As COP21 shifted from the euphoria of the first day the summit turned back to process, hardcore negotiations and hammering out the so far elusive deal. Wednesday saw a string of headlines on divestment including more big investors committing to dumping fossil fuels and evidence from some big miners that they had quit coal.
Rise in big investors shunning fossil fuels:“The number of investors shunning coal, gas and oil has surged, according to campaigners, who say at least 500 institutions with more than $3.4tn in assets have pledged to avoid or cut holdings in fossil fuels … [up from] a year ago [when] 181 institutions representing about $50bn in assets had made some form of commitment to avoid fossil fuels.” (Financial Times)
$1Tln in funds exit fossil fuels in 10 weeks:“More than 100 institutions controlling $US800 billion ($1.09 trillion) in funds worldwide have opted to make new divestments of at least some of their fossil fuel assets in the 10 weeks running up to the Paris climate summit.” (Sydney Morning Herald)
BHP and Rio Tinto are quietly exiting coal:“The coal divestment lobby has stopped campaigning against BHP Billiton and Rio Tinto, which have been quietly selling their coal mines and are unlikely to approve new ones.” (Financial Review)