$3.4 Trillion: Fossil Fuel Divestment Commitments Break New Record
The fossil fuel divestment campaign has broken a new record at COP21: More than 500 institutions representing more than $3.4 trillion in assets have made some form of divestment commitment according to 350.org and Divest Invest, two organizations coordinating the growing movement.
The new numbers are another impressive leap for the divestment effort, although campaigners are quick to point out that some of the commitments are only partial divestments and the $3.4 trillion represents the total amount of assets represented by institutions, not the amount of money divested, which is difficult to track due to varying degrees of disclosure.
Today’s announcement is another sign in the early days of the Paris climate summit that investors are reading the writing on the wall and dramatically shifting capital away from fossil fuels and towards clean, renewable energy.
On Monday, Bill Gates and a group of investors announced the launch of a multi-billion dollar private sector coalition, Breakthrough Energy Coalition, to accelerate clean energy innovation. Other voices, including many of the world’s most vulnerable countries, are demanding that the Paris agreement send a clear signal that the age of fossil fuels has come to an end and the dawn of renewables is irreversible.
The institutions that have joined the fossil fuel divestment campaign hope that their actions can push governments to follow suit by shifting public finance from fossil fuels to climate solutions. Many are calling on governments to specifically make good on their promises to end fossil fuel subsidies and fulfill their climate finance commitments.
In September 2014, 181 institutions representing $50 billion in assets had made a divestment commitment. On Sept. 21, during Climate Week in New York City, 350.org and Divest-Invest announced the number had jumped to 400 institutions representing $2.6 trillion under management and launched a “Divest for Paris” initiative to garner new commitments ahead of COP21. In the intervening 10 weeks between then and today, more than 100 institutions made new divestment commitments.
Organizers will announce a series of new divestment announcements and endorsements Today, including:
- 19 French Cities have endorsed divestment ahead of COP21: 350.org will announce for the first time that they have secured commitments from 19 French cities, including Lille, Bordeaux, Dijon, Saint-Denis, Rannes, Ile-de-France and others.
- The French parliament has endorsed divestment: On Nov. 25, the French National Assembly adopted a resolution encouraging public investors, companies (especially those in which the states owns shares) and local authorities not to invest in fossil fuels anymore. The resolution is the first step to formalizing the policy as law.
- The French Ensemble Foundation will join European Divest-Invest: Jacqueline Délia Brémond, Co-founder and Co-Chair will announce that the foundation will join the European Divest-Invest initiative and divest their holdings from fossil fuels. Since 2004, the foundation has given over $28 million to environmental causes around the world.
Some of the most notable new announcements since Sept. 21 include:
- Uppsala became the largest city in Sweden to endorse fossil fuel divestment.
- Münster became the first city in Germany to divest completely from fossil fuels.
- Melbourne, the capital of Australia, committed to go fossil free ahead of COP21. In fact, Australia has seen a seven-fold growth in the divestment movement, from two councils divesting in 2014, to 14 divesting as of now. Together, these funds represent AUD $5.5 billion in assets under management.
- Oslo, the capital of Norway, announced that it will divest its $9 billion pension fund (€8 billion) from coal, oil and gas companies, becoming the first capital city in the world to ban investments in fossil fuels.
- Dutch pension fund PFZW announced it will divest from coal companies and reduce its investments in other fossil fuel companies. The fund has €161 billion of assets under management.
- London School of Economics, one of the preeminent economics schools in the world, dropped all its direct and indirect holdings of coal and tar sands and all direct holdings of fossil fuel companies.
- Allianz, Europe’s largest insurance company, divested €630 million of their own capital investment portfolio from coal and are reinvesting over €4 billion into wind energy over the next six months. This is one of the largest funds to make a commitment to divest from fossil fuels. Allianz tied their announcement to COP21, making the moral and economic case for investing in cleaner technologies.
- APRA AMCOS, the biggest music industry organisation in the southern hemisphere announced that it is beginning the process of divesting from all fossil fuels. APRA AMCOS distributed over $250 million in royalties to its 87,000 songwriter and composer members last year, making it a large cultural force for divestment.
- London Science Museum announced plans to dump Shell Oil as a sponsor, amidst controversy and public pressure.
