Advocating for fossil-free and sustainable finance by other investors and all levels of government, including by promoting the importance of strong, long-term climate policies and demanding greater transparency. Fossil fuel investments are a risk for both investors and the planet, so we’re calling on institutions to divest from these companies. It recommended that the university divest from companies that "blatantly disregard the international effort to limit the rise in average global temperatures to not more than one and a half degrees Celsius above pre-industrial averages by 2050...These are fossil fuels companies whose actions are irreconcilable with achieving internationally agreed goals."[11]. By April 2015, the faculty group calling for divestment grew to 250,[96] the Harvard alumni club of Vermont officially voted to endorse divestment,[96] and Divest Harvard announced the creation of a fossil-free alumni donation fund that Harvard would receive conditional on divestment. Photos: Students call for UW to divest from fossil fuel companies A group of students and activists gathered Thursday to renew calls that UW-Madison divest from companies that profit from fossil fuels. [79], In October 2013, the Harvard Corporation formally announced that the university would not consider a policy of divestment. The guidelines include an endorsement of fossil fuel divestment, as well as encouragement to participate in the Season of Creation, an annual season for ecological action. [199][200][201] United Church Funds also established a denominational fossil-free fund (believed to be the first of its kind), which raised almost $16 million from UCC congregations, conferences, and other groups by late September 2014. In November 2019, students held a non-binding referendum in which 86% of those voting asked the university to divest by 2025 from the 200 coal, oil and gas companies holding fossil fuel … The Vatican Bank claims that it is not investing in fossil fuels with many other Catholic organisations. The Toronto Principle is a fossil fuel divestment strategy, which puts into action the aims set forth at the Paris Agreement in 2015. [67] Additional faculty signed on in the following weeks such that the total grew to 457 faculty signatories. When we began our work to develop Pittsburgh's third climate action plan, we realized that our pension fund is one of the most critical tools in advancing a just and clean energy transition, and one that is simply a good economic investment strategy too.”, Mayor of Vancouver, Kennedy Stewart said: “Bold climate action is urgently needed to address the serious threat of climate change and create the future we all want. Signatories, unveiled at a virtual Climate Week NYC event, include: Berlin, Bristol, Cape Town, Durban, London, Los Angeles, Milan, New Orleans, New York City, Oslo, Pittsburgh, and Vancouver. The University of Glasgow became the first university in Europe[3] to agree to divest from fossil fuels. [20], In 2013, fossil fuel companies invested $670 billion in exploration of new oil and gas resources.[21]. Goldman Sachs stated in January 2015 that, if oil were to stabilize at $70 per barrel, $1 trillion of planned oilfield investments would not be profitable. It will divest $70 billion pension funds and $13.4 billion endowments. Since the launch of the divestment movement by students in 2011, more than 1,110 investors with $9.94 trillion in assets have committed to divest. [60], Fossil Free Stanford is one of the highest-profile university divestment campaigns in the U.S. [66], In January 2015, a group of more than 300 Stanford faculty published a letter calling for full divestment, which garnered international attention. This page was last edited on 16 March 2021, at 06:19. [15] Bank of England governor Mark Carney, speaking at the 2015 World Bank seminar, has stated: "The vast majority of reserves are unburnable" if global temperature rises are to be limited to below 2 °C. [56][57], In March 2015, The Guardian launched the 'Keep it in the ground' campaign encouraging the Wellcome Trust and the Bill & Melinda Gates Foundation to divest from fossil fuel companies in which the foundation has a minimum of $1.4 billion invested. [6], Furthermore, according to the US Environmental Protection Agency, Earth's average temperature has risen by 0.78 °C (1.4 °F) over the past century, and is predicted to rise another 1.1 to 6.4 °C (2 to 11.5 °F) over the next hundred years with continued carbon emission rates. [22][23] The report spans the period 2008–2012 and notes that: "for all companies and all years, the economic cost to society of their CO2 emissions was greater than their after‐tax profit, with the single exception of ExxonMobil in 2008. It suggests that it is all institutions' responsibility to give life to the Paris agreement. investing in fossil fuels contributes to grave, substantial, and unnecessary harm and injustice; divesting from fossil fuels helps fulfill our moral responsibility to promote climate action; and. Fossil fuel divestment aims to reduce carbon emissions by accelerating the adoption of the renewable energy transition through the stigmatization of fossil fuel companies. "[124], A prominent speaker at the 5th annual World Pensions & Investments Forum held in December 2015, Earth Institute Director Jeffrey Sachs voiced for institutional investors to take their fiduciary responsibility in reducing the risk of losses via fossil fuel divestment.[125]. Divest-Invest Philanthropy is an international platform for institutions committed to fossil fuel divestment. [43] Tom Stayner, an activist from the EC, stated in the ANU student paper Woroni that: "He took some convincing, but the Vice Chancellor is showing leadership on this urgent issue. [114] The sit-in, which lasted 116 days, ended officially with an agreement with Vice President for Research Maria Zuber following negotiations about how to improve the Plan. [68] Signatories included a former president of the university, multiple department chairs, a vice provost, multiple Nobel Laureates, and members of all seven of the university's schools. The divestment campaign at the Australian National University is one of the longest running in the world and, while it has not yet achieved full fossil fuel divestment, it has had substantial wins, most notably in 2011 and 2014. Climate change is an urgent moral crisis, and our universities and institutions must take a stand. [74] In November 2012, a referendum on divestment passed at Harvard College with 72% support,[75] followed by a similar referendum at the Harvard Law School in May 2013, which passed with 67% support. [104], In November 2019, at the annual Harvard-Yale football game, over 150 Harvard and Yale students stormed the field at halftime to demand divestment and the immediate cancellation of holdings in Puerto Rican debt, delaying the start of the second half by over 45 minutes. 