In Canada and around the world, a growing number of investors are rushing for the exits in their haste to abandon a crashing fossil fuel industry.
In stories published in just the last four days, BNN Bloomberg points to five leading Canadian fossils that have lost nearly $100 billion in share value over the last five years, while the Institute for Energy Economics and Financial Analysis (IEEFA) lists 50 “globally significant financial institutions” that have restricted their involvement with tar sands/oil sands projects, Arctic oil and gas drilling, or both, including 23 so far this year. And CBC foresees steadily increased hardship for laid-off fossil workers looking for new jobs in the sector.
“Over 140 global financial institutions have already restricted thermal coal financing, insurance, and/or investment and we are now seeing a similar accelerating shift of capital away from oil and gas exploration, starting with high-risk oil sands development and drilling in the Arctic,” said Tim Buckley, IEEFA director of energy finance studies. The increased global momentum “means we expect a continuation of new announcements from other financial institutions seeking to better manage increasing climate risk.”