Leonardo DiCaprio Pledges to Divest From Fossil Fuels as Movement Grows 50-Fold in One Year
To date, 430 institutions and 2,040 individuals have pledged to divest from fossil fuels from governments and investors in 43 countries and multiple sectors, including pension funds, health, education, philanthropy, faith, entertainment, climate justice and municipalities, the report from Arabella Advisors found.
The California Public Employees' Retirement System, the Norway Pension Fund, the Canadian Medical Association, the World Council of Churches, the University of California system, Leonardo DiCaprio and the Leonardo DiCaprio Foundation have all made recent commitments to divest from fossil fuels.
"Climate change is severely impacting the health of our planet and all of its inhabitants, and we must transition to a clean energy economy that does not rely on fossil fuels, the main driver of this global problem," said actor and environmentalist Leonardo DiCaprio, who announced his commitment today.
“After looking into the growing movement to divest from fossil fuels and invest in climate solutions, I was convinced to make the pledge on behalf of myself and the Leonardo DiCaprio Foundation. Now is the time to divest and invest to let our world leaders know that we, as individuals and institutions, are taking action to address climate change, and we expect them to do their part this December in Paris at the U.N. climate talks."
Today's report measured the global growth of the fossil fuel divestment and clean energy investment movement, finding that:
- Pledges have spread to sectors not traditionally associated with divestment, including pension funds and private companies.
- Climate risk to investment portfolios is helping drive the exponential growth of divestment.
- While historically focused in the United States, the divestment movement now spans the globe.
- Thanks to increasing commitments to invest and a proliferation of fossil free products, more capital is flowing toward climate solutions.
- The faith community is making a strong case for the moral responsibility to act on climate and to provide clean energy access to the world's poor, bolstering the divestment movement.
- University commitments have nearly tripled in the past year.
- Divestment by state and local governments worldwide is also growing.
- Foundation pledges have grown rapidly.
"The Arabella Report shows that more and more investors are reducing their carbon risk today and diversifying their portfolios with the goal to harness the upside in the sustainable clean growth industries of the future," said Thomas Van Dyck, managing director-financial advisor of SRI Wealth Management Group. “That underscores what I see every day as a financial advisor–that the demand for fossil-free investment products is increasing."
In a video statement at today's press conference in New York City where the findings of the report were unveiled, Christiana Figueres, executive secretary of the United Nations Framework Convention on Climate Change said, “Investing at scale in clean, efficient power offers one of the clearest, no regret choices ever presented to human progress."
Earlier this month, Citigroup released a report asking: given the economic, environmental and public health benefits of transitioning to a low-carbon future, why would you not take action on climate change? The report found that taking action to cut carbon pollution and slow global warming by investing in energy efficiency and renewable power generation would result in a positive return on investment, ultimately saving trillions of dollars.
“This shift in investment flows is especially critical for underserved communities and people living in poverty, who are disproportionately affected by the negative impacts of climate change," said Rev. Lennox Yearwood, Jr., president and CEO of Hip Hop Caucus. “Climate change hits the poor first and worst. It is a racial and economic justice issue that must be addressed with solutions like the Divest-Invest movement to empower these communities, eliminate health disparities and drive the shift to a clean energy economy."
Today's report concludes that the divest-invest movement has reached new heights as world leaders will come together Nov. 30 - Dec. 11 at the UN climate negotiations in Paris. The report finds that the rapid growth of the divest-invest movement indicates the urgency many people are feeling to quickly transition toward a low-carbon economy and, based on growth trends over the past two years, momentum will likely continue to build regardless of the outcome at COP21 in Paris.
“If these numbers tell us anything, it's that the divestment movement is catching fire," said May Boeve, executive director of 350.org. “Since starting on the campuses of a few colleges in the U.S., this movement has struck a chord with people across the world who care about climate change, and convinced some of the largest and most influential institutions in the world to begin pulling their money out of climate destruction. That makes me hopeful for our future, and it's sending a clear message to world leaders as they head into Paris: It's time for them to follow suit, and divest our governments from fossil fuel companies too."
