The number of institutions, individuals, and various funds divesting from the fossil fuel industry and invest in renewable energy and climate solutions has exploded, growing 50-fold in just one year and representing $2.6 trillion in assets, according to a new analysis released Tuesday.
Since the campaign began in earnest less than three years ago, the report shows, more than 400 institutions and over 2,000 individuals have pledged to divest from companies that derive profits from coal, oil, or gas.
Presented just months ahead UN climate talks in Paris and conducted by financial researchers at Arabella Advisors on behalf of the ‘Divest-Invest‘ campaign—an effort driven by a coalition of climate action and public advocacy groups—the findings of the analysis(pdf) reveal enormous strides over a relatively brief period for the idea of transitioning investments as part of the fight against human-driven global warming.
“If these numbers tell us anything, it’s that the divestment movement is catching fire,” said May Boeve, executive director of 350.org, one of the groups most responsible for the international divestment push.
In 2014, 78 percent of divesting institutions were US-based. Today, 57 percent are US-based. Institutions that have chosen to divest represent more than 646 million individuals around the world. Thanks to increasing commitments to invest and a proliferation of fossil free products, more capital is flowing toward climate solutions. Globally, investment in clean energy reached $310 billion in 2014. Among those pledging to divest, many are also committing to invest in climate solutions: those institutions and individuals that have pledged to both divest and invest in clean energy collectively hold $785 billion in assets. – See more at: http://bullhorn.nationofchange.org/global_divestment_movement#sthash.bFdPq5bv.dpuf- See more at: http://bullhorn.nationofchange.org/global_divestment_movement#sthash.bFdPq5bv.dpuf