GMG becomes largest fund yet known to pull out of coal, oil and gas companies in a move chair Neil Berkett calls a ‘hard-nosed business decision’ justified on ethical and financial grounds!
Amazing news which will resound globally. Stating that's it's also for financial reasons sends a message that the fossil fuel bubble is about to burst! Good riddance fossil fuels! When you lose the investors you lose the game.
Berkett said fossil fuel assets had performed relatively poorly in recent years and were threatened by future climate change action, while an ethical fund already held by GMG had been a “stellar” performer and renewable energy was growing strongly. “This means we can adopt socially responsible investment criteria without putting at risk the core purpose of GMG’s investment funds: to generate long-term returns that guarantee the financial future and editorial independence of the Guardian in perpetuity,” he said.
Alan Rusbridger, Editor in chief of the Guardian, sent out an email explaining that even though he had initiated the Guardian's Keep It In The Ground Series, he still had to convince their investment managers to go along.
Thank you, Alan Rusbridger!