YOU MIGHT ALSO LIKE
EcoWatch Daily Newsletter
The chance that UK summer days could hit the 40 degree Celsius mark on the thermometer is on the rise, a new study from the country's Met Office Hadley Centre has found.
- As Extreme Weather Turns Deadly in the UK, Climate Activists Are ... ›
- UK Parliament First in World to Declare Climate Emergency ... ›
By Melissa Hawkins
After sustained declines in the number of COVID-19 cases over recent months, restrictions are starting to ease across the United States. Numbers of new cases are falling or stable at low numbers in some states, but they are surging in many others. Overall, the U.S. is experiencing a sharp increase in the number of new cases a day, and by late June, had surpassed the peak rate of spread in early April.
Seven day rolling average of number of people confirmed to have COVID-19, per day (not including today). This chart gets updated once per day with data by Johns Hopkins. Johns Hopkins university doesn't provide reliable data for March 12 and March 13. Johns Hopkins CSSE Get the data
To Have a Second Wave, the First Wave Needs to End.<p>A wave of an infection describes a large rise and fall in the number of cases. There isn't a precise epidemiological definition of when a wave begins or ends.</p><p>But with talk of a <a href="https://www.theguardian.com/world/2020/jun/27/new-covid-19-clusters-across-world-spark-fear-of-second-wave" target="_blank">second wave in the news</a>, as an <a href="https://www.american.edu/cas/faculty/mhawkins.cfm" target="_blank">epidemiologist and public health researcher</a>, I think there are two necessary factors that must be met before we can colloquially declare a second wave.</p><p>First, the virus would have to be controlled and transmission brought down to a very low level. That would be the end of the first wave. Then, the virus would need to reappear and result in a large increase in cases and hospitalizations.</p><p>Many countries in <a href="https://doi.org/10.1038/s41562-020-0908-8" target="_blank">Europe and Asia have successfully ended the first wave</a>. <a href="https://www.theguardian.com/world/2020/jun/08/new-zealand-abandons-covid-19-restrictions-after-nation-declared-no-cases" target="_blank">New Zealand</a> and <a href="https://www.newyorker.com/magazine/2020/06/08/how-iceland-beat-the-coronavirus" target="_blank">Iceland</a> have also made it through their first waves and are now essentially coronavirus-free, with very low levels of community transmission and only a handful of active cases currently.</p>
Different States, Different Trends<p>Looking at U.S. numbers as a whole hides what is really going on. Different states are in <a href="https://www.nytimes.com/interactive/2020/us/coronavirus-us-cases.html" target="_blank">vastly different situations right now</a> and when you look at states individually, four major categories emerge.</p><ol><li>Places where the first wave is ending: States in the Northeast and a few scattered elsewhere experienced large initial spikes but were able to mostly contain the virus and substantially brought down new infections. <a href="https://www.nytimes.com/interactive/2020/us/new-york-coronavirus-cases.html" target="_blank">New York</a> is a good example of this.</li><li>Places still in the first wave: Several states in the South and West – see <a href="https://www.nytimes.com/interactive/2020/us/texas-coronavirus-cases.html" target="_blank">Texas</a> and <a href="https://www.nytimes.com/interactive/2020/us/california-coronavirus-cases.html" target="_blank">California</a> – had some cases early on, but are now seeing massive surges with no sign of slowing down.</li><li>Places in between: Many states were hit early in the first wave, managed to slow it down, but are either at a plateau – like <a href="https://www.nytimes.com/interactive/2020/us/north-dakota-coronavirus-cases.html" target="_blank">North Dakota</a> – or are now seeing steep increases – like <a href="https://www.nytimes.com/interactive/2020/us/oklahoma-coronavirus-cases.html" target="_blank">Oklahoma</a>.</li><li>Places experiencing local second waves: Looking only at a state level, <a href="https://www.nytimes.com/interactive/2020/us/hawaii-coronavirus-cases.html" target="_blank">Hawaii</a>, <a href="https://www.nytimes.com/interactive/2020/us/montana-coronavirus-cases.html" target="_blank">Montana</a> and <a href="https://www.nytimes.com/interactive/2020/us/alaska-coronavirus-cases.html" target="_blank">Alaska</a> could be said to be experiencing second waves. Each state experienced relatively small initial outbreaks and was able to reduce spread to single digits of daily new confirmed cases, but are now all seeing spikes again.</li></ol><p>The trends aren't surprising based on how states have been dealing with reopening. The virus will go wherever there are susceptible people and until the U.S. stops community spread across the entire country, the first wave isn't over.</p>
