A new strategy to halt climate change, called the divestment movement, calls for pitting the weight of the free market against the fossil fuel industry. Over 400 institutions and 2,000 influential individuals have committed to withdrawing all investments from oil and gas companies.
The world’s biggest sovereign wealth fund, two of the world’s biggest pension funds, and a large number of universities have made the pledge to divest from fossil fuels. The movement’s combined portfolio is worth over $2.6 trillion.
Renowned environmentalist Bill McKibben started the campaign only last year, and its number of signatory organizations has more than doubled in the last twelve months, jumping from 181 to 436. The list is made up primarily of pension funds and private companies, but more and more organizations are making the commitment.
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