As we learned today from the IPCC, climate-related risks – for our planet and our communities – are increasing faster than expected, as the current trajectory in global carbon emissions is rapidly exceeding our estimated carbon budget.

The delay for global action and fast transition of the economy is getting us farther from our objective of achieving net-zero emissions by 2050, in order to limit the increase in average world temperature to 1.5°C by the end of the century (2100).

Members of the UN-convened Net-Zero Asset-Owner Alliance, totaling close to USD 7 trillion in AUM, are urging investors, companies, and governments to act definitively to limit temperature increase by adopting transformational measures that will rapidly reduce carbon emissions.

The Alliance members are emphasising the importance for governments, regulators, sectors, and companies to go beyond announcements and urgently adopt concrete and actionable carbon-reduction strategies to underpin the required investments.

Setting interim targets in line with science for 2025 is needed but not sufficient. Alliance members individually and through the work undertaken by the Alliance, stand ready to actively support their transition. In addition, Alliance members urge governments to provide an environment that leads to a fast and just transition to a low-carbon economy.