World's pension funds totalling $73 trillion ignoring climate risk: Survey
SYDNEY (AFP) - The world's biggest investors have their "heads in the sand" over climate risk, according to a survey released on Tuesday which warned of risks to pension funds.
The Asset Owners Disclosure Project (AODP) looked at the world's 1,000 largest retirement funds, insurance companies and sovereign wealth pools on their management of the risks associated with rising global temperatures.
The survey showed that a "large proportion of funds have their heads in the sand over climate risk", said the project's executive director Julian Poulter.
"Climate change will be recognised soon as the real threat that it represents not only to nature as we know it on earth, but also to humanity. Funds have yet to recognise that a tipping point has been reached."