9 big companies set target to convert to renewable energy; investment managers controlling $2.6 trillion divest from fossil fuels

Author: Justin Gillis & Nicholas St. Fleur, New York Times (USA), Published on: 23 September 2015

"Global Companies Joining Climate Change Efforts", 23 Sep 2015

Some of the world’s most prominent companies are expected to set a long-term target on Wednesday of powering their operations entirely with renewable energy...The new members include Johnson & Johnson, Procter & Gamble, Starbucks, Walmart and Goldman Sachs. A handful of the companies have already reached the 100 percent target; others do not expect to do so for several decades, but they are typically setting aggressive interim targets...Companies have realized that cutting their energy use can save money. But they are also under pressure from consumers, particularly younger ones, to take action, and many companies have begun to see their environmental efforts as a core part of their business strategy...

The demand to divest first arose several years ago on college campuses. A year ago, the assets under management by organizations that had pledged to divest totaled about $50 billion.On Tuesday, Arabella Advisors, a firm focused on socially responsible finance, reported that the sum had grown to $2.6 trillion, a measure of the movement’s rapid spread and its success at convincing Wall Street money managers that fossil fuel stocks may be a risky long-term investment.[Also refers to Astra Agro, Bunge, Peabody Energy]

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Related companies: Bunge Goldman Sachs Johnson & Johnson Peabody Energy Procter & Gamble Starbucks Walmart