Photo: Markus Spiske | Pexels
What started as a trickle is turning into a rush for the exit, as countries, financial institutions and companies commit to quitting coal - and increasingly oil and gas as well. To date, 2020 has seen 56 global banks, insurers, pension funds and asset managers announce new or expanded coal exit policies - 143 globally significant financial institutions in total. This year also saw another, similar, accelerating trend: financial institutions pledging to divest from the highest-risk fossil oil and gas developers, to reduce greenhouse gas emissions in line with the goals of the Paris Agreement for a 1.5-2.0 C world.
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