Global fossil fuel divestment has reached $6.24 trillion in the past five years

The fossil fuel divestment movement that has impacted the global economy and energy sector over the past five years has reached a new milestone, with more than $6.
24 trillion in fossil fuels divested, up from just $52 billion
four years ago.

Over the past five years, the global divestment movement has been one of the key drivers of environmental action, with companies, financial and educational institutions, and private investors pledging to move away from all investments
in fossil fuel ownership and investment.

A new report released Monday 350.
org Global Climate Action Group highlights just as intrusive and pervasive the global divestment movement really is
.
Specifically, according to the report "Global Fossil Fuel Divestitures and Clean Energy Investment Campaigns" compiled by Arabelle Advisors, nearly 1,000 institutional investors with $6.
24 trillion in assets under management have committed to divesting fossil fuels, up from just $52 billion
four years ago.

"Fossil fuel divestment has become a global phenomenon," said May Boeve, 350.
org's executive director, "and 2018 was a breakthrough year for the movement, with new divestment commitments coming from New York City, across the Irish nation and hundreds of other iconic institutions
.
As we see the destruction of global climate impacts, the public is rapidly moving away from fossil fuels
.
”

"Since the launch of Climate Action in 2011, fossil fuel divestment has become a mainstream financial movement to mobilize trillions of dollars in support of the clean energy transition," the report highscores, "divestment commitments are largely driven
by global insurers, pension funds and other large asset owners.
" ”

Specifically, the insurance industry has pledged to divest more than $3 trillion in fossil fuel assets, including high-profile institutions
such as AXA.
Sovereign wealth funds, as well as city and public pension funds, are also doing well
with the global divestment movement.
Since 2016, 138 institutions have pledged to divest from fossil fuels, influenced in part by Pope Francis and other groups
.

Ahead of this week's Global Climate Action Summit in San Francisco, the new report
was unveiled at an event hosted by the Wallace Global Foundation.
The event also presented a new challenge for investors to reach $10 trillion worth of fossil fuel stripping assets by 2020 to meet the goals of
the Paris Agreement.

"Institutional investors must meet the Paris standards, not just governments," said Ellen Dorsey, executive director of the Wallace Global Fund, "and today we are advocating for increasing the divested global fossil fuel assets to $10 trillion by 2020 in order to have a chance to meet the goals of
the Paris Agreement.
" Investors should also devote at least 5% of their portfolios to climate solutions to help rapidly scale up to 100% renewable energy and universal access to energy
.
For those investors who insist on working with the industry, we ask them to set 2020 as the time limit
for participation.
”