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Page added on June 20, 2018
How $6 Trillion of Fossil Fuel Investments Got Dumped Thanks to Green Campaigners
It has become one of the fastest growing political campaigns in human history, surpassing similar battles against the tobacco industry and the fight against apartheid in South Africa. Its logic is simple: the only way to avoid climate change and dangerous levels of greenhouse gases in the atmosphere is for most fossil fuel reserves to stay in the ground.
Campaigners launched the fossil fuel divestment campaign in the early 2010s. Their argument was that you curb consumption of fossil fuels if you stop investing in the companies involved in extracting and burning them. Create a significant enough stigma, they argued, and this issue will shoot up the political agenda.
In the past five years or so, investment funds, public institutions and individuals have duly divested around US$6.15 trillion (£4.6 trillion) of fossil fuel assets. It has helped that the campaign attracted a number of prestigious institutions early on, including the British Medical Association, University College London, University of California, the Church of England and the World Council of Churches (representing more than a half billion Christians globally).
The campaign gained further traction after a London-based think tank argued that fossil fuels were in any case a bad investment because the true costs of environmental damage had not been priced in and that at some point there would be a severe correction.
The battle is far from over, however, as demonstrated by the recent decision of the Church of Scotland not to divest. One of the cornerstones of European faith, whose teachings have helped shape everyone from Robert Burns to Rupert Murdoch, its annual general assembly held an impassioned two-hour debate on whether to remove oil and gas stocks from its £443m investment fund.
The high road
The Church of Scotland has form in this regard: it had already divested its coal and tar sands investments two years earlier. Ahead of the latest debate, its official general assembly report summarised the issue as follows:
It is deeply uncomfortable for the Church, as a caring organisation concerned about climate justice, to continue to invest in something which causes the very harm it seeks to alleviate.
While we have profited from oil and gas exploration in the past, we now understand that financing the future exploration and production will take us away from fulfilling the Paris Agreement and delay the transition to a low carbon economy.
Church of Scotland general assembly. Rowan Gard
Yet the approximately 1,000 commissioners attending the General Assembly Hall on the city’s Mound, next to Edinburgh Castle, narrowly disagreed: 47% in favour and 53% against. Coming from a nation which already gets most of its electricity from renewable sources, and whose government has indicated the end is in sight for fossil fuel vehicles on the roads, it was undeniably a disappointment.
Representatives were persuaded that it was better to stay invested and seek to influence better behaviour than to pull out altogether. Reverend Jenny Adams, who had brought the motion in the first place, argued that all the evidence suggests oil and gas companies have little intention of changing quickly enough to satisfy the Paris agreement. She said:
There is a need for climate emissions to peak by 2020 and if we just keep talking, too much time passes and change is not coming fast enough.
She is surely right about this. There may be traditional wisdom in engaging with fellow shareholders and board members on matters pertaining to large companies, but the church’s decision looks naïve in relation to this sector.
To give just one example, consider that approximately 94% of shareholders of the oil giant Royal Dutch Shell voted last year and again this year to reject emission targets that would comply with the Paris climate accord, as it was deemed “not in the best interest of the company”. How do you persuade a bloc like that to change its mind?
Amen corner
While the Church of Scotland’s decision to sidestep divestment may have been a setback to the movement, there have been recent successes, too. The Church of Ireland committed to divest its fossil fuel assets earlier in May, while an international coalition of Catholic institutions, including the Scottish Catholic International Aid Fund, pledged in April to divest investments totalling £6.6 billion.
The movement speaks. Rowan Gard
Municipal administrations including New York and Paris are also divesting from fossil fuels and shifting their investments towards renewable energy sources – evidence that the global divestment is making an impact on public policy.
This certainly seems prudent, as newly published research suggests that the “carbon bubble” could “burst” in the next two decades as demand for fossil fuel energy falls despite population increases and burgeoning global economic growth.
The study projects that the global fossil energy demand will drop by as much as 40% by 2050. If that comes to fruition, it would mean containing global warming levels to 1.5 °C, which is the aspirational goal of the Paris climate accord.
That would be great news for environmentalists, most especially for those living on the front lines of climate change such as in the Pacific, less so for investors in fossil fuel businesses – Presbyterian or otherwise. It’s a strong signal that this global divestment movement may still be a long way from its peak.
173 Comments on "How $6 Trillion of Fossil Fuel Investments Got Dumped Thanks to Green Campaigners"
GregT on Thu, 21st Jun 2018 9:46 pm
“Sot.net..That is the biggest conspiracy loon sit..I am done..I want to leave this planet (Shoots himself)..”
Before you off yourself MM, you might want take into consideration what the Jewish Anti-defamation League (ADL) has to say on the subject. Or not. You could always choose to die completely clueless as well
https://www.prnewswire.com/news-releases/anti-defamation-league-adl-and-other-jewish-groups-condemn-tymoshenko-and-indirectly-clinton-for-having-legitimised-anti-semitic-party-in-ukraine-176951521.html
GregT on Thu, 21st Jun 2018 9:49 pm
And MM,
Nighty night buddy, we’ll chat more in the morning.
🙂
MASTERMIND on Thu, 21st Jun 2018 9:52 pm
Greg
I never said I had a higher IQ than you..I don’t know what my IQ is and I don’t really care..I know I have an above average intelligence because people I meet often compliment me on it..Like for example, I had a doctor’s apt for a standard check up last year..And my doctor asked me during the check up if I had read any good books lately..I think he had it saved on his computer that I enjoyed reading..But I told him I was reading “Critical transitions in nature and society” and “Falling states, collapsing systems”..And he got curious and looked up the titles on his computer..And he goes “Wow, MM these are the type of books a college professor would be reading”..Not kidding he compared my reading level to that of a college professor..So when you and madkat try to insult me i could care less..When you have people tell you how smart you are the way they do me..
