Quantcast

Global Divestment Movement Celebrates Milestone: 1,000 Institutions With Nearly $8 Trillion in Assets Have Vowed to Ditch Fossil Fuels

The Overpass Light Brigade at Bascom Hall in Madison, Wisconsin on April 4, 2014. depthandtime / Flickr

By Jake Johnson

While the COP24 climate talks are at risk of ending without a concrete plan of action thanks in large part to the Trump administration's commitment to a dirty energy agenda, environmental groups on Thursday celebrated a major milestone in the global movement to take down the fossil fuel industry after the number of public and private institutions that have vowed to divest from oil, gas and coal companies surpassed 1,000.


"When this movement started in 2012, we aimed to catalyze a truly global shift in public attitudes to the fossil fuel industry, and people's willingness to challenge the institutions that financially support it," May Boeve, executive director of 350.org, said in a statement. "While diplomats at the U.N. climate talks are having a hard time making progress, our movement has changed how society perceives the role of fossil fuel corporations and is actively keeping fossil fuels in the ground."

According to 350, the institutions that have committed to divesting from fossil fuels hold nearly $8 trillion USD in combined assets. The 1,000th institution to vow to divest was Caisse des dépôts et consignations (CDC), which manages France's public sector savings, pensions and investments.

Celebrate 1000 divestment commitments and counting! youtu.be

Coinciding with the new milestone, 350.org published a new report (detailing the rapid growth of the fossil fuel divestment movement over the past several years as climate science has made clear the necessity of immediately and boldly slashing carbon emissions to avoid global devastation.

"Since 2012, the fossil fuels divestment campaign has grown faster than any previous divestment movement," the report notes. "From 181 institutions and $50 billion worth of assets committed to divestment at the end of 2013 to now more than 1,000 institutions with over $7.9 trillion in assets committed to divest from fossil fuels, we are slamming on the brakes of fossil fuel expansion."

"Momentum for divestment has only accelerated: pledges span 37 countries with over 65 percent of commitments coming from outside the United States, and now include major capital cities, mainstream banks and insurance companies, massive pension funds, faith groups, cultural, health and educational institutions—the institutions serving billions of people," the report continues.

"This is a major milestone for the movement for a just transition to a zero carbon, sustainable future for everyone," added Ric Lander, divestment campaigner for Friends of the Earth. "Behind almost every one of these commitments is a group of committed people fighting for climate action and they should be proud of their achievements. They've persuaded, protested and brought the inarguable evidence of their case to decision makers and won them over."

With the 1,000 institution landmark reached, 350 said the global movement's next ambitious goal is 2,020 divestments totaling $12 trillion in combined assets by 2020.

"For those investors who persist in engaging with the fossil fuel industry, despite mounting evidence of its failure to achieve anything, we ask them to change tack as the science and justice demands in this moment," 350's report concluded. "If companies are not on track to keep their reserves in the ground or play their part in meeting the 1.5°C target, investors must walk away. The clock is ticking on multiple carbon bombs around the world as we approach 2020."

Reposted with permission from our media associate Common Dreams.

Show Comments ()

EcoWatch Daily Newsletter

Offutt Air Force Base after flooding on March 17. U.S. Air Force / TSgt. Rachelle Blake

The historic flooding that devastated Nebraska last week has also submerged one third of an Air Force base, offering a further illustration of the threat posed to national security by climate change.

Read More Show Less
A regenerating stand of rainforest in northern Costa Rica. Matthew Fagan / CC BY-ND

By Matthew Fagan, Leighton Reid and Margaret Buck Holland

Tropical forests globally are being lost at a rate of 61,000 square miles a year. And despite conservation efforts, the global rate of loss is accelerating. In 2016 it reached a 15-year high, with 114,000 square miles cleared.

At the same time, many countries are pledging to restore large swaths of forests. The Bonn Challenge, a global initiative launched in 2011, calls for national commitments to restore 580,000 square miles of the world's deforested and degraded land by 2020. In 2014 the New York Declaration on Forests increased this goal to 1.35 million square miles, an area about twice the size of Alaska, by 2030.

Read More Show Less
Sponsored
Compassion Over Killing

By Cheryl Leahy

Do you think almond milk comes from a cow named Almond? Or that almonds lactate? The dairy industry thinks you do, and that's what it's telling the Food and Drug Administration (FDA).

For years, the dairy industry has been flexing its lobbying muscle, pressuring states and the federal government to restrict plant-based companies from using terms like "milk" on their labels, citing consumer confusion.

Read More Show Less

By Jeremy Deaton

A driver planning to make the trek from Denver to Salt Lake City can look forward to an eight-hour trip across some of the most beautiful parts of the country, long stretches with nary a town in sight. The fastest route would take her along I-80 through southern Wyoming. For 300 miles between Laramie and Evanston, she would see, according to a rough estimate, no fewer than 40 gas stations where she could fuel up her car. But if she were driving an electric vehicle, she would see just four charging stations where she could recharge her battery.

Read More Show Less
d3sign / Moment / Getty Images

By Kris Gunnars, BSc

Common sense should not be taken for granted when people are discussing nutrition.

Read More Show Less
Sponsored
A fire erupted Sunday at a petrochemical plant in Deer Park, Texas. NowThis News / YouTube screenshot

By Andrea Germanos

A petrochemical plant near Houston continued to burn for a second day on Monday, raising questions about the quality and safety of the air.

The Deer Park facility is owned by Intercontinental Terminals Company (ITC), which said the fire broke out at roughly 10:30 a.m. Sunday. Seven tanks are involved, the company said, and they contain naptha, xylene, "gas blend stocks" and "base oil."

"It's going to have to burn out at the tank," Ray Russell, communications officer for Channel Industries Mutual Aid, which is aiding the response effort, said at a news conference. It could take "probably two days" for that to happen, he added.

Read More Show Less
Poppy superbloom in Lake Elsinore, Calfornia on March 13. cultivar413 / CC BY 2.0

The hillsides dyed orange with poppies may look like something out of a dream, but for the Southern California town of Lake Elsinore, that dream quickly turned into a nightmare.

The town of 66,000 people was inundated with around 50,000 tourists coming to snap pictures of the golden poppies growing in Walker Canyon as part of a superbloom of wildfires caused by an unusually wet winter, BBC News reported. The visitors trampled flowers and caused hours of traffic, The Guardian reported.

Read More Show Less
The Humane Society of the United States uncovered a one-year pesticide test on 36 beagles contracted by Dow AgroSciences at a Michigan lab. The Humane Society of the United States / YouTube screenshot

A controversial pesticide test that would have resulted in the deaths of 36 beagles has been stopped, the Humane Society of the United States (HSUS) and the company behind the test announced Monday. The announcement comes less than a week after HSUS made the test public when it released the results of an investigation into animal testing at Charles River Laboratories in Michigan.

"We have immediately ended the study that was the subject of attention last week and will make every effort to rehome the animals that were part of the study," Corteva Agriscience, the agriculture division of DowDupont, said in a statement announcing its decision.

Read More Show Less