The “writing is on the wall” for the fossil fuel sector as more than 500 cities, banks, universities, and museums across the globe, representing over $3.4 trillion in total assets, have now pledged to pull their funds from polluting industries.

“A growing number of investors representing a growing amount of capital do not want to be associated with this industry any longer,” declared May Boeve, executive director of the climate campaign organization 350.org, speaking at an event Wednesday at the United Nations COP21 climate summit in Paris.

She said that oil, gas, and coal are now considered “rogue” industries and these financial commitments “demonstrate that investors are taking climate risk very seriously.”

Because of the varying degree of disclosure, it is unclear precisely how much has been divested from the industry, though Boeve explained that standard portfolios contain 3.7 percent of investments in fossil fuels.

In the just over three years since 350.org co-founder Bill McKibben proposed the campaign in his landmark July 2012 Rolling Stone article, fossil fuel divestment has surged. 

In the ten weeks leading up to the Paris summit, more than 100 institutions pledged either full or partial divestment from one or more of the fossil fuel industries. On Wednesday, 19 French cities including Lille, Bordeaux, Dijon, Saint-Denis, Rannes, and Ile-de-France joined the swelling ranks of cities worldwide who are shifting their capital away from fossil fuels and towards renewable energy. 

And on November 25, the French National Assembly took the first step towards formalizing the policy as law by adopting a resolution encouraging public investors, companies, and local authorities not to invest in fossil fuels anymore.