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Hundreds of institutional investors urge G-7 to phase out coal-fired power

Institutional investors with $28 trillion in assets under management urged leaders of the world's major industrial nations to "phase out thermal coal power worldwide by set deadlines."

"The global shift to clean energy is underway, but much more needs to be done by governments," a group of more than 300 investors wrote in advance of the G-7 summit in Canada on June 8-9.

They also urged the governments to put a price on carbon and phase out fossil fuel subsidies, cut greenhouse gas emissions by 2020 and improve climate-related financial reporting by companies.

Signatories included Allianz Global Investors, Aviva Investors, DWS, HSBC Global Asset Management, Nomura Asset Management, Australian Super, HESTA and major U.S. pension funds including California's public employee retirement system.