2021 Global Investor Statement to Governments on the Climate Crisis

This statement, coordinated by the seven Founding Partners of The Investor Agenda, is signed by 587 investors representing over USD $46 trillion in assets

We stand at the beginning of a pivotal decade in which institutional investors and government leaders worldwide have the power to raise ambition and accelerate action to tackle the climate crisis. If we do not meet this challenge and change course immediately, the world could heat in excess of 3-degrees Celsius this century1 – far beyond the goal of the Paris Agreement to limit the global average temperature rise to no more than 1.5-degrees Celsius, which scientists say is necessary to avoid the worst impacts of climate change.

To achieve this common goal, we must work together to reduce global net carbon dioxide emissions by 45 percent from 2010 levels by 20302, with a dramatic reduction of all greenhouse gas emissions essential for reaching net-zero emissions by 2050 or sooner. Key to this is ensuring government leaders support sustainable COVID-19 economic recovery efforts consistent with net-zero emissions.

As the world prepares to gather for the 26th United Nations Climate Change Conference of the Parties (COP26), we encourage all countries to significantly strengthen their Nationally Determined Contributions (NDCs) for 2030 and to ensure a planned transition to net-zero emissions by 2050 or sooner. While we recognize the differentiated responsibilities and respective capabilities of countries, we believe that those who set ambitious targets in line with achieving net-zero emissions, and implement consistent national climate policies in the short-to-medium term, will become increasingly attractive investment destinations. Countries that fail to do so will find themselves at a competitive disadvantage.

In this shared global crisis, investors and governments each have a responsibility to act swiftly and boldly. Investors are taking climate action in line with The Investor Agenda, with more investors than ever before embedding net zero goals and strategies into their portfolio decisions, engaging companies to cut their emissions and calling on policymakers to deliver robust climate action. Investors are urgently seeking to decrease their exposure to climate risk as a core fiduciary duty and benefit from the opportunities associated with the transition to a net-zero emissions economy.

However, our ability to properly allocate the trillions of dollars needed to support the net-zero transition is limited by the ambition gap between current government commitments (as set out in NDCs) and the emission reductions needed to limit global average temperature rise to 1.5-degrees Celsius. In addition, as owners of (or those representing owners of) companies, we need access to adequate information on how these companies are assessing and managing the risks and opportunities presented by climate change. Government policy has a critical role to play in increasing our access to and affirmative disclosure of such information.

1 https://www.unenvironment.org/emissions-gap-report-2020 2 https://www.ipcc.ch/2018/10/08/summary-for-policymakers-of-ipcc-special-report-on-global-warming- of-1-5c-approved-by-governments/

1 DISCLOSURE INSIGHT ACTION These gaps – in climate ambition, policy action and risk disclosure - need to be addressed with urgency.

We, therefore, call on all governments in 2021 to:

1. Strengthen their NDCs for 2030 before COP26, to align with limiting warming to 1.5-degrees Celsius and ensuring a planned transition to net-zero emissions by 2050 or sooner.

2. Commit to a domestic mid-century, net-zero emissions target and outline a pathway with ambitious interim targets including clear decarbonization roadmaps for each carbon-in- tensive sector.

3. Implement domestic policies to deliver these targets, incentivize private investments in zero-emissions solutions and ensure ambitious pre-2030 action through: robust carbon pricing, the removal of fossil fuel subsidies by set deadlines, the phase out of thermal coal-based electricity generation by set deadlines in line with credible 1.5-degrees Celsius temperature pathways, the avoidance of new carbon-intensive infrastructure (e.g. no new coal power plants) and the development of just transition plans for affected workers and communities.

4. Ensure COVID-19 economic recovery plans support the transition to net-zero emissions and enhance resilience. This includes facilitating investment in zero-emissions energy and transport infrastructure, avoiding public investment in new carbon-intensive infrastructure and requiring carbon-intensive companies that receive government support to enact climate change transition plans consistent with the Paris Agreement.

5. Commit to implementing mandatory climate risk disclosure requirements aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, ensuring comprehensive disclosures that are consistent, comparable, and decision-useful.

Strong policies, in line with limiting global warming to no more than 1.5-degrees Celsius, can accelerate and scale up private capital flows towards the net-zero transition. Full implementation of the Paris Agreement will create significant investment opportunities in clean technologies, green infrastructure and other assets, products and services needed in this new economy. In turn, investors can use capital allocation and stewardship to support sustainable activities that generate jobs and economic growth, transition away from carbon-intensive activities and increase resilience. We encourage governments to engage closely with investors to make sure these opportunities are fully realized.

