At a time when institutions of business and government continue to fail society, two of our leading academic institutions missed the opportunity to provide essential moral leadership on the most pressing challenge ever faced in the history of human civilization.
Harvard President Drew Faust issued her October statement first:
She and her colleagues on the Board do not believe “that university divestment from the fossil fuel industry is warranted or wise."
Brown President Christina Paxson followed three weeks later with her own statement:
“Our consideration of divestment [from coal] is over."
Both statements, read in their entirety, explain the careful and thorough deliberations that took place within their respective academic communities. That these institutions can both fail to see the stark moral implications of their decision after such extensive deliberation only reinforces the severity of the crisis facing civilization.
Before looking at the rationales of these decisions, let us remind ourselves of the unprecedented challenge before us. Thanks to a paper released in 2009 by the highly respected Potsdam Institute for Climate Impact Research, we have known for four years a staggering truth: if we are to avoid blowing through the 2 degree warming threshold and ushering in likely catastrophic climate change, we must leave the majority of the fossil fuels already discovered and on the books, beginning with coal, in the ground.
The Carbon Tracker Initiative brought this issue into common focus two years ago. At that time, we described a $20 trillion “Big Choice" facing society, anticipating OECD Secretary General Angel Gurria's recent statement: “The looming choice may be either stranding those assets or stranding the planet."
Beyond the shrinking lunatic fringe of climate change deniers, there is no apparent debate regarding this stark choice, only a judgment call around what is an acceptable degree of certainty we should shoot for in our quest not to destroy the planet for life as we know it. On this question, the scientific community is far too timid given all the non-linear risks they understand but shy away from talking forcefully about, on the pretext that such risks are by definition “uncertain." The financial crisis made us aware of the growing prevalence of Black Swan events and their consequences in complex systems. The global climate system is a complex system that makes finance appear simple in comparison. It's time to connect the dots.
Harvard's False Choice
With this as context, let us turn to the failures of moral leadership at Harvard and Brown. Harvard's decision rests on two arguments. First, Harvard is an academic institution and its endowment is held in trust to advance its academic mission. No argument. But then the rationale against divestment heads down its slippery slope by asserting a false choice between “the University as a political actor rather than an academic institution."
The toxic political climate in the U.S. has successfully defined climate change as a “political issue" pitting “business-friendly conservatives" against “wimpy green liberals" and both sides trapped in their worship at the alter of economic growth (no matter the costs). It is certainly conceivable that such lazy and reckless thinking has infected Harvard's own Corporation Board.
Let us be clear: climate change is a moral issue, not a political issue. Would the President of Harvard assert that the choice of the most prestigious University in the world is between being an academic institution or a moral actor (rather than a “political actor")?
After asserting its false choice between academics and politics, Harvard then reveals the crux of the matter. Divestment will come “at a substantial economic cost." It is reasonable to debate both the costs of divestment and the risks of not divesting (stranded asset risk), but that is not the point. Any hard moral choice by definition comes with very real costs. That is why it is so vital for us all as individuals, and certainly for our leading academic institutions, to be clear on issues of morality.
Brown's Deadly Rationalization
Brown University's decision was focused simply on divesting from coal, both mining and electricity generation from coal. The students who organized Brown Divest Coal apparently were trying to make it easier for the board, since divesting from coal and tar sands oil production are the relative “no brainers" from both a moral and an economic risk perspective.
One can feel Brown President Christina Paxson's struggle to explain her board's decision (which she tells us she "agrees with," although I have my doubts) as she delicately walks the reader through Brown's “guidelines for incorporating ethical and moral issues into investing." Those guidelines have supported previous divestiture decisions such as Brown's 2003 decision to divest from tobacco companies.
Unlike Harvard, Brown recognizes climate change as a moral issue, and Brown has “guidelines" for incorporating ethical and moral issues into investment decision-making. Brown is at least a decade ahead of Harvard it would appear in that regard; as part of their non-divestment decision the latter announced the hiring of their “first-ever vice president for sustainable investing."
Brown's failure lies not in recognizing climate change as a moral issue, but in how they consider whether the social harm caused by burning coal is “sufficiently grave" to warrant divestment. Tobacco passed that test because there were no offsetting benefits that tobacco enables. In considering coal divestment, Paxson writes, “Although the social harm is clear, this harm is moderated by the fact that coal is currently necessary for the functioning of the global economy."
Let's substitute “slavery" for “coal" in that statement and see how it reads.
As I have written in “Beyond Divestment" and elsewhere, divestment is no panacea and as a stand-alone strategy, not likely to be effective in changing the investment decisions and business models of the world's energy industry. But until we properly define climate change as the greatest moral challenge of all time, affecting not just our fellow man, but all of mankind now and forever, and all of life as we know it on planet Earth, which is our gift, we will not take the bold steps we need to take, now.
