This comes days after it emerged Volkswagen has discovered ‘irregularities’ in the carbon dioxide levels of some 800,000 cars.
The Institutional Investors Group on Climate Change (IIGCC) has 118 members, including BlackRock Investment Managers, Aberdeen Asset Management and Hermes Investment Management, representing more than €12m (£8.56 trillion) in assets.
The group wants the EU to introduce ‘real driving’ emissions tests for CO2 and non-CO2 pollutants, which would be mandatory for new vehicles within a few years.
It is also calling for stricter enforcement of national emissions test, including random on-the-road tests, or the introduction of an independent European regulatory body, and ambitions emissions targets for 2025.
Stephanie Pfeifer, chief executive of IIGCC, will say today: “Some investors have lost significant investment value. Trust in emissions data urgently needs to be restored so that investors can be sure that official data is reliable," adding:
The pace of the low-carbon transition needs to accelerate and reliable data on emissions is essential to help investors identify those car manufacturers that are leading the step change in innovation necessary to drive that transition.