The day after some 400,000 people marched in the streets of New York to call for climate justice, the world woke to some more historic news: The Rockefeller family, heirs to the Standard Oil fortune, announced that they were directing their $860 million charitable fund to divest from fossil fuels.
The Rockefellers cited their moral obligation to leave a better planet for their children as motivation, but it was also a business decision: “We see this as having both a moral and economic dimension,” Steven Rockefeller says.
Investors are beginning to realize that it’s not just coal in decline. All fossil fuels, including oil and natural gas, are living on borrowed time.
According to Carbon Tracker, we can only burn one-fifth of proven fossil fuel reserves if we are to avert the most catastrophic global warming, and if capital expenditures continue at current rates, some $6.74 trillion will be wasted over the next decade developing reserves that are likely to become unburnable.
Translation: The clean energy revolution is coming, and the forward-looking money is backing renewables, not fossil fuels.
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