GLOBAL INVESTOR STATEMENT TO GOVERNMENTS ON CLIMATE CHANGE

This statement is signed by 631 investors representing over USD $37 trillion in assets.

As institutional investors with millions of beneficiaries around the world, we reiterate our full support for the Paris Agreement [link] and strongly urge all governments to implement the actions that are needed to achieve the goals of the Agreement, with the utmost urgency.

Investors are taking action on climate change. The global shift to clean energy is underway, but much more needs to be done by governments to accelerate the low carbon transition and to improve the resilience of our economy, society and the financial system to climate risks. Investors continue to make significant investments into the low carbon transition across a range of asset classes. Investors are also increasingly incorporating climate change scenarios and climate risk management strategies into their investment processes and engaging with high-emitting companies. To build on this momentum and maintain investor confidence to further shift investment portfolios, it is vital that policy makers are firmly committed to achieving the goals of the Paris Agreement.

We are concerned that the implementation of the Paris Agreement is currently falling short of the agreed goal of “holding the increase in the global average temperature to well below 2°C above pre- industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.” There is an ambition gap: the full implementation of current Nationally Determined Contributions (NDCs) would lead to an unacceptably high temperature increase that would cause substantial negative economic impacts.

This ambition gap is of great concern to investors and needs to be addressed, with urgency. It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways.

In addition, investors need companies to report reliable and decision-useful climate-related financial information to price climate-related risks and opportunities effectively. That is why we welcome the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosure (TCFD) and are taking practical steps to assist their implementation around the world. In order for the TCFD to be effective, it is vital that governments commit to improve climate-related financial reporting standards by publicly supporting the adoption of the TCFD recommendations.

The countries and companies that lead in implementing the Paris Agreement and enacting strong climate and low carbon energy policies will see significant economic benefits and attract increased investment that will create jobs in industries of the future. To ensure a smooth and just transition to a low carbon economy and to adapt to the warming already locked in to the climate system, it will be important that the benefits of gaining access to cleaner energy sources are shared by all, and that those workers and communities affected by the transition are supported.

With these principles in mind, we call on global leaders to:

• Achieve the Paris Agreement’s goals ■ Update and strengthen nationally-determined contributions to meet the emissions reduction goal of the Paris Agreement, starting the process now and completing it no later than 2020, and focusing swiftly on implementation ■ Formulate and communicate long-term emission reduction strategies ■ Align all climate- related policy frameworks holistically with the goals of the Paris Agreement ■ Support a just transition to a low carbon economy.

• Accelerate private sector investment into the low carbon transition ■ Incorporate Paris- aligned climate scenarios into all relevant policy frameworks and energy transition pathways ■ Put a meaningful price on carbon ■ Phase out fossil fuel subsidies by set deadlines ■ Phase out thermal coal power worldwide by set deadlines.

• Commit to improve climate-related financial reporting ■ Publicly support the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations ■ Commit to implement the TCFD recommendations in their jurisdictions, no later than 2020 ■ Request the FSB incorporate the TCFD recommendations into its guidelines ■ Request international standard-setting bodies incorporate the TCFD recommendations into their standards.

We stand ready to work with government leaders in implementing these actions.

Signed,

Note: The following 631 investor signatories with over $37 trillion in assets are listed in alphabetical order by organisation name:

27four Alecta a.s.r. asset management Allianz Global Investors Aalto University Foundation Allianz SE Aargauische Pensionskasse (APK) Alpha Insights LLC Aberdeen Standard Investments Alquity Investment Management Limited ABP Alternative Capital Partners Srl Achmea Investment Management AMF ACTIAM Amundi Addenda Capital Inc. Andra AP-fonden (AP2) Adrian Dominican Sisters, Portfolio Advisory Anesvad Foundation Board Anglican Financial Care Aegon N.V. AP3 Third Swedish National Pension Fund AEW AP4 AGF Investments Inc. AP6 (Sjätte AP-fonden) Aktia Bank Plc AP7 Alberta Investment Management Corporation APG (AIMCo) Aquila Capital

