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December 13, 2016 02:00 am

Fossil Fuel Divestment Has Doubled In the Last 15 Months

An anonymous reader quotes a report from Motherboard: A little over a year ago, it was big news that thousands of people and hundreds of institutions controlling more than $2.6 trillion in total assets had pledged to remove their investments from stocks, mutual funds, and bonds that invest in fossil fuel companies. A year later, that number has doubled. According to a report by DivestInvest, a philanthropy helping to lead the movement, more than 688 institutions and 60,000 individual investors worth $5.2 trillion have pulled their investments from fossil fuel companies and have reinvested a portion of their assets into clean energy companies. In September 2015, 436 institutions and 2,040 individuals worth $2.6 trillion had divested. For comparison, the total net worth of investors who had pulled out of the fossil fuel market was just $52 billion in September 2014. Divestment is increasingly seen as one of the stronger moves that private citizens and companies can take to support the move to clean energy. The movement started in earnest in 2011 when college students began petitioning their institutions to remove their assets from stocks, bonds, and mutual funds that invest in fossil fuel companies. What was seen as a gimmick at the time appears to be gaining real momentum a year after the Paris Climate Treaty was signed.

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