Sustainability: Global investors say lack of climate action risks financial crash

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.