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Arbeitskreis Kirchlicher Investoren (AKI) British Dietetic Association General and Arcano Capital Education Trust Fund Archbishops' Council Brunel Pension Partnership Ardevora Asset Management LLP BT Financial Group Arisaig Partners Bullitt Foundation Arjuna Capital C.S. McKee Armstrong Asset Management CAAT Pension Plan As You Sow Caisse de dépôt et placement du Québec ASN Bank (CDPQ) Aspen Trust Caisse de pension des sociétés Hewlett- ATLAS Infrastructure Packard en Suisse ATP Caisse de pensions de l'Etat de Vaud (CPEV) Auriel Investors LLP Caisse de pensions ECA-RP Ausbil Investment Management Ltd Caisse de Prévoyance de l'Etat de Genève Australian Ethical Investment (CPEG) Australian Super Caisse de Prévoyance des Interprètes de Avaron Asset Management Conférence (CPIC) Avesco Financial Services AG Caisse de prévoyance du personnel de l'Etat Aviva Investors du Valais (CPVAL) Aviva plc Caisse intercommunale de pensions (CIP) Avon Pension Fund Caisse paritaire de prévoyance de l'industrie et AXA Investment Managers de la construction (CPPIC) Baillie Gifford & Co Caja Ingenieros Gestión Baldwin Brothers California Public Employees' Retirement Bank J. Safra Sarasin System Barings LLC California State Controller Barncancerfonden California State Teachers' Retirement System Bâtirente California State Treasurer's Office Bayerische Versorgungskammer Calvert Research and Management BBC Pension Trust Cambridge Associates BBVA Candriam Bedfordshire Pension Fund CAP Prévoyance Bernische Lehrerversicherungskasse Capricorn Investment Group Blakeney Management CareSuper BMO Global Asset Management Carmignac BNP Paribas Asset Management Carnegie Fonder Bon Secours Mercy Health Cathay Financial Holdings Border to Coast Pensions Partnership Catholic Health Initiatives Boston Common Asset Management Catholic Super Boston Trust Walden CBF Church of England Funds Brawn Capital Limited CBRE Global Investors Bridges Fund Management Limited Cbus Bristol Area Quaker Meeting CCAP Caisse Cantonale d'Assurance Britain Yearly Meeting of the Religious Society Populaire of Friends (Quakers) CCLA CCOO, FP

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CenterSquare Investment Management Danske Bank Wealth Management Central Finance Board of the Methodist Darwin College, Cambridge Church Daughters of Charity, Province of St. Louise Christian Brothers Investment Services, Inc. Davy Asset Management (CBIS) de Pury Pictet Turrettini & Cie S.A. Christian Super Devon County Council Pension Fund Christopher Reynolds Foundation Dignity Health Church Commissioners for England Domini Impact Investments LLC Church Investors Group Dominican Sisters of Hope Church Of England Pensions Board Dominican Sisters of Peace Church of Sweden Asset Management Dominican Sisters of Sparkill CIEPP - Caisse Inter-Entreprises de Dorset County Pension Fund Prévoyance Professionnelle Dorval Asset Management Circularis Partners Downing College, University of Cambridge Citibanamex Afore Dragon Capital Group City Developments Limited DSM Capital Partners LLC Clare College Cambridge Dundas Global Investors CleanCapital Dwight Hall Socially Responsible Investment CM-CIC Asset Management Fund COIF Charity Funds DWS Colchester Global Investors Earth Capital Partners Colonial First State Global Asset Management East Bay Municipal Utility District Employees' Cometa Fondo Pensione Retirement System COMGEST East Capital Committee on Mission Responsibility Ecofi Investissements Through Investment of the Presbyterian Ecofin Limited Church U.S.A. EdenTree Investment Management Common Interests Edinburgh and Lothians Health Foundation Compassion in World Farming International EDM Conference for Corporate Responsibility Edmond de Rothschild Asset Management Indiana And Michigan (France) Congregation of Sisters of St. Agnes EGAMO Congregation of St. Joseph Electron Capital Partners Connecticut Retirement Plans and Trust Elo Mutual Pension Insurance Company Funds Emmanuel College, Cambridge Connecticut State Treasurer Encourage Capital Cornwall Pension Fund Environment Agency Pension Fund Corporate Responsibility office - The Epic Capital Wealth Management Province of Saint Joseph of the Capuchin Epoch Investment Partners Inc. Order Epworth Investment Management CPEG eQ Asset Management Ltd CPR AM ERAFP Craignish Trust ESG Portfolio Management GmbH Credito Valtellinese S.p.A. Essex Investment Management, LLC CRF For Local Government Etablissement Cantonal d'Assurance (ECA Dana Investment Advisors VAUD)