What Could a Second Wave Look Like?<p>It is possible – though at this point it seems unlikely – that the U.S. could control the virus before a vaccine is developed. If that happens, it would be time to start thinking about a second wave. The question of what it might look like depends in large part on everyone's actions.</p><p>The <a href="https://dx.doi.org/10.1086%2F592454" target="_blank">1918 flu pandemic</a> was characterized by a mild first wave in the winter of 1917-1918 that went away in summer. After restrictions were lifted, people very quickly went back to pre-pandemic life. But a second, deadlier strain came back in fall of 1918 and third in spring of 1919. In total, <a href="https://www.cdc.gov/flu/pandemic-resources/1918-commemoration/1918-pandemic-history.htm" target="_blank">more than 500 million people were infected</a> worldwide and upwards of <a href="https://theconversation.com/compare-the-flu-pandemic-of-1918-and-covid-19-with-caution-the-past-is-not-a-prediction-138895" target="_blank">50 million died</a> over the course of three waves.</p><p>It was the combination of a quick return to normal life and a mutation in the flu's genome that made it more deadly that led to the horrific second and third waves.</p><p>Thankfully, the coronavirus appears to be much more <a href="https://doi.org/10.1016/j.meegid.2020.104351" target="_blank">genetically stable</a> than the influenza virus, and thus less likely to mutate into a more deadly variant. That leaves human behavior as the main risk factor.</p><p>Until a <a href="https://theconversation.com/what-needs-to-go-right-to-get-a-coronavirus-vaccine-in-12-18-months-136816" target="_blank">vaccine or effective treatment is developed</a>, the tried-and-true public health measures of the last months – <a href="https://theconversation.com/this-simple-model-shows-the-importance-of-wearing-masks-and-social-distancing-140423" target="_blank">social distancing,</a> <a href="https://theconversation.com/masks-help-stop-the-spread-of-coronavirus-the-science-is-simple-and-im-one-of-100-experts-urging-governors-to-require-public-mask-wearing-138507" target="_blank">universal mask wearing</a>, frequent hand-washing and avoiding crowded indoor spaces – are the ways to stop the first wave and thwart a second one. And when there are surges like what is happening now in the U.S., further reopening plans need to be put on hold.</p>
- U.S. Coronavirus Death Toll Now No. 1 in World - EcoWatch ›
- U.S. Coronavirus Deaths Pass 100,000 - EcoWatch ›
- U.S. Coronavirus Cases Top 2 Million as All 50 States Start ... ›
By Eoin Higgins
Climate advocates pointed to news Sunday that fracking giant Chesapeake Energy was filing for bankruptcy as further evidence that the fossil fuel industry's collapse is being hastened by the coronavirus pandemic and called for the government to stop propping up businesses in the field.
- Fracking Industry's Propaganda Hypes Shale Gas Production and ... ›
- Another Blow to the Fracking Industry—Chesapeake Energy's ... ›
- Former Chesapeake Energy CEO Aubrey McClendon Is Back to ... ›
By Neil King and Gabriel Borrud
Human beings all over the world agreed to strict limitations to their rights when governments made the decision to enter lockdown during the COVID-19 crisis. Many have done it willingly on behalf of the collective. So why can't this same attitude be seen when tackling climate change?
- The Crunch Question on Climate: How Can I Help? - EcoWatch ›
- The Power of Collective Action Gangnam Style - EcoWatch ›
- Scientist Finds Remarkable Way to Connect People Emotionally ... ›
Fire experts have already criticized President Trump's planned fireworks event for this Friday at Mt. Rushmore National Memorial as a dangerous idea. Now, it turns out the event may be socially irresponsible too as distancing guidelines and mask wearing will not be enforced at the event, according to CNN.