Makati1 on Thu, 21st Jun 2018 9:59 pm
MM doesn’t know where he lives, except it is below ground and someone brings him meals at certain times of the day, does his laundry and cleans once a week. He thinks it is his mom, but…he isn’t sure.
GregT on Thu, 21st Jun 2018 10:00 pm
“I know I have an above average intelligence because people I meet often compliment me on it”
Having a high level of intelligence is a curse MM. It’s not something that other people generally compliment you on.
Makati1 on Thu, 21st Jun 2018 10:03 pm
Oh, is that person who tells you that you are “smart” you mom or your mentally handicapped girl friend? Or both? Who ever it is has to have a lower I! that aa chimp to consider you Smart”. Maybe you are a “smart ass”, but then we all know that.
Makati1 on Thu, 21st Jun 2018 10:04 pm
..lower IQ than a chimp…
MASTERMIND on Thu, 21st Jun 2018 10:18 pm
Madkat and greg
Did a doctor ever compare you to a college professor at age 30?
MASTERMIND on Thu, 21st Jun 2018 10:19 pm
Clogg
Tesla to close a dozen solar facilities in nine states – documents
https://www.reuters.com/article/us-tesla-solar-exclusive/exclusive-tesla-to-close-a-dozen-solar-facilities-in-nine-states-documents-idUSKBN1JI013
Ouch, You better find a new hoarse to plug..This one died at the gate..
LMFAO!
MASTERMIND on Thu, 21st Jun 2018 10:46 pm
Orlando Airport to scan faces of all international passengers, including U.S. citizens
https://www.upi.com/Top_News/US/2018/06/21/Orlando-Airport-to-scan-faces-of-all-international-passengers-including-US-citizens/4261529632635/?utm_source=dlvr.it&utm_medium=twitter
GregT on Thu, 21st Jun 2018 10:47 pm
“Did a doctor ever compare you to a college professor at age 30?”
My wife looks to me every day for guidance and support MM.
GregT on Thu, 21st Jun 2018 10:54 pm
“Orlando Airport to scan faces of all international passengers, including U.S. citizens”
Geez, what next? Monitoring the Internet? Nah, that’ll never happen. They obviously stopped doing that with Usenet.
GregT on Thu, 21st Jun 2018 10:56 pm
FTP was so much more difficult to monitor than HTTP, and the computers back then were much more powerful.
LOL
GregT on Thu, 21st Jun 2018 11:30 pm
What next? Retina scanners? We could be looking at police state if that ever happens MM.
How do you do a double ‘LOL’ MM?
Makati1 on Thu, 21st Jun 2018 11:37 pm
MM is in denial. The Us Police State is soooo obvious to anyone with two working brain cells. BTW: I few into the Orlando International Airport last month. I didn’t notice anything different then O’Hare which I had just transited thru a few hours earlier. The came “security” bullshit, drug dogs, X-rays, cameras, belt, shoes, empty pockets, etc. You know when you are in the Us.P.S. LOL
GregT on Thu, 21st Jun 2018 11:47 pm
MM isn’t overly bright Mak. If he was, he would be trying to learn from other people’s experiences, instead of trying to reinvent the wheel.
Makati1 on Thu, 21st Jun 2018 11:49 pm
A college professor: Someone who never held a real job but professes to know all about it.
“Those who cannot do, teach”.
A character quote from a SF novel by R.A. Heinlein defined PhD as: “Piled higher and Deeper”. I don’t think he mean brains. Something from the other end, I am sure. ^_^
MASTERMIND on Thu, 21st Jun 2018 11:53 pm
Greg
All I know is that if your location is really as good as you say it is..the chances are some powerful forces will want to take it from in the near term..For the reasons you choose it..I bet right when the oil starts to run out and things start to go sideways..either the US government or Canadian government or someone else will come and take your land..by any means necessary..And they will likely have a heads up on when shit will be hitting fans so they will hit your little group when you are asleep..
MASTERMIND on Thu, 21st Jun 2018 11:59 pm
Greg
No doctor has ever compared you to a college professor..but you have been compared to a tin foil hat whack job..so at least you got that going for ya! And your hairy wife looks up to ya! wheres the beef she says? LOL
LMFAO!
GregT on Fri, 22nd Jun 2018 12:12 am
“All I know is that if your location is really as good as you say it is..the chances are some powerful forces will want to take it from in the near term..”
If that’s all you know MM, then you obviously know very little.
GregT on Fri, 22nd Jun 2018 12:21 am
“No doctor has ever compared you to a college professor..but you have been compared to a tin foil hat whack job..so at least you got that going for ya! And your hairy wife looks up to ya! where’s the beef she says? LOL
You aren’t exactly making yourself look any more intelligent than you already have MM, but I have no doubt that you’ll continue to expose how stupid you really are.
Makati1 on Fri, 22nd Jun 2018 12:46 am
He keeps pointing out his ignorance, Greg.
Does he have any idea how big Canada is? Canada is #2 in size and bigger than the Us which is #4 behind #3 China. Russia is the largest, of course. He wants us to believe that there will be government zombies swarming all over the place after. Those must be powerful drugs he is taking. lol
GregT on Fri, 22nd Jun 2018 1:19 am
He keeps talking about government lockdown Mak.
What he doesn’t seem capable of understanding is that government lockdown requires a massive military expenditure, and that the US has the largest military expenditure of any country in the world, by far.