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Ethical Partners Funds Management Global Endowment Management (OCIO to Ethos Foundation the Nathan Cummings Foundation) Eurazeo Gloucestershire County Council Pension Evan Cornish Foundation Fund Evanston Capital Management, LLC Gonville & Caius College, Cambridge Everence and the Praxis Mutual Funds GOOD GROWTH INSTITUT für globale EverWatch Financial Vermögensentwicklung mbH Evli Bank Greater Manchester Pension Fund Falkirk Council Pension Fund Green Century Capital Management FAMA Investimentos Greentech Capital Advisors Felician Sisters of North America Groupama Asset Management FIM Asset Management Guardian Media Group Finance in Motion GVA Gebäudeversicherung des Kantons St. First Affirmative Financial Network Gallen First State Super Handelsbanken Asset Management FMO - Dutch Development Bank Handmaids of the Sacred Heart of Jesus Folksam Hannon Armstrong Fondation de la métallurgie vaudoise du Harmony With Nature Charitable Trust bâtiment (FMVB) Hermes Investment Management Fondation de prévoyance Artes & Comoedia HESTA Fondation de prévoyance du Groupe BNP Hexavest PARIBAS en Suisse HSBC Bank UK Pension Scheme Fondation Leenaards, Switzerland HSBC Global Asset Management Fondo de pensiones bridgestone HT and LB Cadbury Charitable Trust FONDO DE PENSIONES EMPLEADOS ICCR (Interfaith Center on Corporate DE TELEFONICA Responsibility) Fondo pensione Pegaso IFM Investors Fonds de Réserve pour les Retraites - FRR Illinois State Treasurer Michael Frerichs Fonds interprofessionnel de prévoyance (FIP) Impact Investors Foresight Group Impax Asset Management Första AP-fonden (AP1) Industriens Pension Franciscan Sisters of Allegany NY Inherent Group Franciscan Sisters of Perpetual Adoration Insight Investment Friends Fiduciary Corporation Integral BREI Real Estate Friends Provident Foundation Integral Investimentos Friends Trusts Limited INTERAMERICAN Frontier Advisors International Animal Rescue Fundação VIVA DE PREVIDÊNCIA Intex Solutions,, Inc. G2VP Investec Asset Management GAM Investments Investment Management Corporation of Generate Capital, Inc. Ontario (IMCO) Generation Investment Management LLP IRCANTEC Genus Capital Management Jantz Management LLC Geroa Pentsioak EPSV de Empleo Janus Henderson Gestion FÉRIQUE Japan Real Estate Asset Management Co., Ltd. Glennmont Partners

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Jesuit Committee on Investment Lyndal Tree Foundation Responsibility M&G Investments Jesuits in Britain Macroclimate LLC Jesus College Cambridge Magellan Asset Management Limited JLens Investor Network MAIF Joseph Levy Foundation Maitri Asset Management Joseph Rowntree Charitable Trust Man Group plc JRSST Charitable Trust Manchester and Warrington Area Quaker Jupiter Asset Management Meeting K1 Investment Management, LLC Manulife Kames Capital Marmot Charitable Trust KBIGI Martin Currie Investment Management Ltd Kempen Capital Management Maryknoll Sisters Kendall Sustainable Infrastructure, LLC Maryland Province of the Society of Jesus Keva Maryland State Treasurer Nancy Kopp King's College, Cambridge Maurice Fry Charitable Trust Krok-1 McKnight Foundation KUTXABANK GESTION SGIIC SAU Meeschaert Asset Management La Banque Postale Mennonite Education Agency La Financiere de l'Echiquier Mercer Investments La Française Group Merck Family Fund Labour Union Co-operative Retirement Fund Mercy Investment Services, Inc. (LUCRF Super) Mergence Investment Managers Lægernes Pension - pensionskassen for læger Merian Global Investors Lapides Asset Management, LLC Merseyside Pension Fund LaSalle Investment Management MetallRente GmbH Legal & General Investment Management MFS Investment Management Legato Capital Management, LLC Midat Cyclops, Fondo de Pensiones Leicester Diocesan Board of Finance Midwest Coalition Responsible Investment Lewis & Clark College Midwest Province of the Society of Jesus LGPS Central Limited (Jesuits) LGT Capital Partners Miller/Howard Investments, Inc. LHC Capital Minnesota State Board of Investment Lincolnshire Area Quaker Meeting Mirabaud Liontrust Investment Partners LLP Mirova Local Authority Pension Fund Forum Missionary Oblates of Mary Immaculate US Local Government Super Province Local Pensions Partnership Mistra, The Swedish Foundation for Strategic LocalTapiola Asset Management Ltd Environmental Research Logos Asset Management Mitsubishi UFJ Kokusai Asset Management Lombard Odier Co.,LTD. London Pensions Fund Authority Mitsubishi UFJ Trust & Banking Corporation Longlead Capital Partners MN Los Angeles County Employees Retirement Montanaro Asset Management Ltd Association (LACERA) Morphic Asset Management Lothian Pension Fund MP Pension

