Irelands landmark fossil fuel divestment bill passed the seanad, or upper house, putting the emerald isle on track to become the first country in the world to divest from fossil fuel related funds. It is recognised across the world that global temperatures must remain no more than 2c higher than in preindustrial times if climate change is not. Mar 04, 20 the fossilfuel divestment campaign now sweeping americas college campuses is a window onto much that is wrong with our culture and our politics. Its now a rapidlygrowing global movement that has transformed the narrative around keeping fossil fuels in the ground. As glasgow becomes the first university in europe to divest from fossil fuels, we take a look at the key moments in the movements history. Children are likely to suffer most from our fossil fuel addiction by perera, frederica p. Despite ongoing calls for major business and policy players to go fossil fuel free in canada, federal environment and climate change minister catherine mckenna said the divestment movement is not her focus. Most campaigns use this list of the top 200 fossil fuel companies by reserves while others are asking institutions to divest entirely from fossil fuels. You may not have heard of the fossil fuel divestment movement yet, but you will soon. Welcome to fossil free pcusa, a project of presbyterian peace fellowship.
Mrti stressed its more than 30year history of corporate engagement and the importance of following a process of focused corporate engagement on climate change issues, with possible divestment down the road if that process did not produce acceptable results. Learn about membership options, or view our freely available titles. City by city, town by town were building a movement to take back power from the fossil fuel industry, and build an energy system that works for all. Beyond affecting fossil fuel companies bottom lines, the divestment campaign stigmatizes them by highlighting their leading role in climate change, generating public support for their censure in the process. The book will be a valuable resource for energy and climate decisionmakers. Here, in a sentence, is the moral case for fossil fuels, the single thought that can empower us to empower the world.
In response the college examined ways of continuing to achieve good investment returns while restricting, as far as possible, exposure to fossil fuel holdings working with its investment committee and key fund managers, and in. Does fiduciary duty prevent fossil fuel divestment. Fossil fuel divestment also helps to level the playing field for renewable energy, according to the environmental advocacy group. Fossil fuel divestment act 2018 irish statute book. It is the fastestgrowing divestment campaign in history and could cause significant damage to coal. Over the past three and five years, respectively, global stock indexes without fossil fuel holdings have outperformed otherwise identical indexes that include fossil fuel companies.
Fossil fuel divestment or fossil fuel divestment and investment in climate solutions is an attempt. Divestment from fossil fuels escalated, with new campaigns established in europe, australia, and new zealand. Its been less than 5 years since the idea of fossil fuel divestment first took hold. A history of fossil fuels in colorado by lee scamehorn university press of colorado, 2002. Georgetown announces fossil fuel divestment, students. Apr 23, 20 earth day and fossil fuel divestment by oped on april 23, 20 earth day is a time to celebrate our planet and reflect on how our personal choices have an impact on the world around us. Regarding fossil fuels, the divestment campaign is the fastest growing climate justice campaign in history. Dont just divest, reinvestfrom fossil fuels to a healthy. The movement to divest from fossil fuels gains momentum. Georgetown announces fossil fuel divestment, students across. Harvard faculty vote, governing board divestment harvard.
Divestment is one of the most surefire ways to hit the big banks and fossil fuel companies where it hurts, and one of the most important individual actions we can take to tackle climate change. An introduction to fossil fuel divestment what is the. Wma statement on divestment from fossil fuels wma the. The complete guide to divestment climate conscious medium. Seventyeight of the uks 154 public universities have joined the divestment campaign, either divesting or pledging to divest hundreds of millions from the fossil fuel industry.
This is one for the divestment history books, friends. While the fossil fuel campaign is the fastest growing divestment movement in history. For instance, as the participants noted, divestment transfers shareholder prerogatives to another party, reducing the ability to influence the choices of fossil fuel companies. Solutions to the climate crisis, penguin books, 2015, pages 224225 isbn 9780141981048.
