| Regie | Martijn Kieft |
A growing number of troubled citizens no longer trust politicians to tackle climate change. They focus directly on the financial sector and receive unexpected help from the industry itself. Large banks such as HSBC, Citibank and The Bank of England have recently been warning about the so-called “carbon bubble”. Investing in coal, oil and gas entails considerable financial risks for pensions, for example, as future oil reserves might have to stay in the ground. With this new weapon in their hands, activists are calling on pension funds, universities and other funds to phase out their investments in fossil fuels.