An Extinction Rebellion protester outside the Bank of England on Oct. 14, 2019 in London, England. John Keeble / Getty Images
By Jessica Corbett
In another win for climate campaigners, leaders of 12 major cities around the world — collectively home to about 36 million people — committed Tuesday to divesting from fossil fuel companies and investing in a green, just recovery from the ongoing coronavirus pandemic.
<p>The announcement from C40 Cities — a global network of communities dedicated to tackling the <a href="https://www.ecowatch.com/tag/climate-crisis">climate emergency</a> — came on day two of <a href="https://www.climateweeknyc.org/climate-week-nyc-2020" target="_blank">Climate Week NYC</a>, some of which is being held online because of the COVID-19 crisis.</p><p>"Now is the time to divest from fossil fuel companies and undertake investment and policy change that prioritizes public and planetary health, building back a more equal society and addressing this climate emergency," <a href="https://www.c40.org/press_releases/cities-commit-divest-invest" target="_blank">declared</a> New York City Mayor Bill de Blasio.</p><p>"In New York City, we know that taking action on climate change is not optional," added de Blasio, whose community has been hit hard by the pandemic. "As we recover from COVID-19, we must make our cities even stronger."</p>
<p>In 2018, de Blasio and London Mayor Sadiq Khan established the first-of-its-kind Divest/Invest Forum to help city leaders shift money away from fossil fuels and toward the creation of low-carbon jobs. Khan said Tuesday that his city has "demonstrated that divestment is possible and indeed essential for our future."</p><p>"Through our work with New York and C40, I'm delighted to bring together 10 more cities to join us in taking Divest/Invest action," he added. "As the world recovers from COVID-19, we need to work together to ensure a fairer, fossil-fuel-free green recovery."</p><p>Berlin, Bristol, Cape Town, Durban, Los Angeles, Milan, New Orleans, Oslo, Pittsburgh and Vancouver have all signed on to C40's declaration, "<a href="https://www.c40.org/divest-invest" target="_blank">Divesting from Fossil Fuels, Investing in a Sustainable Future</a>."</p>
<div id="401b5" class="rm-shortcode" data-rm-shortcode-id="f557fec553a3680fde961b824afb0188"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1308441659798171649" data-partner="rebelmouse"><div style="margin:1em 0">We are proud to be one of 12 cities around the world committing to
@c40cities' declaration “Divesting From Fossil… https://t.co/qelg6N2x7o</div> — LDNMayor Environment (@LDNMayor Environment)<a href="https://twitter.com/LDN_environment/statuses/1308441659798171649">1600791776.0</a></blockquote></div>
<p>"We're in a make-or-break decade for the preservation of our planet and our livelihoods," said C40 chair and Los Angeles Mayor Eric Garcetti. "Our declaration makes a clear statement: If we're serious about a sustainable, just, and prosperous future, we have to put our money where our mouth is, remove public dollars from companies harming the Earth, and power our cities with bold investments in low-carbon industries."</p><p>Specifically, the mayors are committing to taking all possible steps to divest city assets from fossil fuel companies and increase investments in climate solutions; calling on pension funds to follow suit; and advocating for fossil-free and sustainable finance by other investors and all levels of government. A C40 statement called the declaration "a critical next step towards realizing the vision for a Global Green New Deal, announced last October at the C40 World Mayors Summit in Copenhagen, Denmark."</p>
<p>The mayors' latest move comes as western U.S. states including California battle <a href="https://www.cnn.com/2020/09/16/us/west-coast-wildfires-wednesday/index.html" target="_blank" rel="noopener noreferrer">unprecedented wildfires</a> while the Gulf Coast recovers from <a href="https://www.commondreams.org/news/2020/09/17/bolstering-calls-climate-action-mutant-sloth-hurricane-sally-leaves-major-mess-gulf" target="_blank" rel="noopener noreferrer">Hurricane Sally</a> and prepares for the possibility of more storms. Scientists have emphasized that both the intense blazes and slow-moving, destructive hurricanes are connected to global heating that results from human activity, especially the burning of fossil fuels.