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Backlight: Fossil Free

December 11, 2015

A growing group of concerned citizens no longer trusts politicians to tackle climate change. They now focus on the financial sector and receive help from unexpected sources. Big banks like HSBC, Citibank and the regulating Bank of England recently started to warn against the so-called ‘carbon bubble’. Investing in coal, oil and gas not only causes temperatures to rise, but it also involves substantial financial risks, for pensions for example. Armed with this new weapon, activists are summoning pension funds, universities and other funds to reduce their investments in fossil fuels.