"UN summit urged to end all coal burning and introduce substantial taxes on emissions"
"Global investors managing $32 trillion issued a stark warning to governments at the UN climate summit on Monday, demanding urgent cuts in carbon emissions and the phasing out of all coal burning. Without these, the world faces a financial crash several times worse than the 2008 crisis, they said.
The investors include some of the world’s biggest pension funds, insurers and asset managers and marks the largest such intervention to date. They say fossil fuel subsidies must end and substantial taxes on carbon be introduced.
Ministers arrive at the UN climate summit in Katowice, Poland, on Monday for its crucial second week, when the negotiations on turning the vision of the Paris agreement into reality reach a critical point, with finance for fighting global warming a key area of dispute."
Damian Carrington reports for the Guardian December 9, 2018.
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