</p><p>"The declaration sends a loud clear message to the fossil fuel industry," <a href="https://www.commondreams.org/newswire/2020/09/22/may-boeve-joins-mayors-12-major-cities-committed-divest-fossil-fuel-companies" target="_blank" rel="noopener noreferrer">said</a> 350.org executive director May Boeve, whose advocacy group has spearheaded <a href="https://www.commondreams.org/news/2020/04/30/ahead-may-day-500-groups-worldwide-demand-just-and-visionary-recovery-covid-19" target="_blank" rel="noopener noreferrer">demands</a> for a green, just recovery. "As we watch wildfires burn in the U.S. and devastating floods in parts of Africa, we know that fossil fuels are not a safe investment: the sector is too volatile to be <a href="https://350communications.cmail19.com/t/t-l-xbdyky-autddlkti-y/" target="_blank" rel="noopener noreferrer">deeply vulnerable</a>, it is time to divest from fossil fuels and invest in the green and just recovery of the future."</p><p>Globally, over $200 billion in COVID-19 recovery funding <a href="https://www.energypolicytracker.org/" target="_blank">has been</a> pledged to fossil fuels. Boeve argued that "it is essential to ensure that today's investments do not lock-in polluting technologies and carbon-intensive industries. Investments should instead support the solutions we need to avert climate breakdown, create good jobs, advance environmental justice, and support livable communities."</p>
<p>Signatories to the C40 declaration agree. "Pulling out of climate-damaging and ethically problematic investment strategies is a key step in the transition to a sustainable economy," said Michael Müller, governing mayor of Berlin. "The fact that C40 cities are taking this ambitious step and actively promoting divestment sends an important political signal."</p><p>Last year, the Vancouver City Council took action to divest city and staff pensions from fossil fuels. By signing the declaration, said Mayor Kennedy Stewart, "we are furthering this work, which aligns with City Council's 2019 vote to unanimously recognize a global climate emergency and local climate crisis."</p><p>Former Vancouver City Councillor Andrea Reimer participated Tuesday in an NYC Climate Week event, hosted by <a title="Original URL: https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fStand.earth&c=E,1,2oxw9peuNmXdM3-IVcc3MU11FD_LpPqn-0YYMY8KmkFp8NKhgi2ZwWQXVWeT5o0wya6eaAe1o1OsEUOQmuOPrNUC_6Kg7lbHWBzKsIBd9VP2wi5M&typo=1. Click or tap if you trust this link." href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Flinkprotect.cudasvc.com%2Furl%3Fa%3Dhttps%253a%252f%252fStand.earth%26c%3DE%2C1%2C2oxw9peuNmXdM3-IVcc3MU11FD_LpPqn-0YYMY8KmkFp8NKhgi2ZwWQXVWeT5o0wya6eaAe1o1OsEUOQmuOPrNUC_6Kg7lbHWBzKsIBd9VP2wi5M%26typo%3D1&data=01%7C01%7Cepollak%40theclimategroup.org%7C9395c5b8b70e4330779508d83fbec0e6%7Cdc6bc025abec4b55b2a05a63afca742b%7C0&sdata=NRWAlXdDOHBf97iPAqWNbffp1%2B%2F943LF%2B%2BxIqi%2BAKPU%3D&reserved=0" target="_blank">Stand.earth</a>, about local efforts to facilitate "a just transition to <a href="http://www.ecowatch.com/renewable-energy/">renewable energy</a>, a green recovery, and a livable climate."</p>
<div id="4ec15" class="rm-shortcode" data-rm-shortcode-id="75b9da530a37a63517787159519175e3"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1308466188532346880" data-partner="rebelmouse"><div style="margin:1em 0">We’re live at #ClimateWeekNYC! Our “Cities Lead: Phasing Out Fossil Fuels” event is happening 2-3:30pm ET today. Fo… https://t.co/c4cpi7KlQU</div> — Stand.earth (@Stand.earth)<a href="https://twitter.com/standearth/statuses/1308466188532346880">1600797624.0</a></blockquote></div>
<p>The event — which also featured speakers from Stand.earth, Baltimore, Berkeley, and King County, Washington — included sample policies, success stories and resources for grassroots organizers and local government leaders.<br></p>
<p><em>Reposted with permission from <a href="https://www.commondreams.org/news/2020/09/22/mayors-12-major-global-cities-home-36-million-people-make-unified-fossil-fuel" target="_blank">Common Dreams</a>.</em></p>From Your Site Articles
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Mining Company CEO Forced to Resign After Blasting of 46,000-Year-Old Aboriginal Site
11 September
Popular
Western Australia's Juukan Gorge has been home to a sacred site to local Indigenous peoples for over 46,000 years. In May of 2020, the site was destroyed in an explosion designed to expand a nearby iron ore mine. About the House: the official channel of the Australian House of Representatives
The chief executive officer and two senior executives are being forced out of the mining giant Rio Tinto several months after investors started to revolt over the company's destruction of an ancient aboriginal rock shelter, according to CNN.
