The Guardian reports: Pension and insurance funds should consider urgent divestment from “very risky” coal assets and then gradually retreat from oil and gas, Ed Davey, the UK energy and climate change secretary, has warned.

Throwing his weight behind the Guardian’s “Keep it in the ground” campaign, he said an analysis by the Carbon Tracker Initiative (CTI) which suggested 82% of coal reserves must remain untouched if temperature increases are to be kept below 2C – the widely accepted threshold for dangerous climate change – was “realistic”.

Davey said it was not up to an energy minister to tell fund managers how to run their businesses, but added that it was vital to introduce regulatory transparency that would drive investors from fossil fuels to renewables. [Continue reading…]