Global investors worth more than $15 trillion (£11.6tn) have signed a letter calling for G7 and G20 nations to stand by their commitments to the Paris Agreement.

The 214 institutions, which include financial firms, pension funds and church groups, believe mitigating climate change is essential for the safeguarding of global investments.

The letter urges governments to ensure policies are in place to achieve national targets as soon as possible and reinforces the need to develop focused and targeted long term climate plans.

It says phasing out fossil fuel subsidies, introducing more carbon pricing and developing transparent reporting frameworks are vital to help investors make well informed decisions and support green goals.

The letter voices concern regarding climate issues’ omission from the G20 Finance Ministers Communiqué in March 2017 and urges government leaders to explicitly acknowledge the situation at the G20 Leaders Summit in July.

The signatories, which include Aviva, Hermes and HSBC, said: “Investors are willing and ready to work with governments to facilitate the changes that are needed to improve the pricing of climate related financial impacts and to mobilise the capital flows that are required to underpin a strong and resilient financial system.”

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