$13 Trillion Says a Global Climate Treaty's a Good Bet
$13 trillion is a lot of dough. That's almost equal to the entire GDP of the United States, which as you know, is the richest country in the world. In fact, $13 trillion is about 1/5th of the entire world's GDP. $13 trillion is also the amount of money that says forging a global climate treaty this year is a good bet.Okay, so you probably could use some details about now. The $13 trillion is the amount that the world's largest group of global investors--181 of the wealthiest people in the world--manage collectively. And today, the group issued a statement urging international climate action. From Environmental News Service:
The world's largest global investors today issued a joint call for strong action this year from U.S. and international policy makers to control global warming. Signed by 181 investors, who collectively manage more than $13 trillion in assets worldwide, the statement on the "urgent need for global agreement on climate change" was released at the International Investor Forum on Climate Change in New York.So that makes the third major group of international players to call for definitive action on climate change--namely, the passage of a global treaty this year--in just three days. First, the World Bank called for action (and aid to poorer nations), then a global organization of doctors did the same. Now, the it's the investors turn:
the investors are urging world leaders to "act in concert. The problem is too big for any one country," she said. "We need clear market signals. If there is a cost of carbon emissions, a cap on carbon, we will have flow of capital. Investors see these opportunities." The investors' statement calls for a climate change treaty that sets a global target for emissions reductions of 50 to 85 percent by 2050 compared with a 1990 baseline.They also want developing countries to be able to provide a plan for development that includes verifiable emissions reductions.
If the world's top investors are willing to wager that a global climate treaty is in the best interest of the international community--that's one $13 trillion bet we should take.
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