Some 143 institutional investors who manage assets of over $20 trillion and are firmly committed to the Paris Agreement on the climate are asking for new ambitious standards on emissions from cars and vans by 2030 and also by 2050.
This was the objective of the letter they wrote to EU policymakers, Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (IIGCC), stated on 4 October. The IIGCC is a forum for collaboration on climate change for investors from 12 countries, including nine of the biggest European pension funds.
The letter, which was published the same day, was written as the European Commission's proposals are expected on the review of the emission standards for cars and vans for 2030. These proposals were indeed highlighted in the State of the Union speech by European Commission President Jean-Claude Juncker (see EUROPE 11861, 11598).
These institutional investors point out "the unique opportunity" the proposals represent "for the EU to support climate action, improve air quality, drive innovation, and improve EU competitiveness" if they encourage the development of low carbon technologies and fuels likely to boost growth, jobs and public health.
"We urge the Commission to adopt a clear and ambitious long-term approach to drive the swift decarbonisation of cars and vans, consistent with the EU’s 2030 and 2050 targets as well as the goals of the Paris Agreement. This must include strong ambition for new vehicle standards and a clear commitment to consider targets for electrification of the EU fleet", the investors write.
They also request incentives for investments in clean transport and a more systematic publication of emissions data by automobile manufacturers, taking account of the conclusions of the European Parliament's committee of inquiry into emission measurements in the automotive sector (EMIS). (Original version in French by Aminata Niang)