Paris UN Climate Conference 2015: Funds worth $1 trillion divest from fossil fuels

Peter Hannan, The Age, December 2nd 2015

More than 100 institutions controlling $US800 billion ($1.09 trillion) in funds worldwide have opted to make new divestments of at least some of their fossil fuel assets in the 10 weeks running up to the Paris climate summit, according to campaign groups 350.org and Divest-Invest.

The tally brings to $US3.4 trillion the amount of funds under management by firms that support at least a partial sell-off of their holdings of coal, oil or other fossil fuels. The latest to sign up range from the City of Melbourne to the parliament of the summit hosts, France.

“People are voting with their wallets,” Amanda McKenzie, chief executive of the Climate Council, told Fairfax Media. “The divestment movement worldwide has grown at breakneck speed illustrating the appetite for action on climate change from citizens, cities, businesses and institutions.”

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