An emotional charge that hits you in the gut we need inyourface cause and effect. The financial case for fossil fuel divestment ieefa. The financial case for fossil fuel divestment is strong. Apr 28, 2017 according to data from, an organisation that campaigns for divestment, more than 700 large investors have committed to cutting their exposure to fossil fuels in recent years. It has been fully divested from fossil fuels since its inception, and investments in this portfolio help generate support for the sierra club and its work.
Pu group calls for fossil fuels divestment by donald gilpin responding to reports on the increasingly devastating effects of climate change, a group of princeton university students and alumni have called on the university to withdraw its investments entirely from the fossil fuel industry. Ireland to become worlds first country to divest from fossil. Divestment campaigns exist at the universities of toronto, mcgill, victoria and simon fraser, among others. The student group divest princeton joined with peers at about 60 college campuses around the world to protest university investments in fossil fuel companies on fossil fuel divestment day, feb. What should she do, she asked me, instead of supporting divestment. Catholic institutions announce fossil fuel divestment the. Oct 03, 2016 the campaign to divest from fossil fuels is the fastest growing divestment campaign in history, according to a report by the university of oxford. Catholic institutions announce fossil fuel divestment. Apr 25, 2017 an energy revolution is under way with farreaching consequences for nations, companies, and the way we address climate change low oil prices are sending shockwaves through the global economy, and longtime industry observer dieter helm explains how this and other shifts are the harbingers of a coming energy revolution and how the fossil fuel age will come to an end. The fossilfuel divestment movement is the fastest growing divestment movement in history, according to a study from the university of oxford. In 2014, a cnn host described whats missing from our national conversation about climate change. The endgame for fossil fuels and millions of other books are. Fortunately, the fossil fuel divestment movement has not harmed producers. As noted by the 65th world medical assembly in durban in 2014, physicians around the world are aware that fossil fuel air pollution reduces quality of life for millions of people worldwide, causing a substantial burden of disease, economic loss, and costs to health care systems.
Mit hosts debate on pros and cons of fossilfuel divestment. The fossil fuel divestment movement is the fastest growing divestment movement in history, according to a study from the university of oxford. The first fossil fuel divestment campaign launched at swarthmore. Half of uk universities have committed to divest from. May 15, 2016 the profile, size and rate of divestment is rapidly increasing, and not only is the fossil fuel divestment movement helping to draw attention to the moral urgency of acting on climate change and moving beyond fossil fuels, it is also drawing significant public attention to the carbon bubble and the financially unsustainable nature of the fossil. Higgins for signature, where it will likely become law by the end of the year, according to the irish times.
Fossil fuel divestment balliol college, university of oxford. Divestment allows us to divert more capital to fund development of renewable energy projects that will play a vital role in the transition away from fossil fuels part of the longterm solution required to prevent the most dangerous effects of climate change, michael barry, georgetowns chief investment officer, said in a statement. Studentled divestment campaigns have successfully targeted the fossil fuel industry. Over the past two years the global divestment movement has shown the very real path to a sustainable, fossil free future. Fossil fuel divestment groups urging the two universities to stop investing in companies producing fuels like coal, oil and natural gas organized the protest. Jan 27, 2020 concerned about climate change and the role fossil fuels play in it, balliols students asked the college to consider divesting from fossil fuel companies. While the demands of the fossil fuel divestment movement vary, the most.
Pu group calls for fossil fuels divestment town topics. If there is a single book that could inspire and inform a global mobilization movement to divest from fossil fuels, it is unprecedented. A concise primer on the history of global energy economics, politics, and diplomacy. Why university students are uniting for divestment this. And so, this fight around divestment, around things like keystone, putting ourselves in the way of every new fossil fuel expansionwhat weve been calling a fossil freezeis absolutely crucial. Fossil fuel divestment wikipedia republished wiki 2. The divestment effort has now spread to over 500 universities, cities, states, religious institutions, and foundations around the world. Hollywood joins the fossil fuel divestment movement. We are committed to providing these videos to you free of ads. Sep 10, 2019 activists for fossil fuel divestment say it is one way to reduce carbon emissions by pressing investors to get rid of shares, bonds or other assets in those companies. The fate of americas freeenterprise systemlong the engine of our prosperity and securitynow hangs on a generation increasingly skeptical of the systems premises. Up needs to divest, because the fossil fuel industry is everything that sustainability is not. Why university students are uniting for divestment this week. There have been a handful of successful divestment campaigns in recent history, including those targeting violence in darfur, tobacco advertising, and others, but the largest and most impactful.
