Playing God with Other People’s Retirement Money

Last week, Arabella Advisors released a new report, claiming worldwide divestment from fossil fuels had doubled to $5 trillion. Even setting aside the number (which has been thoroughly debunked), or the sticky question of how modern economies and lifestyles would function without carbon-based fuels (given that electricity, transport, and literally millions of consumer goods depend upon fossil fuels and their derivatives), there’s the issue of whether institutional fund managers are abrogating their fiduciary duty by falling prey to activist rhetoric.

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