A new report finds that over the past year, the amount of money committed to be pulled from companies that produce coal, oil, and natural gas has grown fifty-fold. Over the past year, investors holding $2.6 trillion in assets have pledged to divest from companies that produce coal, oil, and natural gas, according to a report issued Tuesday. The study was issued by the group Divest-Invest, which calls on institutional and private investors to hold themselves accountable for the environmental impacts of their investments. “One year ago today, exactly, we announced that the total [divestment] at that point was $52 billion, and committed to tripling that amount before the U.N. Climate Conference in Paris in December of this year,” said Ellen Dorsey, executive director of the Wallace Global Fund, at a press conference Tuesday in New York. “That means we’ve seen a fiftyfold increase in the total combined assets of those committed to divestment from fossil fuels, and with it, we’ve seen a growing number of commitments to invest in climate solutions,” Dorsey said. The report comes as Pope Francis landed in the United States, where he is expected to press again for immediate and decisive action on climate change. […]
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