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A global campaign to get funds and investors to sell their shares in fossil fuels appears to be gaining traction in Australia. There have been announcements by religious, educational and super funds on so called ‘divestment’ of these stocks in recent days.
Over the weekend the Anglican Diocese of Perth decided to sell shares and holdings it has in fossil fuel companies. Bishop Tom Wilmott, who is also the chair of the Anglican Eco Commission, says it plans to put funding into renewable energy investments instead.
“I’m not a financial person, I’m not an accountant, I’m a Bishop and it is for the trustees themselves to determine if they will move from fossil fuel exposed industries and shares into renewables.
“But just take for example the return on coal; over the last two years coal has gone from $125 a tonne to $65, and in the international market the smart money is moving into renewables as well.
“Two weeks ago the Rockefeller family announced they were moving out of petroleum into renewables. Now when a big organisation like that moves from fossil fuels to renewables, you can see where the direction is.”
The heirs to the Rockefellers massive oil derived fortune have pledged to sell out of fossil fuel and invest in renewable energy projects.
That move by the Rockefeller Brothers Fund, announced the day before the UN Climate Summit in September, is part of a concerted effort of a coalition of global philanthropists, to sell off about $50 billion of fossil fuel investments.
Alan Oxley from energy specialists ITS Global says most investors look at the figures, and according to the International Energy Agency, coal use will continue, and even rise, until almost 2050.
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