Fossil fuel divestment funds rise to $6tn
by Damian Carrington Environment editor from on (#3YGTJ)
Insurance companies lead the sell-off of coal, oil and gas stocks over climate change and financial fears - oil majors now cite divestment as a risk to them
The funds committed to fossil fuel divestment now total more than $6tn (4.6tn), with almost 1,000 institutional investors having made the pledge, according to a new report.
The sell-off of coal, oil and gas investments is led by the insurance industry, with $3tn of funds. But it also now includes the first nation to divest, Ireland, major cities including New York and key medical organisations. Major oil companies such as Shell have this year cited divestment as a material risk to its business.
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