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

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By Andrea Germanos, Common Dreams.ย Originally published onย Common Dreamsย underย CCย BYSAย 3.0ย US.

Climate campaigners drew attention toย CNBC‘s Jim Cramer’s comments on Friday, January 31 that he’s โ€œdone with fossil fuelsโ€ because they’re โ€œin the death knellย phase.โ€

Cramer added that โ€œthe world’s turned onโ€ the industry as they did withย tobacco.

โ€œThey’re done,โ€ Cramer said of fossil fuels on the network’s โ€œSquawk Box.โ€ โ€œWe’re starting to see divestment all over the world. We’re starting to see โ€ฆ big pension funds saying, ‘We not going to own themย anymore.โ€

โ€œThe world’s changed,โ€ Cramer continued. While companies like BP still mark profits, โ€œnobody cares,โ€ because โ€œnew money managers want to appease younger people who believe that you can’t ever make a fossil fuel companyย sustainable.โ€

โ€œYou can tell that the world’s turned on them, and it’s actually kind of happening very quickly,โ€ said Cramer. โ€œYou’re seeing divestiture by a lot of different funds. It’s going to be a parade โ€ฆ that says look, ‘These are tobacco, and we’re not going to ownย them.’โ€

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

350.org founder and author Bill McKibben had a similar takeaway,ย writingย on Twitter Friday, โ€œThanks to all who fight soย hard.โ€

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

Oil Change International tweeted support for CNBC's Jim Cramer's comments on fossil fuels
Credit: @PriceofOil

Cramer’s comments on โ€œSquawk Boxโ€ came two days after he tweeted that he was โ€œtaking a hard pass on anything fossilโ€ โ€” a comment welcomed by Sierra Club executive director Michaelย Brune.

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

โ€œThe 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,โ€ Meiman toldย Common Dreams. โ€œAs 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 safetyย first.โ€

Main image:ย Jim Cramer, financial investment analyst and host ofย CNBC‘s โ€œMad Money,โ€ said on live television Friday morning that he is โ€œdone with fossil fuelsโ€ and that the writing is on the wall for the industry due to the global divestment movement. The industry is โ€œin the death knell phase,โ€ he said. Credit: Screenshot/CNBC

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