A $147 Billion Opportunity: Fossil Fuel Divestment Movement Sets Sights on NYC Pension Funds
“Were New York City to divest its four pension funds of fossil fuel holdings, it would be a major turning point for the divestment movement.”
On February 26th, a forum on “Fossil-Free NYC,” kicked off a campaign to get the city’s five municipal pension funds to divest any holdings in the top 200 publicly-held companies that own most of the fossil fuel reserves still in the ground.
According to Carbon Tracker, the world must not burn more than about 565 GtCO2 from 2010 until 2050 if we are to keep within the limit of a 2°C of global temperature rise necessary to prevent catastrophic and irreversible climate change. Known fossil fuel reserves held by these 200 companies total 745 gigatons. That means about 180 GtCO2 could be considered “unburnable.”
With the IEA estimating that the world needs to invest $1 trillion per year over the next 36 years to replace fossil fuels and avoid exceeding 2°C of warming – a four-fold increase over current investment levels – will de Blasio’s vocal commitment and other initiatives – including a non-binding resolution by the City Council – be the right stick to shift investors away from fossil fuels? Francesca Rheannon reports on Talkback.
Video: When Building a Brand Turns Into Leading a Movement
Is a leader in the sustainability industry the same as any other entrepreneur?
INC. Magazine‘s Trep Life series shadowed INDIGENOUS co-founders Matt Reynolds and Scott Leonard for a day, capturing the day-to-day grind at a company that literally helped write the definition of fair trade fashion. Excerpts on Talkback.
140+ Companies Call On Congress to Realize Economic Opportunity of Tackling Climate Change
As California battles the worst drought in centuries, more than a dozen major businesses, including Apple Inc. (APPL), SolarCity (SCTY), San Diego International Airport, Sungevity and Sapphire Energy… Read More.