1. An investor can focus on excluding either 1) the companies or industries that contribute to the supply of fossil fuels such as oil and coal companies, or 2) industries that are significant contributors to the demand for fossil fuels such as coal-powered utilities. Organizations like Carbon Tracker have analyzed fossil fuel use and created a list of the 200 worst offenders. In our experience the decision on what to divest reflects an organization's or individual's views. Aperio Group has implemented a wide range of divestment screens but for the purposes of this paper, we kept it simple and most easily replicable by using a GICS exclusion focused on an industry that contributes most heavily to the supply;There are numerous ways to divest from fossil fuels