities associated with the shift to a net-zero emissions economy.\r\n\r\n\r\n\u0022Investors from all over the world are asking governments to step up to the urgency of the moment and enact policies the world needs to avert the worst of the climate crisis and that investors need to usher in a new era of economic prosperity built around a just, sustainable, clean energy economy,\u0022 said Mindy Lubber, CEO of Ceres and a member of the Investor Agenda steering committee.