cape town: More than 1,000 institutional investors are committed to dropping fossil fuel assets, including wealth funds, banks, insurance firms as well as scores of city councils, universities, and religious organizations, according to The Japan Times. By comparison, institutional investors with holdings of 52 billion in assets had made the same commitment in 2014. A growing number of investment and wealth funds have been looking to pull away from fossil fuels and shift to renewables, especially since the 2015 Paris Agreement on climate change. ; The 11 trillion figure was released in a report as part of the Financing the Future summit in Cape Town for advocates for investment in clean energy transition. We are seeing a clear shift away from fossil fuel investments in every sector, said Clara Vondrich, director of Divest-Invest, one of the report authors. The 11 trillion figure represents around 16 percent of the total global equity markets in 2018, the organizers said, citing World Bank figures. Coal, oil, and gas assets are being recognized as toxic not just morally due to the climate crisis but also increasingly financially.
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