As investors, we are committed to working with governments to ensure policy mechanisms are developed and implemented to transition to a climate resilient net-zero emissions economy by 2050 or sooner.

We urge all governments to step up their collective response to the climate crisis.

2 DISCLOSURE INSIGHT ACTION Note: The following 587 investor signatories with over USD $46 trillion in assets are listed in alphabetical order by organisation name.

A.P. Moller Capital Arvella Investments a.s.r. asset management As You Sow Aargauische Pensionskasse (APK) Assenagon Asset Management S.A. Aberdeen Standard Investments Absa Asset Management Asteria IM Achmea ATISA Personalvorsorgestiftung der Active Ownership Fund Tschümperlin-Unternehmungen Active Super ATLAS Infrastructure Adrian Dominican Sisters, Portfolio Advisory ATP Board Ausbil Investment Management Limited Aegon NV Australian Ethical Investment AIF Capital Limited AustralianSuper Aikya Investment Management Avaron Asset Management AIP Management Avera Health AkademikerPension Aviva Plc Aktia Avon Aktie-Ansvar AB Aware Super Alecta Investment Managers Alfaquest Saboya Assessors BaltCap Algebris Investments Bamboo Capital Partners AllianceBernstein BancoPosta Fondi Sgr BankInvest Alquity Investment Management Limited Bâtirente Alter Equity BayernInvest Kapitalverwaltungsgesellschaft Alternative Capital Partners SGR Spa mbH Altis Property Partners Pty Ltd BBGI Global Infrastructure S.A. Amberside Capital BBVA Asset Management American Century Investments BC Partners AMF Bernische Lehrerversicherungskasse Bernische Pensionskasse BPK Anaxis Asset Management BMO Asset Management Ltd Andra AP-fonden (AP2) BNP Paribas Asset Management Anesvad Foundation BONUS Pensionskassen Aktiengesellschaft Angel Oak Capital Advisors, LLC Border to Coast Pensions Partnership Anima Sgr Boston Common Asset Management AP Pension Boston Trust Walden AP3 Third Swedish National Pension Fund Brawn Capital AP4 Fourth Swedish National Pension Fund Bridges Fund Management AP6 Sixth Swedish National Pension Fund Bridges Israel AP7 Seventh Swedish National Pension Fund British Columbia Investment Management APG Asset Management Corporation (BCI) APICAP British Columbia Municipal Pension Plan Arbeitskreis Kirchlicher Investoren (AKI) British Dietetic Association Arcano Partners British Medical Association Staff Pension ARDEA Investment Management Scheme Ardevora Asset Management LLP Brunel Pension Partnership Arisaig Partners BT Pension Scheme Arjuna Capital Bupa Armstrong Asset Management Cadence Investment Partners LLP Artemis Investment Management LLP Caisse Cantonale d’Assurance Populaire Artico Partners - CCAP

3 DISCLOSURE INSIGHT ACTION Caisse de dépôt et placement du Québec Christian Brothers Investment Services, Inc. (CDPQ) Christian Super Caisse de pension du Comité international de Church Commissioners for England la Croix-Rouge Church Investment Group Caisse de pension Hewlett-Packard Plus Church of England Pensions Board Caisse de pensions de l’Etat de Vaud (CPEV) Church of Scotland Investors Trust Caisse de pensions du CERN Church of Sweden Caisse de pensions du personnel communal CIEPP - Caisse Inter-Entreprises de de Lausanne (CPCL) Prévoyance Professionnelle Caisse de pensions ECA-RP Clean Energy Venture Management, LLC Caisse de prév. des Fonctionnaires de Police Clean Yield Asset Management & des Etablissements Pénitentiaires CleanCapital Caisse de Prévoyance de l’Etat de Genève CNP Assurances Caisse de Prévoyance des Interprètes de Colchester Global Investors Conférence (CPIC) Colonial First State Caisse de prévoyance du personnel Committee on Mission Responsibility communal de la ville de Fribourg Through Investment of the Presbyterian Caisse de prévoyance du personnel de l’Etat Church U.S.A. de Fribourg (CPPEF) Congregation of Sisters of St. Agnes Caisse de prévoyance du personnel de l’Etat Congregation of St. Joseph du Valais (CPVAL) Cooler Future Caisse de retraite professionnelle de Cornwall Pension Fund l’industrie vaudoise de la construction Province of Saint Joseph of the Capuchin Caisse intercommunale de pensions (CIP) Order Caisse paritaire de prévoyance de l’industrie Coutts & Co et de la construction (CPPIC) Crédit Mutuel Asset Management CaixaBank Asset Management SGIIC Daiwa Asset Management Co.Ltd. Caja de Ingenieros Dana Investment Advisors Caja Ingenieros Gestión SGIIC Danica Pension California Public Employees Retirement Danske Bank Asset Management System (CalPERS) Daughters of Charity, Province of St. Louise California State Controller Betty T. Yee DBAY Advisors Limited California State Teachers Retirement System Developing World Markets Calvert Research and Management Didner & Gerge Fonder Cambridge Associates DIF Capital Partners Canada Post Corporation Pension Plan Discovery Limited Candriam Domini Impact Investments CAP Prévoyance Dominican Sisters of Sinsinawa Capital Dynamics Dominican Sisters of Sparkill Capricorn Investment Group Dorval Asset Management Cardano DPAM CareSuper Dragon Capital Group Carmignac DSC Meridian Capital, LP Cassa Nazionale di previdenza e assistenza DSM Capital Partners LLC forense DWS Group Castlefield Investment Partners Dynam Capital, Ltd Cathay Financial Holdings Earth Capital Cbus Super East Capital Group CCLA East Sussex Pension Fund CCOO, FP Eastspring Investments Group Pte. Ltd. CenterSquare Investment Management ECO Advisors Central Finance Board of the Methodist Ecofi Church EdenTree Investment Management Change Finance EFG Asset Management

