Number of Financial Institutions Pledging to Stop Fossil Fuel Investments Increases to 1,500

[Asia Economy Reporter Naju-seok] The number of financial institutions declaring that they will not invest in fossil fuel-related industries, including the New York City pension fund, has increased, with the number of financial institutions reaching 1,500 and the total assets under management amounting to $39.2 trillion (KRW 45,746 trillion).

Bloomberg News reported on the 26th (local time), citing a report from Divest Invest. The Divest Invest movement, which promotes the withdrawal of investments from the fossil fuel industry, started with 181 investment institutions managing a total of $52 billion and has grown dramatically.

According to the report, the Ford Foundation, managing $16 billion, announced this year that it will stop investing in fossil fuels. The New York pension fund also revealed plans to withdraw $4 billion worth of investments related to fossil fuels.

The Divest Invest group, which authored the report, stated, "There is clear evidence that not investing in fossil fuels is a sound investment strategy," adding, "Fossil fuels are a poor choice from an investment perspective."

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