Financial markets risk major disruptions by relying on business-as-usual forecas...
LONDON - Financial markets risk major disruptions by relying on business-as-usual forecasts that underestimate the impact of climate-change policies that are expected to abruptly tighten next decade, a leading group of investors has warned.
The report by the U.N.-backed Principles of Responsible Investing , representing investors with $86 trillion of assets under management, joins a growing chorus of warnings that forecasts and investments by oil and gas companies are out of sync with the pace needed to meet energy transition targets. PRI released a new forecast which it said “aims to fundamentally reset investors’ forward-looking risk management, strategic asset allocation and company engagement.”
The Inevitable Policy Response forecast responds “to concerns that financial markets are overly reliant on business-as-usual outlooks – such as the International Energy Agency’s New Policy Scenario – that assume limited policy response to climate change,” according to the PRI.The IEA’s forecast, PRI said, “assumes the world will glide towards” a 2.7 degree Celsius - 3.
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