These Guys Are Pulling $50 Billion from Fossil Fuels
by YES! Magazine on Oct 3, 2014 | Views: 537 | Score: 5
% of assets belonging to: | 0 |
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Governments | 48 |
Educational Institutions | 38 |
Philanthropic Foundations | 8 |
Individuals | 2 |
Faith-based Organizations | 2 |
Health-care Institutions | 1 |
NGOs | 1 |
Sources:
arabellaadvisors.com, yesmagazine.org
What do actor Mark Ruffalo and hedge fund billionaire Tom Steyer have in common? They both joined a group of more than 650 individuals—with investments totaling $2.6 billion—who announced their intention to divest from fossil fuels. They join a coalition of local governments, universities and colleges, foundations, faith groups, and nonprofit groups that together will divest more than $50 billion.
This is the #1 best hope we have. As with the South Africa divestiture movement, nothing beats the almighty dollar as a change agent.
Oh yeah, that will really put an end to fossil fuels ... or make way for a new generation of entrepreneurs to find their opportunity to make money. Where do I sign up?
This divestment certainly won't stop the world economies from investing in the most lucrative natural resource. Additionally, the 50 billion dollar divestment probably won't have that large of an impact on an industry that nets nearly 300 billion dollars a year in the United States and Canada alone.
The only people benefiting are the stockbrokers. Energy companies, If they sell less stock, will have no choice but to increase the cost to consumers. (If no way of reducing the use is available) We all will pay more for everything we buy. The cost of energy is a part of everything. The poor will be hurt the most.
But Thomas, with higher fossil fuel cost, consumers will find it easier to turn to alternative fuels. Short term pain, long term gain.