Consider the ongoing costs of what was our failed moral leadership for far too long on the “energy system" of slavery. Now, on the 150th anniversary of the Gettysburg Address, let us be inspired by the courage of Abraham Lincoln's leadership. He endured great costs personally and on behalf of the nation he led for a moral clarity devoid of convenient or self-serving rationalizations in the face of entrenched and wrong ideology.
Now consider November's climate injustice of Typhoon Haiyan with a 20-foot storm surge, nearly twice as high as what Hurricane Sandy delivered to the New York metropolitan area. Naderev Sano, the Philippines delegate to the U.N. Climate talks in Warsaw in November, in a desperate search for moral leadership, announced he would fast “until we stop this madness."
"Those who have the privilege to know, have the duty to act." – Albert Einstein
Harvard and Brown have let us down.
This article originally ran on Capital Institute's Future of Finance blog.
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Russia's Health Ministry has given regulatory approval for the world's first COVID-19 vaccine after less than two months of human testing, President Vladimir Putin said on Tuesday.
Putin's Daughter Among Vaccinated<p>The Russian leader also said that one of his daughters has already been inoculated and is feeling well.</p><p>"One of my daughters got vaccinated, so in this sense, she took part in the testing," Putin said.</p><p>After the first vaccine shot, his daughter experienced a slight fever, 38 degrees Celsius (100.4°F). Her temperature came down to just slightly above normal the next day. </p><p>"After the second shot, she had a slight fever again, and then everything was fine. She is feeling well and has a high antibody count," Putin said. </p><p>He didn't specify which of his two daughters, Maria or Katerina, received the vaccine.</p><p>Russian health authorities have said that medical workers, teachers and other risk groups will be the first to receive shots of the vaccine.</p>
Years of Work Reduced to Weeks<p>Russia is the first country to register a COVID-19 vaccine. As <a href="https://www.dw.com/en/germany-coronavirus-vaccine-may-only-be-available-in-mid-2021/a-54362065" target="_blank">countries worldwide race to produce the first vaccine</a>, health experts warn that speed and national pride could compromise safety.</p><p>Scientists in Russia and abroad have questioned Moscow's decision to register the vaccine before Phase 3 trials that normally last for months and involve thousands of people, but Putin emphasized that the vaccine underwent the necessary trials and that vaccination will be voluntary.</p><p>Russian officials have said that large-scale production of the vaccine will begin in September, and mass vaccination may start as early as October.</p><p>Philippine President Rodrigo Duterte, meanwhile, has <a href="https://www.dw.com/en/philippines-duterte-volunteers-to-be-putins-russian-coronavirus-vaccine-guinea-pig/a-54523030" target="_blank">lauded Russia's efforts in developing the vaccine</a> and said that the Philippines is ready to work with Moscow on vaccine trials, supply and production. Duterte volunteered to "be the first they can experiment on."</p><p>"I will tell President Putin that I have huge trust in your studies in combating COVID and I believe that the vaccine that you have produced is really good for humanity," Duterte said, adding that he thinks Russia's vaccine will be ready for the Philippines by December.</p>
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By Arkilaus Kladit
My name is Arkilaus Kladit. I'm from the Knasaimos-Tehit tribe in South Sorong Regency, West Papua Province, Indonesia. For decades my tribe has been fighting to protect our forests from outsiders who want to log it or clear it for palm oil. For my people, the forest is our mother and our best friend. Everything we need to survive comes from the forest: food, medicines, building materials, and there are many sacred sites in the forest.
Map of the Knasaimos traditional lands.
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By Farah Aqel
Overthinkers are people who are buried in their own obsessive thoughts. Imagine being in a large maze where each turn leads into an even deeper and knottier tangle of catastrophic, distressing events — that is what it feels like to them when they think about the issues that confront them.
