At least 25 cities in the US have passed resolutions calling on pension fund boards to divest from fossil fuel holdings, according to figures from 350.org, a group that campaigns for investors to ditch their fossil fuel stocks.
Although many of the resolutions were passed 12-18 months ago, not one US pension fund has committed to divesting from carbon-intensive companies operating in areas such as oil, coal mining and tar sands.
The snub has surprised many, given the fact that regulation in the US, Europe and China aimed at cutting emissions and encouraging clean energy is likely to hurt industries most reliant on fossil fuels.