<p>CEO Jean-Sebastian Jacques will leave in March 2021, while two senior executives, Chris Salisbury, iron ore chief executive, and Simone Nieven, head of corporate relations who had the responsibility of handling relations with Indigenous communities, will leave at the end of 2020, according to <a href="https://www.forbes.com/sites/isabeltogoh/2020/09/11/ceo-of-one-of-the-worlds-largest-mining-companies-forced-to-resign-over-destruction-of-sacred-indigenous-site/#790943ed412a" target="_blank">Forbes</a>.</p><p>The 48-year-old chief executive is being forced out after investors listened to a continuing outcry from the Indigenous people of Australia who were horrified that Rio Tinto would trounce upon their sacred ground and blast away the ancient Juukan Gorge rock shelters, two culturally significant rock shelters in Western Australia's Pilbara region. Despite knowing the importance of the grounds to the the Puutu Kunti Kurrama and Pinikura people, Rio Tinto blasted the site in order to mine a better quality of iron ore, according to <a href="https://www.theguardian.com/business/2020/sep/11/rio-tinto-ceo-senior-executives-resign-juukan-gorge-debacle-caves" target="_blank">The Guardian</a>.</p>
<p>The company's board responded to the move by cutting executive pay and stripping the three executives of $7 million in bonuses, but investors lined up to denounce that penalty as inadequate.</p><p>"There were certainly some shareholders who felt strongly that the accountability was inappropriate and that this was an issue that needed to be addressed to rebuild trust," said Rio Tinto Chairman Simon Thompson to <a href="https://www.smh.com.au/business/companies/rio-tinto-ceo-top-executives-resign-amid-cave-blast-crisis-20200910-p55uf8.html" target="_blank">The Sydney Morning Herald</a>.</p><p>"While there is general recognition of the transparency of the board review and support for the changes recommended, significant stakeholders have expressed concerns about executive accountability for the failings identified," the company said in a statement, as The Guardian reported.</p>
<p>The wanton destruction of the site has shed light on the remarkable power the mining industry has over sacred, traditional lands. It has shown the need for greater legal guarantees to make sure heritage sites are protected.</p><p>A spokesperson for the Puutu Kunti Kurrama and Pinikura people told The Sydney Morning Herald, "Our focus continues to rest heavily on preserving Aboriginal heritage and advocating for wide-ranging changes to ensure a tragedy like this never happens again. We cannot and will not allow this type of devastation to occur ever again."</p><p>Among the prominent shareholders to express their misgivings were several large Australian investment funds and a group of 81 British pension funds. Also, the National Native Title Council in Australia said the board was divorced from reality in thinking that the pay cuts were somehow just punishment for destroying a 46,000-year-old site, according to The Sydney Morning Herald.</p>
<p>"There is more work to be done," said Jamie Lowe, chief executive for the National Native Title Council, as The Guardian reported. "The law needs to be strengthened. We can't rely on the goodwill of mining companies, we need the law strengthened. We can't rely on their word that things will get better."</p><p>"What happened at Juukan was wrong," Thompson said Friday to The Sydney Morning Herald. "We are determined to ensure the destruction of a heritage site of such exceptional archaeological and cultural significance never occurs again at a Rio Tinto operation."</p><p>Ian Silk, the chief executive of Australia's biggest superannuation fund, AustralianSuper, said that he was "satisfied that appropriate responsibility has now been taken by executives at Rio Tinto," according to The Guardian,</p><p>"Rio can now work with traditional owners to guarantee that its processes are appropriate for the protection of culturally important sites and that it has the right internal accountabilities," he added, as The Guardian reported.</p>
<p>Additionally, the Australian Center for Corporate Responsibility applauded Friday's announcement as an end to the "dishonest malaise of Rio Tinto's board and senior management," according to The Guardian.</p><p>While the news of the executives departing is welcome, the institutional investors who have the clout to spur action within the company said the company would have to take steps to repair its relationship with Australia's Indigenous people.</p><p>"Rio Tinto now has the opportunity to address the necessary remediation, cultural heritage and risk processes with fresh eyes," said Louise Davidson, chief executive of the Australian Council of Superannuation Investors, which advises 38 large super funds on governance issues, to The Guardian.</p><p>"Rio Tinto must prioritise working with traditional owners the Puutu Kunti Kurrama and Pinikura people to rebuild their relationship. It is critical that this is not delayed," she added.</p>
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Norway’s Largest Private Asset Manager Divests in Chevron, Exxon for Lobbying Against Climate Action
27 August
Business
A fire burns at the ExxonMobil Olefins Plant in Baytown, Texas on July 31, 2019. michelmond / iStock Editorial / Getty Images Plus
A Norwegian hedge fund worth more than $90 billion has become the first major financial institution to divest from companies that lobby against action on the climate crisis, The Guardian reported Monday.
