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Institutions Representing $5 Trillion Pledge to Divest From Fossil Fuels
The scope of global fossil fuel divestment has doubled over the past 15 months, with institutions and individuals controlling $5.197 trillion in assets pledging to divest. The announcement comes on the first anniversary of the Paris agreement on climate change.
"One year after the adoption of the historic Paris climate agreement, it's clear the transition to a clean energy future is inevitable, beneficial and well underway, and that investors have a key role to play," said UN Secretary-General Ban Ki-moon.
"I commend today's announcement that a growing number of investors are backing a shift away from the most carbon intensive energy sources and into safe, sustainable energy. Investments in clean energy are the right thing to do—and the smart way to build prosperity for all, while protecting our planet and ensuring no one is left behind."
According to a new analysis released today by Arabella Advisors, 688 institutions and 58,399 individuals across 76 countries have committed to divest from fossil fuels. Those sectors that have historically propelled the movement—including universities, foundations and faith-based organizations—account for 54 percent of new commitments made.
Representatives from finance, philanthropy, faith, entertainment, education and others announced these numbers and showed their support for the movement at a simultaneous international press conference today in New York and London—including a former top Mobil Oil executive, Lou Allstadt, who helped implement the Exxon-Mobil merger.
"As the hottest year in history comes to a close, the success of the global fossil fuel divestment movement is undeniable," said May Boeve, executive director of 350.org, the grassroots climate organization whose members have led the charge to divest.
"What began on a few college campuses in the U.S. has spread to every corner of the world, squarely into the financial mainstream. Divestment has permeated every sector of society: from universities and pension funds, to philanthropic and cultural institutions, to cities, faith groups, insurance companies and more. Now at $5 trillion, the movement is unstoppable. Institutions and investors must choose whether to be on the right side of history."
May Boeve, Adrian Grenier and Mark Ruffalo at today's press event announcing $5.197 trillion in assets pledging to divest from fossil fuels.DivestInvest
Support for the movement among early adopters is now increasingly being met by support from profit-driven institutions such as large pension funds, private insurers and banks, which represent $4.5 trillion in assets, citing climate risks to their investment portfolios. As more mainstream financial institutions commit to divest, the industry faces greater scrutiny.
"The oil and gas industry is currently experiencing an unprecedented level of negative factors—from reduced profits to increased borrowing to pay dividends—while the costs of solar, wind and batteries continue to fall," said Lou Allstadt, former executive vice president of Mobil Oil. "The prudent fiduciary is acting now to reduce the risk to their portfolios. Divestment is speeding up the clock on the final accounting that will show fossil fuels are out and clean energy is in."
Mark Campanale, founder and executive director of Carbon Tracker Initiative, agrees. "The financial markets are fast losing faith in the investment case for fossil fuels. A technological revolution is underway in the energy and transportation sectors, as cheap solar and electric cars take away demand for coal and oil. With a climate trifecta of physical risks, stranded assets and the threat of legal liability—fiduciaries are now on notice to implement measures to protect their portfolios."
Today's press conference also brought forward historic new divestment commitments, including Ireland's preeminent university, Trinity College.
"Trinity intends to play our part in delivering on the Paris agreement," said Dr. Patrick Prendergast, the provost and president of Trinity College Dublin. "We aspire to be a leader in sustainability and climate solutions in every aspect of the college, not only in investments but in our research, and also in how the campus operates."
The report also documents rapid growth in the faith sector fueled by Pope Francis' "Laudato Si" encyclical establishing a moral imperative to act on climate, but commitments in the faith sector are not bound to any particular religion. A recent interfaith statement calling for divestment was signed by 303 faith leaders from 58 countries.
"Islam, like other faiths, teaches and asks its adherents to implement an ethic of restraint and conservation," said Imam Saffet Abid Catovic, board member of Islamic Society of North America Green Masjid Task Force. "In the face of the global climate crisis, this ethic, while necessary, is not sufficient to meet this existential challenge and must be coupled with a 'keep it in the ground' investment policy: divesting from fossil fuel holdings and reinvesting a portion of these funds in renewable and clean energy alternatives."