Ruminating<p>According to the late Susan Nolen-Hoeksema, a professor of psychology at Yale University, <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5796420/" target="_blank">ruminating</a> involves replaying a problem over and over in your mind. We ruminate by obsessing over our thoughts and thinking repetitively about various aspects of a past situation.</p><p>It usually involves regret, self-loathing and self-blaming. Rumination is associated with the development of depression, anxiety and eating disorders. </p><p>People prone to such patterns of thought may, for example, overanalyze every single detail of a relationship that breaks up. They often blame themselves for what has happened and are overcome with regret, with typical thoughts being: </p><p>- I should have been more patient and more supportive. </p><p>- I have lost the most perfect partner ever. </p><p>- No one will love me again.</p>
Worrying<p>Worrying is wanting to predict the future. It involves negative thoughts about things that might and might not happen.</p><p>- They'll not like me in the interview; they'll not give me the job. </p><p>- I haven't heard back from other employers. How long will I be unemployed?</p><p>These thoughts are energy-draining and distressing. They could happen to anyone under stress. But when you reach the point where your thoughts and worrying are preventing you from doing what you want to do — from living your life to the fullest — then you should take action.</p>
Catch Yourself Overthinking<p>Reuben Berger, a psychotherapist at the university hospital in the western German city of Bonn, recommends several practical steps that you could employ in your daily routine when you catch yourself worrying or ruminating.</p><p>One effective remedy, says Berger, is the <a href="https://www.uofmhealth.org/health-library/uf9938" target="_blank">thought-stopping technique.</a></p><p>"When the negative thoughts come or ruminations start, you say to yourself: 'Stop!,'" he says, adding that it is more effective when you actually say the word out loud.</p><p>He even recommends having a rubber band around your wrist to ping against yourself while saying the word. Adding a visual component by imagining a stop sign also makes the technique more powerful, he says.</p><p>The main idea here is conditioning yourself to stop the loop of worrying (making future predictions) or rumination (obsessing over past events).</p><p>Berger says the technique could take up to two weeks to take effect and that it needs to be practiced every day. "Consistency is very important," he says. </p>
Thoughts Are Just Thoughts<p>Another way of dealing with negative thoughts often used in modern therapy is realizing that thoughts aren't facts, says Berger.</p><p>He says it is important when we think something to ask: Is that real? Did that really happen? What is the worst thing that could happen?</p><p>Flight anxiety is one example where untrue thoughts are accepted as facts. Although air travel is the safest way to get around, people suffering from fear of flying accept their thoughts and fears as reality, then act upon them by refusing to fly.</p>
Mindfulness<p>Berger also recommends the use of mindfulness techniques, in which attention is paid to experiences in the moment without judging them, as a way of reducing worrying.</p><p>"Mindfulness helps you to distance yourself from your thoughts and to be more present in the moment," he says.</p><p><a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3432145/#R2" target="_blank">Several studies</a> have shown that mindfulness has a positive impact on reducing stress-related behaviors such as rumination and worrying, as focusing on the moment makes anxiety about other problems impossible.</p><p>Mindfulness can be practiced during routine activities by paying attention to your body and your surroundings. For instance, when you leave for work in the morning, you can focus on sensing the breeze, listen attentively to birds, feel the gravel under your feet and monitor your breath. </p>
Trick Your Brain Into Happiness<p>People plagued by obsessive thoughts do not always choose healthy ways like mindfulness to distract from them, however.</p><p> Dr. Edward Selby, a psychologist at Florida state university, has shown in a study that people try to avoid rumination by engaging in a range of uncontrolled behaviors, such as binge eating and substance abuse.</p><p>But he says that a much better way to overcome such distress is by distraction and shifting attention away from problems that are obsessing us.</p><p>There are many activities that can be used to distract from rumination, he says, and people should choose the one that works best for them. Here are some examples:</p><p>- Listen to music</p><p>- Read a book</p><p>- Take a hot shower</p><p>- Dance or exercise </p><p>- Talk to a friend (not about the problem)</p><p>- Watch a movie</p><p>- Mindfulness meditation</p>
Changing the Perception of Events<p>The way people perceive a situation largely influences their emotions and behavior. It is not the situation itself that determines how they feel, but rather the way they interpret it.</p><p>Reframing negative thoughts can lead to positive emotions and, subsequently, healthier behaviors — including a reduction in damaging overthinking and worrying.</p><p>Cognitive behavioral therapy (CBT) is currently a gold standard in psychotherapy. CBT aims to change the way people think and act. It largely involves challenging unhelpful beliefs or attitudes such as overgeneralization — thinking "I always fail at public speaking" when you have had one bad experience in front of an audience, for example — or "catastrophization," i.e., imagining the worst possible outcome to a situation. </p><p>A psychotherapist can teach people how to implement such thought-changing techniques into their lives. Techniques vary depending on their issues and goals.</p>
Solutions Are at Hand<p>Try to find ways of avoiding worrying, rumination and overthinking that make you feel most comfortable.</p><p>Incorporating any routine in your life when you're stressed isn't an easy task, but you can do it! If you feel overwhelmed, you can always seek professional help. </p><p><em>If you are suffering from serious emotional strain or suicidal thoughts, do not hesitate to seek professional help. You can find information on where to find such help, no matter where you live in the world, <a href="https://www.befrienders.org/" target="_blank">at this website.</a></em></p>
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