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Climate change: UN backs fossil fuel divestment campaign

Author: Damian Carrington, Guardian (UK), Published on: 15 March 2015

The UN organisation in charge of global climate change negotiations is backing the fast-growing campaign persuading investors to sell off their fossil fuel assets...“We support divestment as it sends a signal to companies, especially coal companies, that the age of ‘burn what you like, when you like’ cannot continue,” said Nick Nuttall, the spokesman for the UN framework convention on climate change (UNFCCC)...[The] World Coal Association has criticised the UNFCCC’s decision..., saying it threatened investment in cleaner coal technologies... [The] World Bank, Bank of England, HSBC, Goldman Sachs...Standard and Poor’s [and others] have warned that only a fraction of known fossil fuel reserves can be safely burned and that the remainder could plummet in value posing huge risks to investors.

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