“The world’s largest investors today issued a statement calling on the United States and other governments to ‘act now to catalyze development of a low-carbon economy and to attract the vast amount of private capital necessary for such a transformation.’ 

“The U.S., European and Australian investor groups, who together represent $13 trillion in assets, called for ‘a price on carbon emissions’ and ‘well-designed carbon markets’ to provide ‘a cost-effective way of achieving emissions reductions.’

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“The investors said while some progress towards a global agreement limiting greenhouse gas emissions was made at the UN climate summit in Copenhagen in December 2009, ‘we cannot wait for a global treaty.'”