"What the world needs now is DivestInvest Culture: A bold, collective pivot away from the old energy that no longer serves us, and toward the 100 percent renewable energy future that will let the people and the planet thrive," said actor Adrian Grenier, announcing the new campaign today. "I am so excited to help launch DivestInvest Culture today—we are actors, musicians and artists moving our money from the past to the future."
These global and unparalleled commitments by both the public and private sectors are further cementing the call for a clean energy transition—and challenge the U.S. energy policy of the Trump administration, which is shaping up to favor the expansion of the financially risky and environmentally destructive fossil fuel industry.
"At the one-year anniversary of Paris, and after a historic election in the U.S., divestment is needed more than ever," said Ellen Dorsey, executive director of the Wallace Global Fund and leader of DivestInvest Philanthropy. "When governments fall short, people step up. From Apartheid South Africa to the climate front lines, finance is a proven lever for change. Governments should keep their promises, but investors must move their money."
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A central player in the fight against the novel coronavirus is our immune system. It protects us against the invader and can even be helpful for its therapy. But sometimes it can turn against us.
How does our immune system react to the coronavirus?<p>The coronavirus is — like any other virus — not much more than a shell around genetic material and a few proteins. To replicate, it needs a host in the form of a living cell. Once infected, this cell does what the virus commands it to do: copy information, assemble it, release it.</p><p>But this does not go unnoticed. Within a few minutes, the body's immune defense system intervenes with its innate response: Granulocytes, scavenger cells and killer cells from the blood and lymphatic system stream in to fight the virus. They are supported by numerous plasma proteins that either act as messengers or help to destroy the virus.</p><p>For many viruses and bacteria, this initial activity of the immune system is already sufficient to fight an intruder. It often happens very quickly and efficiently. We often notice only small signs that the system is working: We have a cold, a fever. </p>
Is there an immunity? How long does it last?<p>The good news is that it is very likely there is an immunity. This is suggested by the proximity to other viruses, epidemiological data and animal experiments. Researchers <a href="https://www.biorxiv.org/content/10.1101/2020.03.13.990226v1" target="_blank">infected four rhesus monkeys,</a> a species close to humans, with SARS-CoV-2. The monkeys showed symptoms of COVID-19, the disease caused by the coronavirus, developed neutralizing antibodies and recovered after a few days. When the recovered animals were reinfected with the virus, they no longer developed any symptoms: They were immune. </p><p>The bad news: It is not (yet) known how long the immunity will last. It depends on whether a patient has successfully developed neutralizing antibodies. Achim Hörauf estimates that the immunity should last at least one year. Within this year, every new contact with the virus acts as a kind of booster vaccination, which in turn might prolong the immunity.</p><p>"The virus is so new that nobody has a reasonable immune response," says the immunologist. He believes that lifelong immunity is unlikely. This "privilege" is reserved for viruses that remain in the body for a long time and give our immune system a virtually permanent opportunity to get to know it. Since the coronavirus is an RNA (and not a DNA) virus, it cannot permanently settle in the body, says Hörauf.</p><p>The Heidelberg immunologist <a href="https://www.klinikum.uni-heidelberg.de/immunologie/immunologie" target="_blank">Stefan Meuer</a> predicts that the novel coronavirus will also mutate like all viruses. He assumes that this could be the case in 10 to 15 years: "At some point, the acquired immunity will no longer be of any use to us because then another coronavirus will return, against which the protection that has now been formed will not help us because the virus has changed in such a way that the antibodies are no longer responsible. And then no vaccination will help either."</p>
