Trillions of Dollars Being Divested from Fossil Fuels Due to Climate Change

Duane Nichols — Tue, 13 Dec 2016 16:07:52 +0000

Fossil Fuel Divestments Growing Rapidly

Keep it in the ground: five trillion reasons to be happy

From an Article of The Guardian, Manchester UK, December 13, 2016

The value of investment funds committed to selling off fossil fuel assets has jumped to $5.2 trillion, doubling in just over a year.

Five years ago, the idea that investments in fossil fuel companies were morally or financially problematic was all but unheard of. But an argument started to take shape on US university campuses — that with more coal, oil and gas in existing reserves than can ever be burned while keeping climate change under control, it is ethical and economic madness to spend billions looking for more.

Fast forward to today and the argument has rocketed into mainstream financial thinking. It was revealed on Monday that investors worth more than $5tn have now committed to dump their fossil fuel stocks, and more than 80% of that is professional funds run for profit. Furthermore, this risk of a “carbon bubble” is now being taken seriously at the highest level, including by the Bank of England, World Bank and the G20’s financial stability board.

As Lou Allstadt, a former senior executive at Mobil Oil, puts it: “Divestment is speeding up the clock on the final accounting that will show fossil fuels are out and clean energy is in.”

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The Years of Living Dangerously: The Coal Wars

National Geographic Channel, Wednesday, December 14th, 10 Eastern/9 Central

Introduction: Even though coal plants are shutting down across the country, coal remains a major source of energy in the U.S., and burning it emits toxic pollutants and climate-altering carbon dioxide. America Ferrera (actress & reporter) journeys to Illinois, where a still-functioning coal plant is creating tension between those who want to shut it down and those — like the local mayor — who want to keep it open. She meets a group of activists fighting hard to close it in favor of an option that can provide clean energy and green jobs.

Read More:
The Untold Story About the End of Coal by David Crane, former CEO of NRG

Source: http://yearsoflivingdangerously.com/story/the-coal-wars/

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Trillions of Dollars Being Divested from Fossil Fuels Due to Climate Change