$5Tn fossil fuel divestment doubles in 1 year

UN secretary general Ban Ki-moon welcomes new total revealing concern over coal, oil and gas investments has entered financial mainstream

A divest from fossil fuel demonstration in front of the New York stock exchange, Wall Street, New York.
 A demonstration demanding divestment from fossil fuel at the New York Stock Exchange, Wall Street, New York. Photograph: Dorothy Chi Hung Lam/Courtesy 350.org

Lou Allstadt, a former senior executive at Mobil Oil, said: “Divestment is speeding up the clock on the final accounting that will show fossil fuels are out and clean energy is in.”Scientists have shown that most existing fossil fuel reserves cannot be burnedwithout causing dangerous climate change. Campaigners argue this makes fossil fuel companies – which are spending billions exploring for even more coal, oil and gas – bad investments on both moral and financial grounds…If the world’s governments fulfil their pledges to tackle climate change by cutting carbon emissions, many fossil fuel reserves would have to be kept in the ground, potentially wasting trillions of investors’ money. This risk is now being taken seriously at the highest level, including the Bank of EnglandWorld Bank and the G20’s financial stability board.

>more> TheGuardian

About groundswellbasscoast

This is on behalf of local climate change group. Material is selected by Bernie McComb and does not necessarily represent opinion of whole group.
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