October 1, 2020 | News | No Comments
Marking the divestment movement’s “undeniable success,” a new report shows the value of funds controlled by individuals and institutions who have vowed to dump their fossil fuels assets now surpasses $5 trillion.
350.org co-founder Bill McKibben said the “news is mammoth.”
The report (pdf) by Arabella Advisors for the Divest-Invest Network shows that the value of global funds making the commitment—now at about $5.2 trillion—has doubled in size since September 2015, and comes from 688 institutions and over 58,000 individuals spanning 76 countries.
It comes exactly one year after the adoption of the landmark Paris climate accord, and that agreement, the report says, “bolstered the economic arguments underpinning divestment, validating it as a key tool for achieving the agreements goals.”
Pointing to the election of climate science-denier Donald Trump, the report adds: “Any setback to official U.S. climate policy elevates the importance of divestment as an organizing and financial tool to speed the clean energy transition. Absent effective federal policy to curb emissions, advocates and investors can use their assets and their voice to continue pushing the energy sector beyond fossil fuels.”
Outgoing United Nations Secretary-General Ban Ki-moon welcomed the findings, stating that “it’s clear the transition to a clean energy future is inevitable, beneficial, and well underway, and that investors have a key role to play.”
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