- In addition to the London School of Economics 5 Universities from the UK took action: Oxford Brookes University, University of the Arts London, University of Surrey and University of Sheffield divested from all fossil fuel companies; Wolfson College (Oxford university) divested from coal and tar sands. Fund manager CCLA, which manages investments for Birmingham City University, Cranfiled University, Heriot-Watt University, University of Hertfordshire, University of Portsmouth, University of Westminster excluded coal and tar sands from its investments.
- The first church in Germany, the Protestant Church in Hesse and Nassau, managing €1.8 billion, committed to drop investments in coal, oil and gas too.
- Two weeks ago, renowned economists Thomas Piketty and Tim Jackson wrote a letter in The Guardian, calling on investors to divest from fossil fuel ahead for the COP21.
The commitments vary in their exact language and some are only partial divestment commitments or just apply to a particular fossil fuel, such as coal or tar sands. At many institutions on the list, activists are still pushing for more action. The top line number refers to the number of assets under management by the institutions that have made a commitment, not the amount of money directly removed from fossil fuels. The goal is to demonstrate that a growing number of significant institutions are either reducing their carbon risk, taking a moral stance on fossil fuels, increasing investments in climate solutions or all of the above.
The announcement event today at COP21 included the following speakers: May Boeve, executive director of 350.org; Bill McKibben, co-Founder of 350.org; Pascal Canfin, senior advisor for International Climate Affairs at the World Resources Institute; Jeremy Leggett, from Carbon Tracker Initiative; Stephen Heintz, president of the Rockefeller Brothers foundation; Jacqueline Délia Brémond, co-founder and co-chair of the Ensemble foundation; Clara Vondrich, Global director of Divest / Invest philanthropy; Kevin De León, president pro tempore of the California State Senate; Jesse Bragg, media director at Corporate Accountability International; Noelie Audi-Dor, president of LSE Divest; Jess Worth, from “BP or Not BP?”; and Kathy Jetnil- Kijiner, Poet and a Pacific Climate Warrior from the Marshall Islands.
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1. Stay Informed<p>A first order of business in pet evacuation planning is to understand and be ready for the possible threats in your area. Visit <a href="https://www.ready.gov/be-informed" target="_blank">Ready.gov</a> to learn more about preparing for potential disasters such as floods, hurricanes, and wildfires. Then pay attention to related updates by tuning <a href="http://www.weather.gov/nwr/" target="_blank">NOAA Weather Radio</a> to your local emergency station or using the <a href="https://www.fema.gov/mobile-app" target="_blank">FEMA app</a> to get National Weather Service alerts.</p>
2. Ensure Your Pet is Easily Identifiable<p><span>Household pets, including indoor cats, should wear collars with ID tags that have your mobile phone number. </span><a href="https://www.avma.org/microchipping-animals-faq" target="_blank" rel="noopener noreferrer">Microchipping</a><span> your pets will also improve your chances of reunion should you become separated. Be sure to add an emergency contact for friends or relatives outside your immediate area.</span></p><p>Additionally, use <a href="https://secure.aspca.org/take-action/order-your-pet-safety-pack" target="_blank" rel="noopener noreferrer">'animals inside' door/window stickers</a> to show rescue workers how many pets live there. (If you evacuate with your pets, quickly write "Evacuated" on the sticker so first responders don't waste time searching for them.)</p>
3. Make a Pet Evacuation Plan<p> "No family disaster plan is complete without including your pets and all of your animals," says veterinarian Heather Case in <a href="https://www.youtube.com/watch?v=Q9NRJkFKAm4" target="_blank">a video</a> produced by the American Veterinary Medical Association.</p><p>It's important to determine where to take your pet in the event of an emergency.</p><p>Red Cross shelters and many other emergency shelters allow only service animals. Ask your vet, local animal shelters, and emergency management officials for information on local and regional animal sheltering options.</p><p>For those with access to the rare shelter that allows pets, CDC offers <a href="https://www.cdc.gov/healthypets/emergencies/pets-in-evacuation-centers.html" target="_blank">tips on what to expect</a> there, including potential health risks and hygiene best practices.</p><p>Beyond that, talk with family or friends outside the evacuation area about potentially hosting you and/or your pet if you're comfortable doing so. Search for pet-friendly hotel or boarding options along key evacuation routes.</p><p>If you have exotic pets or a mix of large and small animals, you may need to identify multiple locations to shelter them.