September 10, 2013 – On Beacon Hill in Boston today, Clean Yield Asset Management submitted testimony in support of Massachusetts Senate Bill 1225, which would require the Commonwealth to divest of its holdings in fossil fuel stocks within a five-year period.
Clean Yield manages approximately $220 million in socially and environmentally screened assets for high net worth individuals and families. The Norwich, VT-based firm has managed fossil fuel-free portfolios for many of our clients since our founding more than 25 years ago.
Clean Yield’s testimony addressed the problem of “unburnable carbon,” the name given to 80% of the world’s booked fossil fuel reserves of oil, gas and coal, so named because they cannot be consumed without risking catastrophic client change. The growing recognition of this situation makes it likely that some if not all of these assets may become stranded, which jeopardizes the value of fossil fuel stocks held by investors.