Quantcast

Major Fossil Fuel Divestments Strengthen Renewable Energy Movement Worldwide

Fracking

TckTckTck

Storebrand, a major Norwegian pension fund and life insurance firm, has announced it has divested from 19 fossil fuel companies.

Announcing the move, the group’s head of sustainable investment, Christine Tørklep Meisingset, said it had gone down the divestment route to “reduce fossil fuel and CO2 [carbon dioxide] exposure and ensure long-term stable returns” for its members—as these stocks, it says, will be “worthless financially” in the future.

She said:

"[As] the stated climate goals become reality, these resources are worthless financially, but it is also true that they do not contribute to sustainable development in the extent and the pace we want. Exposure to fossil fuels is one of the industry’s main challenges, and for us it is essential to work purposefully to take our share of responsibility."

Its decision to divest comes after the publication of Carbon Tracker’s latest Unburnable Carbon report, which said some 60-80 percent of fossil fuel reserves need to be left in the ground if the worst effects of climate change are to be avoided.

In total, it has pulled out of 13 coal extractors and six firms that are heavily exposed to tar sands oil.

Bold moves like this that channel finance away from carbon-intensive assets towards clean renewable energy projects gained a ringing endorsement from Barack Obama last week.

The divestment and clean investment movement appears to be gaining momentum.

In Europe, the Dutch bank Rabobank recently took the extraordinary step of enforcing a blanket ban on loans to firms involved with oil sands and fracking for shale gas.

In both cases, it claimed the financial and environmental risks were too great for it to lend money.

While in the U.S., where the movement has been strongest, the United Church of Christ is the latest notable organization to follow the trend and approve a fossil fuel divestment strategy, becoming the first national and religious body in the U.S. to do so.

Visit EcoWatch’s CLIMATE CHANGE page for more related news on this topic.

——–

DO YOU THINK IT IS TIME TO COMPLETELY DIVEST FROM FOSSIL FUELS?

EcoWatch Daily Newsletter

MStudioImages / E+ / Getty Images

By Jillian Kubala, MS, RD

Backpacking is an exciting way to explore the wilderness or travel to foreign countries on a budget.

Read More Show Less
Tim P. Whitby / 21st Century Fox / Getty Images

The beauty products we put on our skin can have important consequences for our health. Just this March, the U.S. Food and Drug Administration (FDA) warned that some Claire's cosmetics had tested positive for asbestos. But the FDA could only issue a warning, not a recall, because current law does not empower the agency to do so.

Michelle Pfeiffer wants to change that.

The actress and Environmental Working Group (EWG) board member was spotted on Capitol Hill Thursday lobbying lawmakers on behalf of a bill that would increase oversight of the cosmetics industry, The Washington Post reported.

Read More Show Less
Sponsored
A protest march against the Line 3 pipeline in St. Paul, Minnesota on May 18, 2018. Fibonacci Blue / CC BY 2.0

By Collin Rees

We know that people power can stop dangerous fossil fuel projects like the proposed Line 3 tar sands oil pipeline in Minnesota, because we've proved it over and over again — and recently we've had two more big wins.

Read More Show Less
Scientists released a study showing that a million species are at risk for extinction, but it was largely ignored by the corporate news media. Danny Perez Photography / Flickr / CC

By Julia Conley

Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.

Read More Show Less
DoneGood

By Cullen Schwarz

Ethical shopping is a somewhat new phenomenon. We're far more familiar with the "tried and tested" methods of doing good, like donating our money or time.

Read More Show Less
Sponsored
Pixabay

Summer is fast approaching, which means it's time to stock up on sunscreen to ward off the harmful effects of sun exposure. Not all sunscreens are created equally, however.

Read More Show Less
Mark Wallheiser / Getty Images

The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.

Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.

Read More Show Less
Flooding in Winfield, Missouri this month. Jonathan Rehg / Getty Images

President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.

"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.

Read More Show Less