More Than $3.4 Trillion in Assets Vow to Divest From Fossil Fuels
by Zahara Hirji (InsideClimate News) The list of institutions committed to ridding their portfolios of at least some fossil fuel interests has surged in recent months, organizers say. — More than 500 institutions representing about $3.4 trillion in assets have agreed to sell their investments in fossil fuel companies, divestment leaders announced on Wednesday, a nearly 24 percent increase since the movement last announced its commitment list in September.
European insurer Allianz, the city of Oslo, Norway, and the London School of Economics are among the latest institutions, communities and individuals to pledge to divest at least partially from coal, oil and natural gas companies, members of the green group 350.org and nonprofit Divest-Invest said at a press conference in Paris.
The campaign began in earnest in 2014 with 181 institutions and more than 650 individuals representing at least $50 billion in assets, and has gathered participants steadily since.
Coal companies are by far the most targeted sector of the divestment campaign, as signaled by Allianz’ divestment decision last week. The German-based insurer has committed to culling coal investments worth $225 million Euros from its portfolio by March 2016. Mining companies with more than 30 percent of their revenue tied to coal and energy companies producing more than 30 percent of their energy from coal are being affected.
“We think investing is even more important” than divestment, Nicolai Tewes, senior vice president of corporate affairs at Allianz, told InsideClimate News. “But there are not enough projects around… That’s one message for Paris: we need more support to generate more projects that can be invested in than we see currently at the market.” READ MORE and MORE (CleanTechnica) and MORE (San Francisco Chronicle) and MORE (New York Times) and MORE (Bloomberg)