</p><p>For other household pets like hamsters, snakes, and fish, the SPCA recommends that if they normally live in a cage, they should be transported in that cage. If the enclosure is too big to transport, however, transfer them to a smaller container temporarily. (More on that <a href="https://www.spcai.org/take-action/emergency-preparedness/evacuation-how-to-be-pet-prepared" target="_blank" rel="noopener noreferrer">here</a>.)</p><p>For any pet, a key step is to establish who in your household will be the point person for gathering up pets and bringing their supplies. Keep in mind that you may not be home when disaster strikes, so come up with a Plan B. For example, you might form a buddy system with neighbors with pets, or coordinate with a trusted pet sitter.</p>
4. Prepare a Pet Evacuation Kit<p>Like the emergency preparedness kit you'd prepare for humans, assemble basic survival items for your pets in a sturdy, easy-to-grab container. Items should include:</p><ul><li>Water, food, and medicine to last a week or two;</li><li>Water, food bowls, and a can opener if packing wet food;</li><li>Litter supplies for cats (a shoebox lined with a plastic bag and litter may work);</li><li>Leashes, harnesses, or vehicle restraints if applicable;</li><li>A <a href="https://www.avma.org/resources/pet-owners/emergencycare/pet-first-aid-supplies-checklist" target="_blank">pet first aid kit</a>;</li><li>A sturdy carrier or crate for each cat or dog. In addition to easing transport, these may serve as your pet's most familiar or safe space in an unfamiliar environment;</li><li>A favorite toy and/or blanket;</li><li>If your pet is prone to anxiety or stress, the American Kennel Club suggests adding <a href="https://www.akc.org/expert-advice/home-living/create-emergency-evacuation-plan-dog/" target="_blank" rel="noopener noreferrer">stress-relieving items</a> like an anxiety vest or calming sprays.</li></ul><p>In the not-unlikely event that you and your pet have to shelter in different places, your kit should also include:</p><ul><li>Detailed information including contact information for you, your vet, and other emergency contacts;</li><li>A list with phone numbers and addresses of potential destinations, including pet-friendly hotels and emergency boarding facilities near your planned evacuation routes, plus friends or relatives in other areas who might be willing to host you or your pet;</li><li>Medical information including vaccine records and a current rabies vaccination tag;</li><li>Feeding notes including portions and sizes in case you need to leave your pet in someone else's care;</li><li>A photo of you and your pet for identification purposes.</li></ul>
5. Be Ready to Evacuate at Any Time<p>It's always wise to be prepared, but stay especially vigilant in high-risk periods during fire or hurricane season. Practice evacuating at different times of day. Make sure your grab-and-go kit is up to date and in a convenient location, and keep leashes and carriers by the exit door. You might even stow a thick pillowcase under your bed for middle-of-the-night, dash-out emergencies when you don't have time to coax an anxious pet into a carrier. If forecasters warn of potential wildfire, a hurricane, or other dangerous conditions, bring outdoor pets inside so you can keep a close eye on them.</p><p>As with any emergency, the key is to be prepared. As the American Kennel Club points out, "If you panic, it will agitate your dog. Therefore, <a href="https://www.akc.org/expert-advice/home-living/create-emergency-evacuation-plan-dog/" target="_blank" rel="noopener noreferrer">pet disaster preparedness</a> will not only reduce your anxiety but will help reduce your pet's anxiety too."</p>
Evacuating Horses and Other Farm Animals<p>The same basic principles apply for evacuating horses and most other livestock. Provide each with some form of identification. Ensure that adequate food, water, and medicine are available. And develop a clear plan on where to go and how to get there.</p><p>Sheltering and transporting farm animals requires careful coordination, from identifying potential shelter space at fairgrounds, racetracks, or pastures, to ensuring enough space is available in vehicles and trailers – not to mention handlers and drivers on hand to support the effort.</p><p>For most farm animals, the Red Cross advises that you consider precautionary evacuation when a threat seems imminent but evacuation orders haven't yet been announced. The American Veterinary Medical Association has <a href="https://www.avma.org/resources/pet-owners/emergencycare/large-animals-and-livestock-disasters" target="_blank">more information</a>.</p>
Bottom Line: If You Need to Evacuate, So Do Your Pets<p>As the Humane Society warns, pets left behind in a disaster can easily be injured, lost, or killed. Plan ahead to make sure you can safely evacuate your entire household – furry members included.</p>
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