Investor pressure group urges G20 to reform agricultural subsidies
A group of 32 investors managing $7.3 trillion in assets have urged the G20 group of wealthier countries to align agricultural subsidies with their climate and nature goals by the end of the decade, a statement seen by Reuters showed.
The group, which includes Britain's biggest asset manager Legal & General Investment Managers (LGEN.L) and the fund arm of BNP Paribas (BNPP.PA), issued their first ever call to the countries' finance chiefs ahead of a G20 summit in September in India.
The intervention marks the first time investors have grouped together to tackle global subsidies in this way, they said, and follows a narrower 2021 request to the European Union, amid concern about the risks to investment portfolios of inaction.
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