'They're Done': CNBC's Jim Cramer Says Fossil Fuel Industry 'In the Death Knell Phase'

Read time: 3 mins
Jim Cramer on CNBC

By Andrea Germanos, Common Dreams. Originally published on Common Dreams under CC BY-SA 3.0 US.

Climate campaigners drew attention to CNBC's Jim Cramer's comments on Friday, January 31 that he's “done with fossil fuels” because they're “in the death knell phase.”

Cramer added that “the world's turned on” the industry as they did with tobacco.

“They're done,” Cramer said of fossil fuels on the network's “Squawk Box.” “We're starting to see divestment all over the world. We're starting to see … big pension funds saying, 'We not going to own them anymore.”

“The world's changed,” Cramer continued. While companies like BP still mark profits, “nobody cares,” because “new money managers want to appease younger people who believe that you can't ever make a fossil fuel company sustainable.”

“You can tell that the world's turned on them, and it's actually kind of happening very quickly,” said Cramer. “You're seeing divestiture by a lot of different funds. It's going to be a parade … that says look, 'These are tobacco, and we're not going to own them.'”

Author and climate activist Naomi Klein said Cramer's comments showed the power of fossil fuel divestment campaigners.

350.org founder and author Bill McKibben had a similar takeaway, writing on Twitter Friday, “Thanks to all who fight so hard.”

Oil Change International also weighed in on Cramer's comments.

Oil Change International tweeted support for CNBC's Jim Cramer's comments on fossil fuels
Credit: @PriceofOil

Cramer's comments on “Squawk Box” came two days after he tweeted that he was “taking a hard pass on anything fossil” — a comment welcomed by Sierra Club executive director Michael Brune.

Lindsay Meiman, a spokesperson for 350.org — which has spearheaded the global movement to demand pension funds, university endowments, and other institutions divest from oil, coal, and gas companies — said Cramer is only confirming what many market observers already understand.

“The financial tides are turning away from fossil fuels. Coal, oil, and gas companies are not only the perpetrators of the climate crisis we're now experiencing, but have also dangerously underperformed markets over the last decade,” Meiman told Common Dreams. “As we enter the climate decade, we're demanding polluters pay for their destruction, and that all institutions and politicians cut ties from toxic fossil fuels to reinvest in a world that puts our health and safety first.”

Main image: Jim Cramer, financial investment analyst and host of CNBC's “Mad Money,” said on live television Friday morning that he is “done with fossil fuels” and that the writing is on the wall for the industry due to the global divestment movement. The industry is “in the death knell phase,” he said. Credit: Screenshot/CNBC

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