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David Cameron pressed to ratify climate deal before standing down

David Cameron pressed to ratify climate deal before standing down

The prime minister has been urged by Labour’s former climate change secretary Ed Miliband to ratify the deal agreed at the COP21 summit before leaving his post, BBC News has reported.

Miliband said ‘climate sceptics’ might try to derail the deal if they gained positions of power following the EU referendum.

Many asset owners have already acted to align their portfolios with climate-change policies by increasing their own sustainability targets.

For instance, in January Swedish pension fund AP3 announced that it would triple its green bond holdings by the end of 2018 as part of a strategy designed to achieve the new targets.

‘We need to think about the next stage of climate change policy implementation,’ the UK’s Pensions Trust responsible investment officer, Jennifer Anderson, told Modern Investor in April, adding that because of the COP21 agreement in Paris he had been following the climate change topic more closely. 

Government sources said the Brexit vote would not alter ministers' plans on the agreement, the BBC reported. However, the sources did not offer any firm timetable for the ratification of the deal.

In December last year more than 190 nations pledged to limit the rise of global temperatures to less than two degrees in a deal widely believed to be crucial for creating a more sustainable world economy. In April this year, around 175 countries signed up to the deal to cut carbon emissions. However, they must now formally join the deal in the form of a communication to the UN.

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