The Block Island Offshore Wind project. Renewable investments set a record last year, reaching $288 billion.
Investing heavy weights are moving their assets and funds out of fossil fuels at a record pace.
A network of local governments, pension funds, faith organizations, philanthropies and wealthy individuals representing $5.2 trillion in assets have committed to — and in some cases already started — divesting from fossil fuel companies, according to a report released on Monday.
That’s a huge sum of money for a movement that started just four years ago on U.S. college campuses and its growth is likely to continue as the world strives to reach its climate goals.
“It’s pretty clear that the growth trajectory is enormous,” said Ellen Dorsey, the executive director of the Wallace Global Fund.
In the past 15 months alone, the assets represented by the fossil fuel divestment movement have doubled. As of December 2016, there are 688 institutions and 58,400 individuals across 76 countries who are on board with divesting from fossil fuels, according to the report. The analysis was completed by Arabella Advisors, a philanthropy services firm.
Those divesting include Norway’s sovereign wealth fund, Germany-based financial services giant Allianz, and Amalgamated Bank, which in September became the first