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fossil fuels update

The movement to divest from fossil fuels is working! 

Launched by U.S. environmental group, the Movement to Divest from Fossil Fuels has become a force to be reckoned with. Many investors have joined the movement, and as a result it is becoming a mainstream movement. Changing investor attitudes are starting to hit fossil fuel industries at the same time as these are affected by governments’ increasing focus on renewables.

A report recently released at a United Nations climate session states that investors from 436 institutions in 43 countries representing $2.6-trillion (U.S.) in assets have committed to divest from fossil fuel companies. This is an enormous increase from last year when 181 institutions representing $50-billion in assets had divested from fossil fuels.

The financial services company Mercer LLC, forecasts that coal and oil companies would see significant reductions in their annual rates of return over the long term. Pension funds and other institutional investors are worried about the increasing risk to their investments in fossil fuels and are questioning the long-term returns they offer.

The Environment Committee of ICJW supports the Movement to Divest from Fossil Fuels. Judaism has a rich body of teachings and traditions that promote environmental stewardship. When governments and business have fallen short in responding appropriately to the climate crisis, this movement demonstrates that people and communities can still take action to protect our environment and future generations.

SUBMITTED by DR ANNE MORRIS, Chair ICJW Committee for Environment and Sustainable Development