Global divestment from fossil fuels has doubled since last year.
Nearly 684 institutions and 60,000 people representing $5 trillion globally have committed to divestment from fossil fuels in the last 15 months, according to a report out today from Arabella Advisors, a B-corporation that focuses on “effective philanthropy.”
Trump’s election could, if anything, have an unintended effect on environmental activists’ divestment campaign. What began largely as a grassroots effort on college campuses has grown into a global movement that’s reached South Africa, Japan, and Australia in the year since the Paris climate conference.
The difference today is that Arabella finds divestment is gaining ground for more than just moral reasons: “Now, diverse legal scholars, businesses, and investors are warning that fiduciaries who fail to consider climate change risks in their investment analyses and decisions may be at risk of breaching their legal duty as fiduciaries.”
Lindsay Meiman of the activist group 350.org told Grist that divestment has provided “a really powerful on-ramp” to climate activism. “In the face of intensifying climate impacts, and regressive and anti-climate governments like the Trump administration, it’s more critical than ever that our institutions — especially at the local level — step up to break free from fossil fuel companies,” added 350’s May Boeve.