(CNN)The bankruptcy of Peabody Energy, the world’s largest publicly traded coal company, shows just how hard it is for coal firms and their backers to make money in a world transitioning to cleaner fuels.
But it’s not just coal that faces an existential crisis. Eventually, all fossil fuel firms will face the same pressure that brought down Peabody.
The Rockefeller Brothers Fund used to invest in fossil fuel. Created by the grandsons of Standard Oil founder John D. Rockefeller, fossil fuel was a familiar space.
For generating electricity, wind and solar are cleaner and quickly becoming cheaper than even natural gas.
For vehicles, one needs to look no further than the amazing sales of Tesla’s $35,000 Model 3. Over 325,000 cars worth $11.4 billion were ordered in the first week alone, the single biggest one-week launch of any product ever, according to Tesla.
It’s easy to see why. Electric vehicles are faster than conventional ones. They’re also quieter and more comfortable, and they break down less. Quite simply, they are a better product.
We are in the midst of one of the largest transitions history the transition from dirty energy to clean. There’s a lot of money to be made, and a lot of money to be lost. As the head of a foundation that supports social change, I’m happy we’ve divested fossil fuels stocks to help the planet and its people. As an investor, we’re moving out of fossil fuel stocks to make sure our money is on the side that wins.