- Trump's Fireworks Show at Mt. Rushmore Is a Dangerous Idea, Fire ... ›
- Attendees at Trump's First Rally Since March Can't Sue if They Get ... ›
By Emma Charlton
Gluts of food left to rot as a consequence of coronavirus aren't just wasteful – they're also likely to damage the environment.
Methane on the Rise<p>Not only is this a tragic waste of food at a time when many are going hungry, it is also an <a href="https://donatedontdump.net/2014/07/07/the-effects-of-food-waste-on-the-environment-by-junemy-pantig/" target="_blank">environmental hazard</a> and could contribute to global warming. Landfill gas – <a href="https://www.epa.gov/lmop/basic-information-about-landfill-gas" target="_blank">roughly half methane and half carbon dioxide (CO2)</a> – is a natural byproduct of the decomposition of organic material.</p>
Food decay leads to production of greenhouse gases, methane and carbon dioxide. EPA<p>Methane is a potent greenhouse gas, 28 to <a href="https://www.ipcc.ch/site/assets/uploads/2018/02/SYR_AR5_FINAL_full.pdf" target="_blank">36 times more effective than CO2 at trapping heat</a> in the atmosphere over a 100-year period, according to the Intergovernmental Panel on Climate Change.</p><p>"Many export-oriented producers produce volumes far too large for output to be absorbed in local markets, and thus <a href="https://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=2333" target="_blank">organic waste levels have mounted substantially</a>," says Robert Hamwey, Economic Affairs Officer at UN agency UNCTAD. "Because this waste is left to decay, levels of methane emissions, a greenhouse gas, from decaying produce are expected to rise sharply in the crisis and immediate post-crisis months."</p>
Food supply chains are easily disrupted. UN FAO<p>Dumping food was already a problem before the crisis. In America alone, <a href="https://www.refed.com/?sort=economic-value-per-ton" target="_blank">$218 billion is spent growing, processing, transporting</a> and disposing of food that is never eaten, estimates ReFED, a collection of business, non-profit and government leaders committed to reducing food waste. That's equivalent to around 1.3% of GDP.</p><p>Since the pandemic took hold, <a href="https://www.bbc.co.uk/news/world-52267943" target="_blank">farmers are dumping 14 million liters</a> of milk each day because of disrupted supply routes, estimates Dairy Farmers of America. A chicken processor was forced to <a href="https://www.nytimes.com/2020/04/11/business/coronavirus-destroying-food.html" target="_blank">destroy 750,000 unhatched eggs a week</a>, according to the New York Times, which also cited an onion farmer letting most of his harvest decompose because he couldn't distribute or store them.</p>
Food Prices Collapsing<p>The excess has also seen prices collapse. The <a href="http://www.fao.org/worldfoodsituation/foodpricesindex/en/" target="_blank">FAO Food Price Index</a> (FFPI) averaged 162.5 points in May 2020, down 3.1 points from April and reaching the lowest monthly average since December 2018. The gauge has dropped for four consecutive months, and the latest decline reflects falling values of all the food commodities – dairy, meat, cereal, vegetable – except sugar, which rose for the first time in three months.</p><p>All this while the pandemic is exacerbating other global food trends.</p><p>"This year, some 49 million extra people may fall into extreme poverty due to the COVID-19 crisis," said António Guterres, Secretary-General of the UN. "The number of people who are acutely food or nutrition insecure will rapidly expand. <a href="https://www.youtube.com/watch?v=fGhLKAbNDiY&feature=youtu.be" target="_blank">Even in countries with abundant food, we see risks of disruptions in the food supply chain</a>."</p>
- Food Waste Set to Increase by 33 Percent Within 10 Years - EcoWatch ›
- Reducing Food Waste Is Good for Economy and Climate, Report Says ›
- 23 Organizations Eliminating Food Waste During COVID-19 ... ›
Puerto Rico's governor declared a state of emergency on Monday after a severe drought on the island left 140,000 people without access to running water, despite the necessary role that hand washing and hygiene plays in stopping the novel coronavirus, as The Independent reported.
- When the Government Failed Puerto Rico, Local Communities ... ›
- Latino Voters Worried About Climate Change Could Swing 2020 ... ›