European investors, representing assets worth over six trillion euros, call on EU governments to accelerate efforts to consolidate the EU’s goal of climate neutrality for 2050, Reuters reported. 

In a letter, 44 firms, including Allianz, Handelsbanken, Aberdeen Investment and Aegon NV, said a law would give investors more confidence to make long-term decisions on environmentally responsible projects.

This step demonstrates increased investor attention to climate change, both in terms of risk and opportunity.

Citing the "catastrophic" impact of ignoring this problem, companies said that uncontrolled climate change could cost the world economy $ 23 trillion.

“Conversely, greater action on climate change could deliver $26 trillion in global economic benefit by 2030,” the letter, released Friday, said.

Most of the 28 EU member states have signed a commitment within the EU to become climate neutral by 2050. The law will force all member states to achieve climate neutrality by 2050.