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ARTICLE · 15 OCTOBER 2014

Fossil Fuel Divestment Catching On?

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Is the tide turning on fossil fuel divestment? Climate Week featured promises, by some big mainstream investors, to start divesting from fossil fuels.

CanadaEnvironment
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Is the tide turning on fossil fuel divestment? Climate Week featured promises, by some big mainstream investors, to start divesting from fossil fuels. Notable announcements included the Rockefeller Brothers Fund, which was built on the Standard Oil fortune. Europe has more than nine fossil fuel divestment campaigns underway. And now Bank of England governor, Mark Carney, has called for investors to report the long-term environmental impacts of their decisions along with their financial results. He warned that fossil fuel companies cannot burn all the reserves on their existing books if the world is to avoid catastrophic climate change.

Unburnable fossil fuels

According to news reports, Carney told a World Bank seminar on integrated reporting that the "vast majority of reserves are unburnable" if global temperature rises are to be limited to below 2C.The seminar was held during the World Bank's annual informal climate ministerial on carbon pricing, which for the

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