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Foremost, they argued that "targeted and principled divestment from companies in the fossil fuels industry that meet certain criteria...should be an important part of the University of Toronto’s response to the challenges of climate change. [218], On 30 April 2015, the Church of England agreed to divest £12 million from its tar sands oil and thermal coal holdings. In 2015, the University’s Resources Committee determined that a proposal to divest from fossil-fuel companies had not met the necessary criteria. [64][65] In 2016, the student body Presidents and Vice Presidents from both the 2016–2017 school year and the 2015–2016 school year published a letter calling for the university's leadership to represent the student consensus in support of fossil fuel divestment. Mayors recognize that these forward-thinking investment strategies have significant potential to create jobs, safeguard against climate risk, and facilitate a decisive shift to the clean energy economy. The fact that C40 cities are taking this ambitious step and actively promoting divestment sends an important political signal.”, Mayor of Bristol, Marvin Rees said: “We are committed to a sustainable, inclusive response to the climate emergency. ", Mayor of Durban, Mxolisi Kaunda said: “City Leadership is committed to invest in a fossil-free sustainable economy and Durban is ready to demonstrate that just transition.”. [18], In June 2014, the International Energy Agency released an independent analysis on the effect of carbon emissions controls. Mayor of London, Sadiq Khan said: “The climate emergency remains one of the biggest threats we face. Pham is part of UBC’s chapter of the climate activist group Extinction Rebellion, which pressured the school to promise to fully divest from fossil fuel companies in its $1.7-billion endowment fund. Philosopher and climate justice campaigner Alex Lenferna presents these three interlocking moral arguments in favor of fossil fuel divestment:[31], A study by the Smith School of Enterprise and the Environment at the University of Oxford found that the stigmatisation of fossil fuel companies caused by divestment can "materially increase the uncertainty surrounding the future cash flows of fossil-fuel companies. "[111], Following the campus-wide conversation, on 21 October 2015, President L. Rafael Reif announced the MIT Plan for Action on Climate Change. [38], From half a dozen college campuses in 2011, calling on their administrations to divest endowments from coal and other fossil fuels and invest in clean energy and "just transition" strategies to empower those most impacted by environmental degradation and climate change, the campaign had spread to an estimated 50 campuses in spring 2012. [103] Following Heat Week, Divest Harvard carried out an unannounced one-day civil disobedience blockade of the Harvard president's office in protest of continued lack of action by the Harvard administration. Calling on pension funds to divest from fossil fuel companies and increasing financial investments in climate solutions to help promote decent jobs and a just and green economy. “Our declaration makes a clear statement: if we’re serious about a sustainable, just, and prosperous future, we have to put our money where our mouth is, remove public dollars from companies harming the Earth, and power our cities with bold investments in low-carbon industries.”, Governing Mayor of Berlin, Michael Müller said: “Pulling out of climate-damaging and ethically problematic investment strategies is a key step in the transition to a sustainable economy. [127], On November 23, 2019, at the annual Harvard-Yale football game, about 200 supporters of divestment took over the field to protest Harvard and Yale's inaction on divestment, disrupting game play for about 30 minutes. ; Fossil Free MIT webpage", "Timeline: Creation of MIT Plan for Action on Climate Change", "Report of the MIT Climate Change Conversation Committee: MIT and the Climate Challenge", "MIT's Climate Plan doesn't add up. Pressure for Tufts to divest from fossil fuel companies is not just a recent occurrence. 350.org is an international environmental organization encouraging citizens to action with the belief that publicizing the increasing levels of carbon dioxide will pressure world leaders to address climate change and to reduce levels from 400 parts per million to 350 parts per million. Those students have done a remarkable job in garnering overwhelming student support for divestment, and the faculty too have delivered a strong message. "[22]:4,5 The paper suggests: This hidden or externalised cost is an implicit subsidy and accordingly represents a risk to those companies. [102] The Harvard administration avoided engaging with the protest. It is clear the transition to a clean energy future is inevitable, beneficial and well underway, and that investors have a key role to play. 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Fuels in response to injustice is what Mahatma Gandhi termed `` passive resistance '' analysis the! Companies cultivate sponsorship relationships to help create a ‘ social licence to operate ’ as C40 we!, divest from fossil fuel companies, and our universities and institutions against companies that are involved... With this industry [ 27 ], the outcome of the world 's first to!, 350.org launched their go fossil Free Stanford is one of the renewable energy Council both...
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