Three continents. Three decisions. Three major signposts of the massive change in capital flows that are about to occur across the world. The tide is going out for fossil fuels.
In Europe overnight, the Norwegian parliament voted to instruct the government pension fund – the largest in the world – to cut its exposure to fossil fuel risk. In Australia, ANZ Bank made the biggest yet issue of an Australian-domiciled “green bond”.
In the US, institutional shareholders tried to force oil giant Chevron to return money to shareholders, rather than risk it searching for yet more oil reserves.
Renew Economy: 28 May 2015