By Andrea Germanos, Common Dreams.ย Originally published onย Common Dreamsย underย CCย BY–SAย 3.0ย US.
Climate campaigners drew attention toย CNBC‘s Jim Cramer’s comments on Friday, January 31 that he’s โdone with fossil fuelsโ because they’re โin the death knellย phase.โ
Cramer added that โthe world’s turned onโ the industry as they did withย tobacco.
โThey’re done,โ Cramer said of fossil fuels on the network’s โSquawk Box.โ โWe’re starting to see divestment all over the world. We’re starting to see โฆ big pension funds saying, ‘We not going to own themย anymore.โ
โThe world’s changed,โ Cramer continued. While companies like BP still mark profits, โnobody cares,โ because โnew money managers want to appease younger people who believe that you can’t ever make a fossil fuel companyย sustainable.โ
โYou can tell that the world’s turned on them, and it’s actually kind of happening very quickly,โ said Cramer. โYou’re seeing divestiture by a lot of different funds. It’s going to be a parade โฆ that says look, ‘These are tobacco, and we’re not going to ownย them.’โ
Oil stocks are in the death knell phase, says @jimcramer. โThe world is turning on themโฆnew kinds of money managers who frankly want to appease younger people who believe you can’t ever make a fossil fuel company sustainable.โ pic.twitter.com/PV63RSudrf
โ Squawk Box (@SquawkCNBC) January 31, 2020
Author and climate activist Naomi Klein said Cramer’s comments showed the power of fossil fuel divestmentย campaigners.
Watch this entire thing: it doesn’t matter how well oil stocks are doing, the next generation sees them as toxic and doesn’t want them. Everyone involved in the fossil fuel divestment movement, and that is thousands upon thousands of mostly young people, made this happen. Wow. https://t.co/cDaD9VjBD2
โ Naomi Klein (@NaomiAKlein) January 31, 2020
350.org founder and author Bill McKibben had a similar takeaway,ย writingย on Twitter Friday, โThanks to all who fight soย hard.โ
Oil Change International also weighed in on Cramer’sย comments.
Credit: @PriceofOil
Cramer’s comments on โSquawk Boxโ came two days after he tweeted that he was โtaking a hard pass on anything fossilโ โ a comment welcomed by Sierra Club executive director Michaelย Brune.
Smart call, @jimcramer. The @SierraClub agrees! https://t.co/YJkeSJD6yF
โ Michael Brune (@bruneski) January 30, 2020
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.
โThe 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. โAs 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 โMad Money,โ said on live television Friday morning that he is โdone with fossil fuelsโ and that the writing is on the wall for the industry due to the global divestment movement. The industry is โin the death knell phase,โ he said. Credit: Screenshot/CNBC
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