How can we take advantage of the antibody response of the immune system?<p>Researchers are already collecting plasma from people who have successfully survived an infection with SARS-CoV-2 and are using it to treat a limited number of patients suffering from COVID-19. The underlying principle: <a href="https://www.dw.com/en/coronavirus-drugs-can-antibodies-from-survivors-help/a-52806428" target="_blank">passive immunization.</a> The studies carried out to date have shown positive results, but they have usually been carried out on only a few people.</p><p>At best, passive immunization is used only when the patient's own immune system has already started to work against the virus, says Achim Hörauf: "The longer you can leave the patients alone with the infection before you protect them with passive immunization, the better." Only through active immunization can one be protected in the long term. At the same time, it is difficult to recognize the right point in time.</p><p>PCR (polymerase chain reaction) tests are currently used to find out whether a person is infected with the coronavirus. With the help of PCR, it is not possible to tell whether or not there is reproducible viral RNA; it is just a proof of whether the virus is still present, dead or alive. A PCR test cannot tell us whether our immune system has already intervened, i.e. whether we have had contact with the virus in the past, have formed antibodies and are now protected. Researchers are therefore working on tests that check our blood for the presence of antibodies. They are already in use in Singapore, for example, and are nearing completion in the USA. With the help of these tests, it would finally be possible to gain an overview <a href="https://www.dw.com/en/corona-confusion-how-to-make-sense-of-the-numbers-and-terminology/a-52825433" target="_blank">of the unclear case numbers.</a> In addition, people who have developed antibodies against the virus could be used at the forefront of health care, for example. An "immunity passport" is even under discussion.</p>
Is it possible to become infected and/or ill several times with the coronavirus?<p>"According to all we know, it is not possible with the same pathogen," says Achim Hörauf. It is possible to become infected with other coronaviruses or viruses from the SARS or MERS group if their spike proteins look different. "As far as the current epidemic is concerned, it can be assumed that people who have been through COVID-19 will not become ill from it for the time being and will not transmit the virus any further," he says.</p>
How long before you're no longer contagious?<p>A study <a href="https://www.nature.com/articles/s41586-020-2196-x" target="_blank">carried out on the first coronavirus patients in Germany</a> showed that no viruses that are capable of replication can be found from day eight after the onset of symptoms, even though PCR can still detect up to 100,000 gene copies per sample. This could change the current quarantine recommendations in the future.</p><p>According to the Robert Koch Institute, patients can currently be discharged from hospital if they show two negative PCR samples from the throat within 24 hours. If they have had a severe case of the disease, they should remain in domestic isolation for another two weeks. For each discharge, whether from hospital or home isolation, they should have been symptom-free for at least 48 hours.</p>
Why do people react differently to the virus?<p>While some people get off with a mild cold, others are put on ventilators or even die of SARS-Cov-2. Especially people with <a href="https://www.dw.com/en/coronavirus-who-is-particularly-at-risk-and-why/a-52710881" target="_blank">pre-existing conditions</a> and older people seem to be worst-affected by the virus. Why? This is the hottest question at the moment.</p><p>It will still take a very, very long time to understand the mechanistic, biological basis for why some people are so much more severely affected than others, virologist Angela Rasmussen told <em>The Scientist</em>. "The virus is important, but the host response is at least as important, if not more important," her colleague Stanley Perlman told the magazine.</p><p>Stefan Meuer sees a fundamental survival principle of nature in the different equipment and activity of our immune systems: "If we were all the same, one and the same virus could wipe out the entire human species at once. Due to the genetic range, it is quite normal that some people die from a viral disease while others do not even notice it. "</p><p>Achim Hörauf also suspects immunological variants that could be genetically determined. Since interstitial pneumonia is observed with the coronavirus, the focus is probably on an overreaction of the immune system. However, it is also possible that each person affected may have been loaded with a different dose of the virus, which in turn leads to different outcomes. And finally, it makes a difference how robust the body and lungs are: Competitive athletes simply have more lung volume than long-time smokers. </p>
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