Institutional investors in Australia have condemned the decision by the US to withdraw from the Paris Agreement on climate change.
The Australian Council of Superannuation Investors (ACSI), which represents 31 members who manage over $450 billion, has strongly castigated the US Trump administration for withdrawing from the Paris Agreement on climate change.
ACSI chief executive Louise Davidson described the Trump administration's announcement as a "retrograde" decision that "flies in the face of scientific knowledge and investor concerns".
"The decision by the Trump administration to withdraw from the Paris Agreement is out of step with community expectations that governments will act in the face of these very real dangers," Ms Davidson said.
"ACSI members are already investing to support a transition to a low carbon economy. The Paris Agreement is key to ensuring investors have the confidence to continue to support this transition."
ACSI was among nearly 300 global investors who wrote to the governments of the G7 and G20 nations urging them to fully implement the Paris Agreement.
"We will continue to work with governments, companies and regulators to manage the risks of climate change for the benefit of our members and investors globally," Ms Davidson said.
"In spite of the disappointing news from the US, we are confident that the high level of global support for action to address climate change means that efforts to manage these risks will continue."