Climate activists criticise $4.3trn fossil fuel investments

Date:

Berlin, July 9, 2024 (dpa/NAN) Climate activists in Germany have criticised major investors for continuing to invest billions in the oil, gas, and coal industry.

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The investments are hindering the timely transition away from fossil fuels to mitigate global warming, said Katrin Ganswindt, a member of the environmental organisation Urgewald.

Urgewald, along with 13 partner organisations, published the financial research report investing in Climate Chaos, providing insights into the investments of over 7,500 institutional investors globally.

Financial data collected in May revealed that these investors collectively hold 4.3 trillion dollars in bonds and shares of the companies involved in fossil fuel industries.

It’s with nearly two-thirds of these investments held by U.S. companies, according to the report.

The report demanded that institutional investors needed to start shifting the trillions to supercharge the energy transition and not fossil fuel expansion.

Climate researchers warned that if current trends continued, the world would be on track nearly three degrees hotter, primarily due to emissions from coal, oil, and gas.

After decades of discussion, the international community agreed for the first time at the UN Climate Change Conference in Dubai in December to move away from coal, oil and gas.

In spite of this agreement, environmentalists are raising concerns about potential loopholes.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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