What Obama, the Real Estate Sector, and 130 Investors Have In Common
While a typical summer is characterized by a lack of real news, leading the press to cover anything that’s even remotely newsworthy—or not – (we have a word for it in Dutch, “cucumber time”), the past two month have yielded enough stories to keep the average journalist busy: the Olympics, flooding in Louisiana, the ongoing civil war in Syria, fallout from Brexit, terrorist attacks across Europe, and the list goes on. So, you’re forgiven if you happened to have missed three newsworthy events that happened this past week:
1. A group of 130 investors, controlling USD 13 trillion in assets, called on the 20 largest economies (the G20) to ratify the Paris climate agreement, to accelerate investment in clean energy, to implement strong carbon pricing, and force disclosure of climate-related financial risk.
2. Real estate became the 11th sector under the Global Industry Classification Standard – the leading classification system for stock exchange-listed equities worldwide. Real estate was previously part of the “financials” sector, but it has been decided that the world’s largest asset class should indeed stand on its own.
3. And most recently, President Obama and President Xi Jinping (China) jointly ratified the Paris climate change agreement at the start of the G20 meeting in China (the cost of which reportedly exceeded that of the Rio Olympics).
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Author: Nils Kok