![]() ![]() ![]() Back in 2014, when DivestInvest first tallied such commitments, funds turning their backs on fossil fuels represented just $52bn. The development marks a huge shift over the past seven years. The announcement underpins the speed with which the investment industry is turning its back on oil, gas and coal, with 1,500 asset managers overseeing a combined $39.2-trillion now committed to offloading such holdings, DivestInvest said in a separate release on Tuesday. The EU’s biggest pension fund, ABP of the Netherlands, has joined a growing number of investment managers blacklisting fossil fuels as the finance industry gives in to pressure from activists and customers alarmed at the prospect of a climate catastrophe caused by carbon emissions.ĪBP, which said on Tuesday it will divest €15bn worth of fossil fuel assets by early 2023, said it doesn’t expect the decision to hurt its long-term returns but that the move will allow it to unveil a more ambitious CO2 reduction goal next year. ![]()
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