Greener investments could equal a brighter future for us all.
An article by Net Zero Investor revealed that a local government pension fund known as the Wiltshire Pension Fund is keeping to its pledges to divest from dirty fuels by the end of the decade.
The organization, which is part of the Brunel Pool, has "divested from Prio and Phillips 66, while the pool and a third-party manager have sold off their stakes in MEG Energy and PetroChina."
These investments accounted for a total of 6% of the fund's overall carbon impact, so a move away from such planet-harming finances can only be a good thing for the environment.
Part of the reason why Wiltshire and Brunel divested from MEG Energy is that it has an exclusion policy that requires companies that earn more than a quarter of their revenue from oil sands extraction to be divested from. MEG Energy makes at least 25% of its revenue from this planet-harming extraction, so it was excluded from the portfolio.
The world is moving toward a cleaner economy, and it has never been a better time for corporations to shift their investments away from planet-harming projects to opportunities like clean energy and sustainability-focused businesses. These investments have the potential to strengthen the market, create new jobs, lower the cost of energy, and increase the standard of living.
The world's leading utility companies have pledged to invest over $116 billion a year in clean energy technology. As well as this, global spending on clean energy technologies is expected to be double that of spending on other energies. Long-term investments in dirty fuel companies are becoming a liability, as these businesses tend to underperform compared to their clean energy counterparts.
Investors looking for long-term growth would be wiser to invest in greener financial opportunities. Though no investment comes without risk, the world does seem to be moving toward a cleaner economy. Investing in a safer future for humanity seems like a more logical choice than putting money into things that damage the Earth.
The Wiltshire Pension Fund commented, "As a long-term investor, WPF's goal is to protect the investments from climate change risk, and safeguard the financial future of the Fund."
It also added, "We do not see a long-term place for fossil fuel investments in our portfolios, and will work towards being fully divested from these companies by 2030. … We will continue to invest in renewable infrastructure and climate solutions."
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