As of early january, half of the united kingdoms universities had committed to divestment from fossil fuel interests. Search the history of over 424 billion web pages on the internet. Ireland made history july 12 when it became the first country in the world to pass a bill committing the country to the divestment of all of its holdings in fossil fuel companies. Consumers gravitate toward energies that are most affordable, reliable and ubiquitous. Gods call to love all creation directs us to be good stewards of the earth and to live lives that are sustainable. Catholic church to make record divestment from fossil fuels. Changing the course of history is a big undertaking, and no one can or should run the show by. In front of frist campus center, members read aloud their proposal, which includes divest princetons demands.
In just one decade, the demand for fossil fuel divestment, once perceived as a lonely clarion call, has become a common sense response to the climate crisis. Jewish groups push back in fight for divestment from fossil. Divestment advocatesincluding thomas pringle, the irish parliament member who introduced a successful bill to divest all of irelands public funds from fossil fuels. By 2015, fossil fuel divestment was reportedly the fastest growing divestment movement in history. Activists for fossil fuel divestment say it is one way to reduce carbon emissions by pressing investors to get rid of shares, bonds or other assets in those companies. This recording includes parts of a public forum held 4112014 at the alcott school, concord, massachusetts, to discuss reasons for fossil fuel divestment by the town itself as well as all caring people with money invested anywhere. Earth day and fossil fuel divestment the stanford daily. A new mobilization book for the fossil fuel divestment.
On the ethics of fossil fuel divestment a response to. Sep 14, 2018 divestment advocatesincluding thomas pringle, the irish parliament member who introduced a successful bill to divest all of irelands public funds from fossil fuels, father paul moonjely, the. Seattle can still lead in fossilfuel divestment the. In 20, responding to student and alumni demands that harvard divest from fossil fuel companies, drew gilpin faust, then the president of harvard, favored engagement over withdrawal. The total list now includes the university of glasgow, soas, university college london, and the universities of york, liverpool and exeter. It is the latest decision from a canadian university to reject calls for divestment from fossil fuel. Fossil fuel divestment is a fools errand that works against the natural preferences of the great masses. The term fossil fuel divestment, of course, is more than a little reminiscent of another idealistic movement that many thought had little chance of success when it launched decades ago. Find out more about eirs range of open access books here. Nov 23, 2018 irelands landmark fossil fuel divestment bill passed the seanad, or upper house, putting the emerald isle on track to become the first country in the world to divest from fossil fuel related funds. Mar 30, 2017 fossil fuel divestment is a fools errand that works against the natural preferences of the great masses. Mrti, however, did not support fossil fuel divestment in 2016. Featured texts all books all texts latest this just in smithsonian libraries fedlink us.
The campaign to demand divestment from fossil fuel stock emerged from nowhere in late fall to suddenly become the largest student movement in decades. A fossil fuel is a fuel formed by natural processes, such as anaerobic decomposition of buried dead organisms, containing energy originating in ancient photosynthesis. New call for fossilfuel divestment princeton alumni weekly. U of t rejects recommendation to divest from fossil fuels. According to data from, an organisation that campaigns for divestment, more than 700 large investors have committed to cutting their exposure to fossil fuels in recent years. Divestment seeks to fight climate change as well as.
