Fossil fuel divestment

removal of investment in companies involved in extracting fossil fuels to reduce climate change

Fossil fuel divestment is the removal of investments from companies involved in extracting fossil fuels, in an attempt to reduce global warming by tackling its main cause.

Keep it in the ground.
System change not climate change.
Growth of en:Fossil fuel divestment, 2011-2020: approximate cumulative number of institutions committed to some form of divestment and approximate cumulative assets represented by these institutions.

QuotesEdit

  • I think this is part of a process of delegitimising this sector and saying these are odious profits, this is not a legitimate business model.
  • This Agreement [...] aims to strengthen the global response to the threat of climate change, [...] including by [...] Holding the increase in the global average temperature to well below 2 °C and [...] Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.
  • 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.
  • We need to rapidly shift away from our dependence on fossil fuels. [...] Nothing less than our future and the fate of humankind depends on how we rise to the climate challenge.

2020Edit

  • The UK government’s overseas development bank has bowed to calls to end fossil fuel financing abroad by promising to invest only in companies that align with the Paris climate agreement. The CDC Group revealed its new climate strategy, which will end support for the most polluting fossil fuel projects, including the production of oil and coal, and channel almost a third of its spending towards climate finance. The publicly owned investor, which supports job-creating sectors in Africa and south Asia, will end financing for coal mining, and oil and gas production, as well as new or existing power plants and refineries that use coal or heavy oil. The UK government is under growing pressure to end its support for overseas fossil fuel projects after campaigners revealed that more than £3bn in public money was used to support polluting projects abroad since the Paris climate agreement was signed...
  • The UK’s biggest pension fund, the government-backed National Employment Savings Trust (Nest) scheme with nine million members, is to begin divesting from fossil fuels in what climate campaigners have hailed as a landmark move for the industry. The fund will ban investments in any companies involved in coal mining, oil from tar sands and arctic drilling. But the move puts Nest – a public corporation of the Department for Work and Pensions – potentially at odds with the current pensions minister, Guy Opperman, who earlier this month condemned divestment as “counter productive”. Nest, which handles much of the pensions of workers saving under the government’s “auto enrolment” scheme, will shift £5.5bn into “climate aware” investments as it anticipates a green economic recovery from coronavirus.

PeopleEdit

See alsoEdit

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