4 DISCLOSURE INSIGHT ACTION EGAMO Fonds de Prévoyance de CA Indosuez Ekkio Capital (Suisse) SA Elo Mutual Pension Company Fonds interprofessionnel de prévoyance (FIP) EMCORE AG Foresight Group EMK Capital Första AP-fonden (AP1) Environment Agency Pension Fund Franciscan Sisters of Allegany NY Epworth Investment Management Limited Friends Fiduciary Corporation EQ Investors FSN Capital Partners ERAFP Fulcrum Asset Management Eric Sturdza Investments FullCycle ESG Portfolio Management GAM Investments Essex Investment Management, LLC Gebäudeversicherung Luzern Etablissement Cantonal d’Assurance (ECA Gebäudeversicherung St. Gallen VAUD) GENERALI ETHENEA Independent Investors S.A. Generation Investment Management LLP Ethical Partners Funds Management Gestion FÉRIQUE Ethos Foundation GIB Asset Management Etica Funds - Responsible Investments Glasswing Ventures Evanston Capital Management, LLC Glennmont Partners Evenlode Investment GOOD GROWTH INSTITUT für globale EverHope Capital Vermögensentwicklung mbH Evli Bank Gore Street Capital Fairpointe Capital Greater Manchester Pension Fund Falkirk Council Pension Fund Green Century Capital Management FAMA Investimentos Groupama Asset Management Fasanara Capital Groupe La Française Federated Hermes International Handelsbanken Fonder AB Federatie Nederlande Vakbeweging Handmaids of the Sacred Heart of Jesus Fidelity International HarbourVest Partners Figure 8 Investment Strategies HESTA FIM Asset Management Hexavest Finance in Motion Hg First Affirmative Financial Network Holberg Fondsforvaltning Honeytree Investment Management FMO - Dutch entrepreneurial development HSBC Asset Management bank HSBC Bank Pension Trust (UK) Limited Folksam ICCR (Interfaith Center on Corporate Fondation de la métallurgie vaudoise du Responsibility) bâtiment (FMVB) IFM Investors Fondation de Luxembourg IG4 Capital Fondation de prévoyance Artes & Comoedia Ilmarinen Mutual Pension Insurance Fondation de prévoyance du Groupe BNP Company PARIBAS en Suisse Impax Asset Management Fondation de prévoyance professionnelle en Inherent Group faveur de AROMED InnovaFonds Fondation de prévoyance Romande Energie Fondation Interprofessionnelle Sanitaire de Inspired Evolution Investment Management Prévoyance (FISP) (Pty) Ltd Fondation Leenaards Intech Investment Management LLC Fondation Patrimonia Intermediate Capital Group Plc (ICG) Fonditel Pensiones EGFP Investment Management Corporation of FONDO DE PENSIONES EMPLEADOS DE Ontario TELEFONICA Investor Advocates for Social Justice Fondoposte Ircantec