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MPC Renewable Energies GmbH Ostrum Asset Management Munich Venture Partners Ownership Capital Nanuk Asset Management P+(DIP/JOEP) Nathan Cummings Foundation P1 Investment Management Limited National Education Union Pædagogernes Pension National Grid UK Pension Scheme Palisade Investment Partners Natixis Assurances Pantheon Natixis Investment Managers Parametric Natural Investments Parnassus Investments NEI Investments PASH Global Nekko Capital Pathfinder Asset Management Nene Park Trust Paul Hamlyn Foundation Nephila Capital Ltd Pax World Funds NEST PCJ Investment Counsel Ltd. Nest Sammelstiftung, Switzerland Pegasus Capital Advisors, L.P. Neuberger Berman PenSam Neumeier Poma Investment Counsel, LLC Pensioenfonds PGB New Energy Capital Partners, LLC Pension Protection Fund New Forests PensionDanmark New York City Comptroller Pensions Caixa 30 New York State Comptroller Pensionskasse Bank CIC (Schweiz) Newton Investment Management Pensionskasse Bühler AG Uzwil NGS Super Pensionskasse Caritas, Switzerland Nikko Asset Management Pensionskasse der Stadt Winterthur, Nissay Asset Management Corporation Switzerland NN Investment Partners Pensionskasse Pro Infirmis Nomura Asset Management Pensionskasse Römisch-katholische Nordea Landeskirche des Kantons Luzern Nordea Asset Management Pensionskasse SRG SSR North East Scotland Pension Fund Pensionskasse Stadt Luzern, Switzerland Northern Ireland Local Government Officers' Pensionskasse Unia, Switzerland Superannuation Committee Permian Global NorthStar Asset Management, Inc. PFA Pension Northwest Coalition for Responsible PGGM Investment PHITRUST Oblate International Pastoral Trust Pictet Group ODDO BHF Asset Management PineBridge Investments OFI AM PKA A/S Öhman PLASBLOCK Old Burial Ground Estate PME Ontario Teachers’ Pension Plan PMT (Pensioenfonds Metaal & Techniek) OP Asset Management Polaris Capital Group Co., Ltd. Opplysningsvesenets fond / The Norwegian Polden-Puckham Charitable Foundation Church Endowment Polunin Capital Partners Limited OPTrust Prévoyance Santé Valais (PRESV), Oregon State Treasurer Tobias Read Switzerland

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prévoyance.ne, Switzerland Schroders plc Priests of the Sacred Heart, US Province Seamans Capital Management, LLC Princeville Global Seattle City Employees' Retirement System Pro BTP Finance Seaya Ventures Profelia Fondation de prévoyance, Switzerland SEB Investment Management Progressive Asset Management Secunda Sammelstiftung Progressive Investment Management SEE Investing Prosperita Stiftung für die berufliche Seventh Generation Interfaith Inc. Vorsorge, Switzerland Shareholder Association for Research & PT. ASABRI (Persero) Education (SHARE Quaero Capital SharePower Responsible Investing Quakers in Yorkshire Sidney Sussex College, Cambridge University Raiffeisen Capital Management Sinsinawa Dominincans Inc. RAM Active Investments Sisters of Bon Secours USA Rathbone Greenbank Investments Sisters of Mary Reparatrix Régime de retraite de l'Université de Montréal Sisters of Saint Joseph of Chestnut Hill, Region VI Coalition for Responsible Philadelphia, PA Investment Sisters of St. Dominic of Caldwell Regroupement pour la Responsabilité Sociale Sisters of St. Francis of Philadelphia des Entreprises (RRSE) Sisters of the Holy Cross Religious Society of Friends (Quakers) SE Sisters of the Humility of Mary Scotland Sisters of the Presentation of the BVM of REPSOL II Fondo de Pensiones Aberdeen SD Resona Bank, Ltd Sit Investment Associates, Inc. Retraites Populaires, Switzerland Skandia Reynders, McVeigh Capital Management, LLC SLM Partners Australia Riverwater Partners LLC Socially Responsible Investment Coalition Robeco Söderberg & Partners Asset Management RobecoSAM Solaris Investment Management Robinson College Somerset Capital Management LLP Rockefeller Capital Management Sompo Japan Nipponkoa Asset Management Rose Foundation for Communities and the Co., Ltd. Environment Sophia School Corporation Royal London Asset Management South Yorkshire Pensions Authority RPMI Railpen Southwark Pension Fund RS Group Sp-Fund Management Company Ltd Ruffer LLP Sparinvest S.A. Sampension A/S St Catharine's College, University of San Francisco Employees' Retirement System Cambridge (SFERS) St. Galler Pensionskasse, Switzerland Sant Charitable Foundation Stafford Capital Partners Santander Empleados Pensiones, F.P. State of New Mexico - Treasurer's Office Sarasin & Partners LLP Statewide Super SBI Funds Management Private Limited Steyler Ethik Bank School Sisters of Notre Dame Cooperative Stichting Bedrijfstakpensioenfonds voor de Investment Fund Bouwnijverheid

