It’s going to be a big week in New York for the policy of climate change.
Just a day after 300,000 people took to the streets of Manhattan to bring more attention to the need for climate change action, the Rockefeller Brothers Fund announced it was divesting from fossil fuel investments.
“What’s clear is that this is a symbolic announcement,” says Marketplace’s Scott Tong. “But the amount of selling off would pale in comparison to the size of most of these big companies.”
The reality, Tong says, is that we’re in a planet that is supposed to keep global warming to just two degrees Celsius, but is currently on track to double that figure. But one of the other realities, he says, is that accountants could change the world of climate change.
“[The bankers] are everywhere talking about the opportunities of a low-carbon economy,” he said. “Solar and wind energy, they say, are worth investing in, because in many places they can compete against coal and gas. There are tens of billions of dollars going towards bonds that invest in low-carbon technologies — not because of polar bears but because the return on investment is good. This is the kind of reality they’re trying to send to national capitals.”
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