The group called: Global Investor Statement to Governments on Climate Change, issued a joint statement issued today at the United Nations Climate Conference (COP25), urging governments to phase out thermal coal power, put a meaningful price tag on carbon pollution, end subsidies for fossil fuels, and update and strengthen nationally-determined contributions to meet the goals of the Paris Agreement.

The group stated that “the global shift to clean energy is underway, but much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks”. The investors warned that the current government commitments leave an “ambition gap” that will not prevent global average temperature from rising beyond the 1.5 degree threshold that scientists say could trigger catastrophic and irreversible effects of climate change.

“Investors with $37 trillion in assets under management calling for our government leaders to act quickly and boldly on the global climate crisis is quite extraordinary,” said Mindy Lubber, one of the executives of the Investors Group.