5 DISCLOSURE INSIGHT ACTION Irish Life Investment Managers Investment Management ISGAM AG Marshall Wace Asset Management J. Safra Sarasin Sustainable Asset Martin Currie Investment Management Management Limited JAB Holding Company Sàrl Mercer Investments James Hambro & Partners Mercy Investment Services, Inc. Jesuit Committee on Investment Merseyside Pension Fund Responsibility MFS Investment Management Jesuits in Britain Miller/Howard Investments, Inc. Jesus College Cambridge MIMCO Capital S.à r.l. JLens Investor Network Mirae Asset Global Investments (Hong Kong) Joseph Rowntree Charitable Trust Limited Jupiter Asset Management Missionary Oblates/OIP Trust Jyske Capital Mistra, the Swedish Foundation for Strategic Karner Blue Capital, LLC Environmental Research KBI Global Investors Mitsubishi Corp.-UBS Realty Inc. Kerogen Capital Mitsubishi UFJ Trust and Banking Keva MN Khumo Capital (Pty) Ltd Montagu Private Equity Kinnerton Credit Management A/S Montanaro Asset Management Kirk Kapital Fondsmæglerselskab MPC Capital KPA Pension Munich Re Investment Partners Kutxabank Gestion SGIIC SAU Munich Venture Partners Kyma Investment Partners MV Credit Partners LLP La Banque Postale MYRA Investments La Financière de L’Echiquier Nanuk Asset Management Lægernes Pension National Grid UK Pension Scheme Landsbankinn Natural Investments Länsförsäkringar Liv NatWest Group Pension Fund Legal & General Investment Management NEI Investments Lewis & Clark College Neo Investimentos LGPS Central Limited Nephila Capital Ltd. Lifsverk Pension Fund Nest Sammelstiftung Lincluden Investment Management Ltd. Neuberger Berman Liontrust Investment Partners LLP Neumeier Poma Investment Counsel, LLC Lloyds Banking Group Pensions Trustees New Forests Limited New York City Office of the Comptroller Local Authority Pension Fund Forum New York State Comptroller Local Pensions Partnership Newton Investment Management LocalTapiola Asset Management ltd NextEnergy Capital Lombard Odier Investment Managers NGS Super Fund London Pensions Fund Authority Nikko Asset Management Co., Ltd. Longlead Capital Partners Pte. Ltd. Ninety One Los Angeles County Employees Retirement Nissay Asset Management Corporation Association (LACERA) NN Investment Partners Loyalis BVG-Sammelstiftung Nomura Asset Management Co., LTD. Luzerner Pensionskasse Nomura Real Estate Asset Management Co., LYXOR Asset Management Ltd. M&G plc Nordea Asset Management Macroclimate LLC Norsad Finance Limited MAIF North East Scotland Pension Fund Maitri Asset Management Northern Ireland Local Government Officers’ Majedie Asset Management Superannuation Committee (NILGOSC) plc NorthStar Asset Management, Inc.

6 DISCLOSURE INSIGHT ACTION Northwest Coalition for Responsible Prévoyance Santé Valais (PRESV) Investment prévoyance.ne NZ Funds PriorNilsson Fonder NZ Super Fund PRO BTP FINANCE ODDO BHF Asset Management Profelia Fondation de prévoyance Office of the Vermont State Treasurer Progressive Investment Management OFI AM Prosperita Stiftung für die berufliche Vorsorge Öhman Fonder Qualitas Equity Funds Oldfield Partners Quilter Plc Ontario Teachers’ Pension Plan Quintet Private Bank OPTrust Raiffeisen Pensionskasse Genossenschaft Ossiam RAM Active Investments SA Ostrum Asset Management Rathbone Brothers PLC Ownership Capital B.V. RB CAPITAL P+, Pensionskassen for Akademikere Region VI Coalition for Responsible P1 Investment Management Ltd Investment Pædagogernes Pension (PBU) Regroupement pour la Responsabilité Palatine Private Equity Sociale des Entreprises (RRSE) Palisade Investment Partners Limited Rentes Genevoises Pantheon Ventures Resona Asset Management Co., Ltd. Parnassus Investments Rize ETF Pathfinder Asset Management Robeco PenSam Royal London Mutual Insurance Society Pensioenfonds Detailhandel RP - Fonds institutionnel Pensioenfonds Metaal en Techniek (PMT) RPMI Railpen Pensioenfonds PME Ruffer LLP PensionDanmark Russell Investments Pensions Caixa 30 RWC Partners Pensionskasse AR Sage Advisory Services Pensionskasse Bank CIC (Schweiz) Sampension Administrationsselskab A/S Pensionskasse Basel-Stadt San Francisco Employees’ Retirement Pensionskasse Bühler AG Uzwil System (SFERS) Pensionskasse Caritas Sant Charitable Foundation, Inc. Pensionskasse der Basler Kantonalbank Santander Asset Management Pensionskasse der Stadt Frauenfeld Sarasin & Partners LLP Pensionskasse der Stadt Winterthur SAUL Trustee Company Pensionskasse Pro Infirmis Pensionskasse Römisch-katholische Scientific Beta Landeskirche des Kantons Luzern SCOR SE Pensionskasse Schaffhausen Scottish Widows Group Limited Pensionskasse SRG SSR SDG Invest Pensionskasse Stadt Luzern SEB Investment Management Pensionskasse Stadt St. Gallen Secunda Sammelstiftung Pensionskasse Unia Servite Friars Personalvorsorgekasse der Stadt Bern Seventh Generation Interfaith Inc PFA Pension SharePower Responsible Investing PGGM Silver Leaf Partners Phitrust Sisters of Bon Secours USA PIMCO Sisters of Mary Reparatrix PKA Sisters of St. Dominic of Blauvelt, New York Polden-Puckham Charitable Foundation Sisters of St. Dominic of Caldwell Postevita Sisters of St. Francis Dubuque, IA Power Pacific Investment Management Inc. Sisters of St. Francis of Philadelphia Prentiss Smith & Company Sisters of the Holy Cross

