The frenzy of investors divesting from fossil fuels in favor of clean energy has reached a fever pitch at $50 billion in divestitures, according to MarkGlobal Divest/Invest Coalition.
More than 800 investors worldwide are divesting their holdings in fossil fuels. The signatories, including foundations, individuals, faith groups, health care organizations, cities and universities around the world will make their divestiture commitment public today at the United Nations Climate Summit. Signers pledge to divest from fossil fuels over five years, taking a variety of approaches.
Launched three years ago, the movement includes 650 individuals and 180 institutions, which hold more than $50 billion in total assets collectively.
“John D. Rockefeller, the founder of Standard Oil, moved America out of whale oil and into petroleum,” said Stephen Heintz, president of the Rockefeller Brothers Fund whose original endowment comes from wealth generated in the Standard Oil Company. “We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy.”
The Rockefeller Brothers Fund will be divested first from coal and tar sands by the end of 2014, with more to come.
Beyond philanthropic commitments, upwards of 650 individuals have joined the movement under the newly formed Divest-Invest Individual, including former Wall Street executives, businesspeople, celebrities, and thought leaders.
“The economy is already decarbonizing,” Generation Investment Management co-founder and senior partner, David Blood, said at a news conference. “Investors must recognize that shifting away from fossil fuel dependency is no longer just about risk but also about opportunity.”
Source: Fierceenergy.com
