FOR IMMEDIATE RELEASE

14 December 2016

Fossil fuels “faltering”: Lose out on $5 trillion in assets

The fossil fuel industry is “faltering” and divestment numbers have skyrocketed, according to a new report by Arabella Advisors.

Over US$5 trillion in global assets have been withdrawn from fossil fuel corporations so far - a doubling of divestments from 15 months ago.

“Divestment is a powerful tool, and it shows the industry that our future is with renewable energy,” said 350 Aotearoa spokesperson, Sandy Hildebrandt. “Fossil fuels are the way of the past.”

The report comes in the wake of the movement against Dakota Access Pipeline, with people and institutions divesting from DAPL and the financial organisations that support it. In New Zealand, Otago university recently announced its divestment from fossil fuels, and earlier this year ANZ bank pulled out of their gold-level sponsorship of the Petroleum Summit.

“This news shows that we’re making a huge difference,” said Hildebrandt. “People are powerful when we work together. Our wins in New Zealand are part of a large global grassroots movement that keeps growing and making a bigger impact.”

688 institutions and almost 60,000 individuals, representing 76 countries, have divested so far.

“As we enter the final weeks of 2016, the hottest year in history, the success of the divestment movement is undeniable,” said May Boeve, international 350.org Executive Director. “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.”

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Arabella Report (Global Fossil Fuel Divestment and Clean Energy Investment Movement report)

Divest-Invest press pack (American conference and report)

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