Breaking news for solar power industry: Rockerfeller family to contribute to reinvestment of $56 billion in renewable energy

Image from ABC News

Image from ABC News

We received some headline news for the clean energy industry that could bring forth a substantial positive impact on solar power. According to ABC News, the Rockerfeller family announced that they will join “a pledge to divest more than $56 billion of fossil fuel investments to reinvest in clean energy”. This was announced during the UN Climate Summit in New York aimed at finding ways to reduce greenhouse gases and protect the environment.

“The Global Divest-Invest coalition has drawn 650 individuals and 180 institutions, which control billions of dollars in fossil fuel assets, to switch to renewables over five years using a variety of approaches.”

Further, the mayor of New York, Bill de Blasio, announced a plan to reduce its greenhouse gas emissions by 80 per cent from 2005 levels by 2050.


What does this mean for the solar industry?

According to the fund: “Our immediate focus will be on coal and tar sands, two of the most intensive sources of carbon emissions. We are working to eliminate the fund’s exposure to these energy sources as quickly as possible.” According to an article by yes! Magazine, “Billions” will be moved to wind and solar – which are some of the fastest growing clean energy sources in the world.

Read more about DivestInvest, or some articles from ABC, BBC and the Telegraph.

The Climate Summit opening film:

 

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