Arabella Advisors Report: 61 Pension Funds Worldwide Have Committed to Divesting from Fossil Fuels
According to a report issued in 2018 by Arabella Advisors, a philanthropy services firm, 61 pension funds worldwide — including the New York City pension funds, which hold $189 billion in assets — have committed to divesting from fossil fuels since 2016, bringing the total number of pension funds that have joined the movement to 144. Some research indicates that fossil fuel-free investments could offer better returns than conventional ones, though other experts say that fund performance will depend on a variety of market factors.
According to the report’s Executive Summary: Since its launch by students as a moral call to climate action in 2011, the fossil fuel divestment campaign has become a mainstream financial movement mobilizing trillions of dollars in support of the clean energy transition. Commitments to divest continue to grow rapidly: Today, nearly 1,000 institutional investors with $6.24 trillion in assets have committed to divest from fossil fuels, up from $52 billion four years ago—an increase of 11,900 percent.
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