It was announced on Monday that the amount of committed funds for fossil fuel divestment has doubled over the last year and has now reached $5.2 trillion.
UN Secretary-General Ban Ki-Moon said: “It’s clear the transition to a clean energy future is inevitable, beneficial and well underway, and that investors have a key role to play.”
Ellen Dorsey, from the philanthropic Wallace Global Fund, said: “$5tn in five years is a stunning and unprecedented figure… It represents a growth the fossil fuel industry would envy.”
80 per cent of current fossil fuel divestment funds are now being managed by commercial investment and pension funds.
According to a new report by Arabella investment advisors for the DivestInvest coalition, 76 different countries, 688 institutions and more than 58,000 individuals have committed to divest from fossil fuels, including major associations such as Allianz and Aegon.
Ban Ki-Moon said: “I commend today’s announcement that a growing number of investors are backing a shift away from the most carbon-intensive energy sources and into safe, sustainable energy… Investments in clean energy are the right thing to do and the smart way to build prosperity for all, while protecting our planet.”