Fossil Fuel Divestment Hits $50 Billion
September 22 2014 — “Over 800 global investors have now committed to divest their holdings in fossil fuels. New signatories encompass a broad diversity of sectors and regions— including foundations, individuals, faith groups, health care organizations, cities and universities around the world. Their pledge was revealed at a news conference in New York today, and will be presented tomorrow at the United Nations Climate Summit where over 120 world leaders will gather.
A leading advocate of the movement, Archbishop Desmond Tutu, called on institutions and people of conscience to divest in a video recorded for the
announcement: “Climate change is the human rights challenge of our time. We can no longer continue feeding our addiction to fossil fuels as if there is no tomorrow, for there will be no tomorrow.” He called for a freeze on all new fossil fuel exploration as the companies cannot safely burn 75% of known reserves.
The fossil free Divest-Invest movement has grown explosively since its launch three years ago. Today’s announcement includes over 650 individuals and 180 institutions, including 50 new foundations added to the 17 who pledged in January. Together these institutions hold over $50 billion in total assets. Signers pledge to divest from fossil fuels over five years, taking a variety of approaches.
The foundations announced today include the Rockefeller Brothers Fund, whose original endowment comes from wealth generated in the Standard Oil Company. The Fund will be divested first from coal and tar sands by the end of this year, with more to come thereafter.”
For the full Sept 22 2014 press release from the global Divest/Invest coalition, click here.