Up on the heels of the announcement that the Rockefeller Fund is divesting itself from fossil fuels, there’s the resulting follow up on the financial industry in general and how they are either meeting, or not so much, the challenge of divesting their business interests, over all, from the same. The Huffington Post had their commentary, How Wall Street Really is Failing The Planet and it seems that there is still more than enough business in the fossil fuel industry that they’re not giving up all so quickly. Follow the trail of banking fees to be earned.
“Financial markets are failing to put enough funding into renewable energy. At the same time, they continue to invest hundreds of billions of dollars in fossil fuels. The chart below, using data provided by Bloomberg New Energy Finance, shows the gulf between the money raised by oil, gas and coal companies and the money raised by renewable energy companies over the past decade. Public equity investment in renewable energy is dwarfed by investment in fossil fuels.”
Besides the dollar values of fossil fuel financing, the number to keep an eye on is the estimated $11.5 Trillion to keep the planet below 2 degrees by 2030.
Keep posted and read the whole thing from the Huffington Post, How Wall Street Really Is Failing The Planet.