Most everyone knows that fossil fuel energy is on its way out and renewable energy usage is accelerating. This means that air quality will improve and energy will become cheaper, all good things. Yet, there’s a large group of companies that don’t see the obvious. Enter the divestment campaign. Divestment campaigns have been around for years and are showing great strides in getting shareholders to take their money from world-destroying industries and put that money into other, friendly, industries.
This year divestment initiatives doubled to $5.2tn! That’s a lot of money leaving oil companies.
The new report, produced by Arabella investment advisors for the DivestInvestcoalition, collated public pledges to sell off some or all fossil fuel investments and added up the overall investments managed by those institutions. The total was double the $2.6tn reported by the last analysis in September 2015.
It is often difficult to calculate the precise proportion of fossil fuel investments in complex funds, but about $400bn of the $5.2tn total is likely to be in coal, oil and gas. Asset managers controlling $1.3tn – a quarter of the total – have also committed to increasing their investments in clean energy to accelerate a transition to the low-carbon economy.
Thanks to Delaney!