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This estimated that 0 billion in fossil-fuel investments would be stranded by 2035 if cuts in carbon emissions are adopted so that the global mean surface temperature increases by no more than 2 °C.A report by the Carbon Tracker Initiative found that between 20 the US coal sector had lost 76% of its value including the closure of 200 mines.Harvard could adopt this Toronto principle, too, and the world would be better for it." Franta also identified how the Toronto Principle would be put into practice, which includes "moving investments away from coal companies and coal-fired power plants, companies seeking non-conventional or aggressive fossil fuel development (such as oil from the Arctic or tar sands), and possibly also companies that distort public policies or deceive the public on climate.At present, these activities are incompatible with the agreement in Paris." In adhering to the Toronto Principle, Franta argues that leading institutions can use their status and power to meaningfully respond to the challenge of climate change, and act based on the goals at the Paris Agreement.These are fossil fuels companies whose actions are irreconcilable with achieving internationally agreed goals." Franta identified this response as the Toronto Principle, which, as he argues, "aligns rhetoric and action.It suggests that it is all institutions’ responsibility to give life to the Paris agreement.In 2013 a study by HSBC found that between 40% and 60% of the market value of BP, Royal Dutch Shell and other European fossil fuel companies could be wiped out because of stranded assets caused by carbon emission regulation.
This was attributed to Environmental Protection Agency regulations and competition from shale gas.
Fossil fuel divestment aims to reduce carbon emissions by accelerating the adoption of renewable energy through the stigmatisation of fossil fuel companies.
This includes putting public pressure on companies that are currently involved in fossil fuel extraction to invest in renewable energy.
Beginning on campuses in The United States in 2011 with students urging their administrations to turn investments in the fossil fuel industry into investments in clean energy and communities most impacted by climate change, the movement soon spread across the globe.
By December 2016, a total of 688 institutions and over 58,000 individuals representing .5 trillion in assets worldwide had been divested from fossil fuels.Felmy particularly criticized the environmentalist and author Bill Mc Kibben.