7 DISCLOSURE INSIGHT ACTION Sisters of the Humility of Mary The Pension Protection Fund Skandia Fonder The River & Mercantile Group Skandia Liv The University of Glasgow SKY Harbor Capital Management, LLC The William Leech Foundation Limited Smart Private Managers (Luxembourg) S.a. Thematics Asset Management Smith & Nephew UK Executive Pension TOBAM Scheme TPG Capital Smith & Nephew UK Pension Fund Tribe Impact Capital LLP Söderberg Partners Asset Management Trillium Asset Management Solaris Investment Management Limited Trinetra Investment Management LLP Sophia University Triple Point Sp-Fund Management Company Ltd U Ethical Spida Personalvorsorgestiftung UAB I asset management St. Galler Pensionskasse UBS Asset Management St. James’s Place Wealth Management Unfallversicherungskasse des Basler Stafford Capital Partners Staatspersonals State Street Global Advisors Union Bancaire Privée, UBP SA Statewide Super StepStone Group Unipol Group Stichting Pensioenfonds voor Huisartsen UniSuper Stiftung Abendrot Université de Genève (UNIGE) Stiftung Personalvorsorge Liechtenstein Universities Superannuation Scheme - USS Storebrand Asset Management University of Toronto Asset Management Strathclyde Pension Fund Valo Ventures Sumitomo Mitsui Trust Asset Management Van Lanschot Kempen Summit Charitable Foundation, Inc. Vancity Investment Management Ltd. (VCIM) Sustainable Insight Capital Management Varma Mutual Pension Insurance Company Sustainable Network Vauban Infrastructure Partners SVA Zürich VBV Pensionskasse AG Swedbank Robur Velliv Swiss Federal Pension Fund PUBLICA Vendis Capital Swisscanto Invest by Zürcher Kantonalbank Verein Barmherzige Brüder von Maria-Hilf Sycomore Asset Management (Schweiz) Tabula Investment Management Limited Veritas Investment Partners (UK) Limited Tawreeq Holdings Limited Veritas Pension Insurance Company Ltd TBF Global Asset Management Vermont Pension Investment Commission TCI Fund Management Ltd Vert Asset Management TD Asset Management Inc. (TDAM) VidaCaixa Telligent Capital Management Limited Vision Super Pty Ltd Terra Alpha Investments Vontobel Terre des hommes Schweiz Vorsorge SERTO Tesco Plc Pension Scheme Washington State Investment Board The Atmospheric Fund Water Asset Management LLC The Barrow Cadbury Trust Wellcome The Church Pension Fund (Finland) Wermuth Asset Management GmbH The Co-operative Pension Scheme (Pace) Wespath Benefits and Investments The Dai-ichi Life Insurance Company, Limited West Yorkshire Pension Fund The David Rockefeller Fund Wetherby Asset Management The Episcopal Church (DFMS) WHEB Asset Management The Esmee Fairbairn Foundation Whitehelm Capital The F&C Asset Management Pension Plan Witan plc The Highland Council Pension Fund Zevin Asset Management The National Trust for Places of Historic Zurich Insurance Group Interest or Natural Beauty

8 DISCLOSURE INSIGHT ACTION