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Stichting Pensioenfonds Openbaar Vervoer The Social Justice Committee of the Unitarian Stichting Pensioenfonds voor de Universalist Congregation at Shelter Rock Woningcorporaties The Sustainability Group of Loring, Wolcott Stichting Personeelspensioenfonds APG & Coolidge Stichting Spoorwegpensioenfonds The Swedish Foundation for Strategic Stiftung Abendrot, Switzerland Environmental Research, Mistra Storebrand Asset Management AS The Tellus Mater Foundation Strathclyde Pension Fund Thompson Street Capital Partners Sumitomo Mitsui Trust Asset Management Thomson Horstmann and Bryant, Inc. Summit Foundation TOBAM Superannuation Arrangements of the TPT Retirement Solutions University of London (SAUL) Transport for London Pension Fund SUSI Partners Tri-State Coalition for Responsible Sustainable Technology Investors Ltd Investment Sustainasia Limited Tribe Impact Capital Sustainify Invest Trillium Asset Management Sway Ventures Trilogy Global Advisors, LP Swedbank Robur Trinity College, Cambridge SWEN Capital Partners Trinity Health Swift Foundation Triodos Investment Management Swisscanto Invest by Zürcher Kantonalbank True Green Capital Management Sycomore Asset Management Trusteam Finance T&D Asset Management TT International Tareno AG UBS Asset Management TD Asset Management Unfallversicherungskasse des Basler Terra Alpha Investments Staatspersonals Terre des hommes, Switzerland Union Bancaire Privée, UBP SA The Atmospheric Fund Union Investment The Baptist Union of Great Britain Union Mutualiste Retraite The Barrow Cadbury Trust Unipol Gruppo The British Dietetic Association General and UNISON Staff Pension Scheme Education Trust Unitarian Universalist Association The Cripplegate Foundation United Church Funds The Diocese of Oxford United Methodist Women The Episcopal Church (Domestic & Foreign United Reformed Church Missionary Society) Uniting Financial Services The Esmée Fairbairn Foundation Université de Genève (UNIGE) The George Gund Foundation Université de Montréal (Fonds de dotation) The London Borough of Islington Council Universities Superannuation Scheme - USS The Maryland State Retirement and Pension University of California System University of Cambridge The Osiris Group University of Toronto Asset Management The Patsy Wood Trust Univest Company (Unilever Pension Funds) The Presbyterian Church in Canada Ursuline Sisters of Tildonk, U.S. Province The Representative Body of the Church of USA Northeast Province of the Society of Ireland Jesus

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Vancity Investment Management Ltd. Walden Asset Management/Boston Trust & Vantage Investment Investment Management Varma Mutual Pension Insurance Company Washington State Investment Board VBV - Vorsorgekasse AG Water Asset Management LLC Velliv Wellington Management Velliv Foreningen Wermuth Asset Management GmbH Veritas Pension Insurance Company Wespath Vermont Pension Investment Committee West Midlands Pension Fund Vermont State Treasurer Elizabeth Pearce West Yorkshire Pension Fund Vert Asset Management Wetherby Asset Management VicSuper WHEB Asset Management Vision Ridge Partners, LLC Wildfowl & Wetlands Trust Vision Super Pty Ltd Zevin Asset Management Vontobel Zurich Insurance Group W F Southall Trust

This statement is signed by investors and has been developed by the Asia Investor Group on Climate Change, CDP, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change, Principles for Responsible Investment, and the UN Environment Finance Initiative.

All seven partner organizations developed The Investor Agenda: Accelerating Action for a Low-Carbon World.

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