A total of 109 investors, representing €11.9tr in assets under management or advice, have written to European leaders highlighting the need to ensure the economic response to the Covid-19 pandemic delivers a sustainable recovery.

Institutional Investors Group on Climate Change (IIGCC), that led the development of the letter, in coordination with Principles for Responsible Investment (PRI) and CDP, co-ordinated the letter calling for the need to ensure “an accelerated transition to a net-zero emissions economy in line with the Green Deal and the Paris Agreement.”

The letter follows publication of the first element of the EU’s proposed post-COVID recovery strategy, and the letter emphasises that “net-zero transition plans are needed to underpin recovery of countries, regions and companies,” the letter also sets out five key principles for EU member states to consider in supporting a sustainable recovery.

“European leaders must deliver a recovery that supports the ambitions set out in the Green Deal,” explains, Stephanie Pfeifer, CEO, Institutional Investor Group on Climate Change. “We can’t ignore the dual challenge of the climate and economic crisis. Financial decisions made over the following 12 months will shape the global economy for the next decade and beyond, and determine whether we have built the foundations for a sustainable future. A green recovery is the only option when the alternative means further carbon lock-in and fuelling the climate crisis for decades to come.”

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