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“They’re Done”: CNBC’s Jim Cramer Says Fossil Fuel Industry “In the Death Knell Phase”

“They’re Done”: CNBC’s Jim Cramer Says Fossil Fuel Industry “In the Death Knell Phase”
“You can tell that the world’s turned on them, and it’s actually kind of happening very quickly,” said Cramer.
Jim Cramer, financial investment analyst and host of CNBC‘s “Mad Money,” said on live television Friday morning that he is “done with fossil fuels” and that the writing is on the wall for the industry due to the global divestment movement. The industry is “in the death knell phase,” he said. (Photo: Screenshot/CNBC)

Climate campaigners drew attention to CNBC‘s Jim Cramer’s comments Friday that he’s “done with fossil fuels” because they’re “in the death knell phase.”

Cramer added that “the world’s turned on” the industry as they did with tobacco.

“They’re done,” Cramer said of fossil fuels on the network’s “Squawk Box.” “We’re starting to see divestment all over the world. We’re starting to see… big pension funds saying, ‘We not going to own them anymore.”

“The world’s changed,” Cramer continued. While companies like BP still mark profits, “nobody cares,” because “new money managers want to appease younger people who believe that you can’t ever make a fossil fuel company sustainable.”

“You can tell that the world’s turned on them, and it’s actually kind of happening very quickly,” said Cramer. “You’re seeing divestiture by a lot of different funds. It’s going to be a parade… that says look, ‘These are tobacco, and we’re not going to own them.'”

Author and climate activist Naomi Klein said Cramer’s comments showed the power of fossil fuel divestment campaigners.

350.org founder and author Bill McKibben had a similar takeaway, writing on Twitter Friday, “Thanks to all who fight so hard.”

Oil Change International also weighed in on Cramer’s comments.

Cramer’s comments on “Squawk Box” came two days after he tweeted that he was “taking a hard pass on anything fossil”—a comment welcomed by Sierra Club executive director Michael Brune.

Lindsay Meiman, a spokesperson for 350.org—which has spearheaded the global movement to demand pension funds, university endowments, and other institutions divest from oil, coal, and gas companies—said Cramer is only confirming what many market observers already understand.

“The financial tides are turning away from fossil fuels. Coal, oil, and gas companies are not only the perpetrators of the climate crisis we’re now experiencing, but have also dangerously underperformed markets over the last decade,” Meiman told Common Dreams. “As we enter the climate decade, we’re demanding polluters pay for their destruction, and that all institutions and politicians cut ties from toxic fossil fuels to reinvest in a world that puts our health and safety first.”

Jim Cramer, financial investment analyst and host of CNBC's "Mad Money," said on live television Friday morning that he is "done with fossil fuels" and that the writing is on the wall for the industry due to the global divestment movement.

 

Source: Common Dreams

By:  Andrea Germanos, staff writer

LINK: https://www.commondreams.org/news/2020/01/31/theyre-done-cnbcs-jim-cramer-says-fossil-fuel-industry-death-knell-pha

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Youth Activists Call on California State Teachers Retirement System to End ‘Toxic Relationship’ With Fossil Fuel Companies

“You want to be in a relationship with fossil fuel companies?”

California students protest the state's teachers' pension fund's continued investment in fossil fuels.

California students protest the state’s teachers’ pension fund’s continued investment in fossil fuels. (Photo: Peg Hunter/CalSTRS)

Youth climate activists in California descended on the state’s capitol Sacramento on Thursday to demand divestment from the fossil fuel industry from public school teachers’ pension system.

“You want to be in a relationship with fossil fuel companies?” Sujeith, a sixth-grader from Oakland, asked the board of the California State Teachers’ Retirement System, or CalSTRS. “What have they done before other than pollute the planet? That sounds like a toxic relationship.”

Thursday’s action was aimed at pressuring the board of CalSTRS, which manages pensions for the state’s public school teachers, to divest from fossil fuels. The fund has claimed that divestment would be a financial burden on its members.

“CalSTRS is playing roulette with our pensions and our children’s future by holding onto these doomed assets,” said CalSTRS member Paula Buel, a retired teacher who volunteers with climate advocacy group Fossil Free California.

As Common Dreams reported, perceiving fossil fuels as “doomed assets” is no longer unique to the climate movement. CNBC anchor Jim Cramer called the industry “in the death knell phase” on Friday and announced he was no longer recommending investing in fossil fuels.

While CalSTRS did vote on Thursday to institute “Belief 9,” a policy statement on the risks of climate investment, that’s no substitute for real action, said Fossil Free California executive director Vanessa Warheit.

“We appreciate CalSTRS’ efforts to engage corporations to help mitigate their climate-related risk,” said Warheit. “But engaging with the energy sector—which is currently 100% comprised of fossil fuel companies—is a waste of staff time and resources.”

LINK:  read:https://www.commondreams.org/news/2020/02/01/youth-activists-call-california-state-teachers-retirement-system-end-toxic

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