It’s not right, but money talks and money makes the world go round. Despite years of scandal, failure and chaos, financiers in the City of London continue to make the big calls on how to invest, and in doing so, hold our common future in their hands. Almost 10 years since the financial crash this is a frightening and precarious state of affairs.
The City doesn’t know best
Campaigners are challenging the power of big finance by insisting that investors commit to divest from fossil fuel companies. By demanding divestment we are saying that we know better than the financial industry and in many cases, we are forcing them to act.
And it’s working. Funds worth $6.15 trillion have made some sort of policy commitment to withdraw from fossil fuels. On 24th May the Financial Times reported that UK investment in green funds had “shot to a record high” with a 500 per cent increase over the last 10 years. Continue reading