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Global investors managing a combined $32 trillion in assets warned negotiators at the UN climate summit that the lack of action on climate change could provoke a financial crisis much deeper than the 2008 meltdown.
For instance, investment firm Schroders said that the global economy could see losses of $23 trillion in the long run without rapid action. On the contrary, a rapid clean energy transition could result in enormous benefits.
“The low-carbon economy presents numerous opportunities and investors who ignore the changing world do so at their own peril,” said Thomas DiNapoli of the $207 billion New York State Common Retirement Fund.