UN lauds launch of market tool assessing firms' climate risk

AP News
Posted: Jan 11, 2017 11:17 AM

BERLIN (AP) — The United Nations is applauding the launch of a financial tool to track companies' efforts to prepare for climate change.

Thirteen funds and five firms managing over 2 trillion pounds ($2.4 trillion) launched the online tool at the London Stock Exchange on Wednesday.

Called the Transition Pathway Initiative , it allows asset managers to check what companies have done to prepare for a low-carbon economy.

Burning fossil fuels, which releases carbon into the atmosphere, is considered one of the main drivers of man-made climate change.

U.N. climate chief Patricia Espinosa said the new tool could help ensure financial investments support efforts to limit and prepare for climate change.

Enough's Enough
Walter E. Williams

A G-20-led task force recommended last month that companies should provide investors with more information about the risks companies face from global warming.