Divesting Savings to Mitigate Global Warming

2016 was a decisive year for the global commitment against climate change. Three events in November highlighted a critical moment in the global action against global warming. Firstly, the Paris Agreement came into force on 4 November. Secondly, the Agreement was ratified at the Marrakesh Conference between the 7th and 18th. Finally, Donald Trump won the election on November 9, after proclaiming in his campaign that the United States may withdraw as a subscriber of the Paris Agreement. Given the new political uncertainties in the climate agenda, a new strategy has been consolidated to put pressure on the markets to reduce carbon dioxide emissions. The divestment movement has resulted in 688 institutions and 58,399 individuals across 76 countries. Some governments, have even committed to “divest” their savings from fossil fuels to meet global warming mitigation targets. This means £4.1 trillion has been moved from funding fossil fuels to funding sustainable sectors such as renewable energy or social housing.

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