Almost 1,000 institutional investors have so pledged, led by insurers at $3tn. Oil majors now cite divestment as a material risk to their business.
The Guardian reports: “The new divestment report, by Arabella Advisors, calculates that investors with $6.2tn in assets under management have committed to divest from fossil fuels, up from $5.2tn in the previous report in 2016.”
“Jeremy Grantham, co-founder of GMO, one of the world’s most influential asset management companies said the financial case for divestment was compelling. “Investors with long-term horizons should avoid oil stocks on investment grounds. They face a sustained headwind. Ethical arguments for divestments are simply not necessary. They are a pure bonus,” he said.”
Image: from DivestInvest website
