Extinction rebellion
Credit: C: https://twitter.com/WimmoFreedom201

The warning from the financial community is stark.

A survey of thirty-nine of the most influential fund managers, with over $10 trillion under management, published today found that the vast majority of them believe that fossil fuel companies should align themselves with the Paris goals, or face disinvestment and financial oblivion.

The report found that 86 per cent of respondents want the fossil fuel industry to align themselves with the UN Paris climate goals immediately.

Nearly half responded that the industry should adopt policies consistent with limiting global warming to 1.5°C, while 43% called for the less stringent 2°C target.

But what may alarm the oil industry is that just of a quarter of the fund managers believe that oil companies should “wind down their businesses and return cash to shareholders” right now.

The report entitled, Oil pressure gauge: 2018 survey of fund managers’ attitudes to climate risk and fossil fuel companies, was produced by the Climate Change Collaborative and UKSIF, the UK Sustainable Investment and Finance Association, whose members include […]