Log in you must be logged into bookshare to access this title. She had read and studied my arguments against ffd and claimed to appreciate the different sides of the argument. Hollywood joins the fossil fuel divestment movement william f. Ireland to become worlds first country to divest from. Pdf the power of fossil fuel divestment and its secret. A beginners guide to fossil fuel divestment environment. A student of history and journalism from the university of montana recently wrote to me about climate change and fossil fuel divestment ffd. The board is composed of 30 harvard alumni who sit for sixyear terms. An introduction to fossil fuel divestment cleantechnica. Bnef, 2019, we have also reached historical highs in funding of fossil fuels ey.
The fossil fuel divestment movement within universities. Such organisms and their resulting fossil fuels typically have an age of millions of years, and sometimes more than 650 million years. The campaign to divest from fossil fuels is the fastest growing divestment campaign in history, according to a report by the university of oxford. We continue to be faithful through our individual and collective actions that reduce our dependency on fossil fuels and we continue to encourage divestment from. A short history of the fossil fuel divestment campaign. Theres a popular saying in the studentled fossil fuel divestment movement, that divestment is the tactic, climate justice is the goal. They forced the game to be finished in darkening conditions, because the yale bowl has no stadium lights. Francis, four catholic institutions similarly announced their intent to divest from fossil fuels. Complete and swift divestment of all university assets from fossil fuels. This guide will help you get started running a fossil fuel divestment campaign on your campus. Fossil fuel divestment feeds the energy miracle from tom sanzillo, director of finance, institute for energy economics and financial analysis, kingston, ny, us.
Growing number of pension funds divest from fossil fuels. Fossil fuel divestment campaigns emerged on campuses in the. Mckibben launched the divestment movement with a july 2012 article in rolling stone, global warmings terrifying new math, which. The student group divest princeton joined with peers at about 60 college campuses around the world to protest university investments in fossilfuel companies on fossil fuel divestment day, feb. Climate change health hazards from fossil fuel related greenhouse gas pollution highlight the social and environmental issues facing catholic health care that divestment can, in part, remedy. Feb 23, 2020 in 20, responding to student and alumni demands that harvard divest from fossil fuel companies, drew gilpin faust, then the president of harvard, favored engagement over withdrawal.
The global fossil fuel divestment and clean energy investment movement, december 2016, arabella advisors. Adopted by the 67 th wma general assembly, taipei, taiwan, october 2016. This includes 78 of the uks 154 public universities. In november, hundreds of harvard and yale students stormed the field during the two schools annual football game to demand the institutions divest from fossil fuels. Fossil fuel divestment folkrocks richie unterberger. The university of california system announced it would divest last september, and more than 1,000 other institutions around the world have committed to divestment in recent years as georgetown students and faculty were. Our student team at divest umaine took this idea seriously, but it was often hard to know how to put it into practice. The divestment movement to combat climate change is all grown. In other words, divestment threatens to compromise and shrink university endowments. The economic geography of fossil fuel divestment, environmental.
Franta, in an article in the harvard crimson, as a reference to the university of torontos fossil fuel divestment process. The divestment movement to combat climate change is all. As a unionowned bank, amalgamated bank works with clients seeking to divest from carbon risks and instead invest in positive impact investments, which include climate solutions and a just. You may not have heard of the fossilfuel divestment movement yet, but you will soon. The fossil fuel divestment movement is the apartheid of this generation, proclaimed natural investments planner michael kramer in the januaryfebruary. Frances biggest bank shuns oilsands national observer. Not only that, but theyre going even further with a broader plan of action for sustainability. The toronto principle is a fossil fuel divestment strategy, which puts into action the aims set forth at the paris agreement in 2015. A recent study by the university of chicagos daniel r. Ireland adopts 100percent fossil fuel divestment strategy.1108 5 1414 1266 908 1164 350 42 1062 969 233 1349 1051 1104 1265 1364 47 986 283 1267 313 832 393 1383 447 31 1280 795 125 260 566 1047 1485 754 1317 927 6 15 1283 116 430 323