The scope of global fossil fuel divestment has doubled over the past 15 months, with institutions and individuals controlling just under $5.2 trillion in assets now pledging to divest.
This weeks announcement, made on the first anniversary of the Paris Agreement by DivestInvest, includes new analysis by Arabella Advisors that shows 688 institutions and just under 60,000 individuals across 76 countries have committed to divest from fossil fuels. Universities, foundations and faith-based organizations – who have been some of the earliest supporters of the movement — account for 54 percent of new commitments made.
These sectors are instrumental to help us achieve SDG7 and our vision of access to clean, affordable energy for all, and their action continues to push us forward but we still need more speed and scale in progress.
The global energy transition requires a rapid increase in energy productivity, a new generation of institutions to manage our energy systems, an integrated approach to energy that embraces centralized and decentralized sources, and ever increasing share of renewables in the mix. All of which must be a ‘just’ transition, and why announcements like this, engaging multiple stakeholder groups globally, allow us to make further progress to our shared vision. Find out more on the DivestInvest announcement here.