<p>Storebrand, as the fund is called, is the largest private asset manager in Norway, according to <a href="https://www.reuters.com/article/uk-climatechange-funds-storebrand/storebrand-divests-out-of-exxon-others-over-climate-lobbying-idUKKBN25K0C1" target="_blank">Reuters</a>. As part of its new policy, it dumped its shares in major U.S. <a href="https://www.ecowatch.com/tag/big-oil" target="_self">oil</a> companies <a href="https://www.ecowatch.com/tag/exxon" target="_self">ExxonMobil</a> and <a href="https://www.ecowatch.com/tag/chevron" target="_self">Chevron</a>, as well as in mining giant Rio Tinto and German chemical company BASF.</p><p>"The Exxons and Chevrons of the world are holding us back," Storebrand chief executive Jan Erik Saugestad told The Guardian.</p><p>Storebrand announced the divestments as part of a wider set of new climate policies Monday.</p>
<div id="e7000" class="rm-shortcode" data-rm-shortcode-id="0b099792cf73397bfc5ce5359e5ef8d3"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1298927639927947269" data-partner="rebelmouse"><div style="margin:1em 0">– We are not only vulnerable to the systemic disruptions that #climatechange will unleash on ecosystems, societies… https://t.co/PgDrZl1hAb</div> — Storebrand (@Storebrand)<a href="https://twitter.com/storebrand_no/statuses/1298927639927947269">1598523456.0</a></blockquote></div>
<p>In addition to divesting from companies that lobby against the <a href="https://www.ecowatch.com/tag/paris-agreement" target="_self">Paris climate agreement</a> and climate change regulations, the fund will also:</p><ul><li>Make investment decisions in line with scientific consensus and the goals of the Paris agreement</li><li>Divest from companies that make more than 5 percent of their revenues from <a href="https://www.ecowatch.com/tag/coal" target="_self">coal</a> or <a href="https://www.ecowatch.com/tag/oil-sands" target="_self">oil sands</a></li><li>Make decisions that maintain nature's ability to store carbon dioxide, with a special focus on stopping <a href="https://www.ecowatch.com/tag/deforestation" target="_self">deforestation</a></li><li>Increase investments in low-carbon companies</li><li>Connect with <a href="https://www.ecowatch.com/tag/energy" target="_self">energy</a> companies with a view towards encouraging them to transition towards <a href="https://www.ecowatch.com/tag/renewable-energy" target="_self">renewable</a> sources</li><li>Provide regular progress reports</li><li>Inform clients about low-carbon, sustainable investment funds</li></ul>
<p>"We aim to maintain our position as a leading provider of sustainable solutions," Saugestad said in a <a href="https://www.mynewsdesk.com/no/storebrand-asa/pressreleases/storebrand-strengthens-climate-policy-to-accelerate-green-transition-3028319" target="_blank">statement</a>. "With this policy we will excel and improve our work on climate and greening the financial system. We will use all the tools at our disposal, including divestment, investing more in solutions and engaging with companies in order to achieve substantial change."</p><p>The divestment, completed this year, represented a small share of the fund's assets, <a href="https://www.bloomberg.com/news/articles/2020-08-24/a-91-billion-asset-manager-dumps-exxon-chevron-on-climate" target="_blank">Bloomberg News reported</a>. The fund divested a total of $47 million, almost half of it from Exxon and Chevron.</p>
<p>In response, both oil companies said they supported the goals of the Paris agreement and are investing in low-emission technologies.</p><p>"[Exxon] is focused on the dual challenge of meeting the growing demand for energy and minimizing environmental impacts and the risks of climate change," spokesman Casey Norton told Bloomberg News in an email.</p><p>Chevron, meanwhile, said it was considering a shareholder vote that would encourage transparency around climate lobbying.</p>
<p>UK nonprofit <a href="https://influencemap.org/" target="_blank">InfluenceMap</a> has reported that Exxon, Chevron, Shell, BP and Total spend around $200 million a year working to delay or block climate policies, according to The Guardian. While the fund did not divest from major European oil companies like BP or Norway's own Equinor, they are not off the hook.</p><p>"This initial move does not mean that BP, Shell, Equinor and other oil and gas majors can rest easy and continue with business as usual, even though they are performing relatively better than US oil majors," Saugestad told The Guardian.</p>
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Demonstrators block the entrance to a Deutsche Bank branch in Baden-Wuerttemberg, Stuttgart on Sept. 20, 2019. Sebastian Gollnow / picture alliance via Getty Images
By Krissy Waite
Climate activists are celebrating Deutsche Bank's new energy policy banning financial support of drilling in the Arctic, a move which comes after years of pressure from advocacy groups.
<p>The bank, a multinational investment company headquartered in Germany, announced Monday that it will no longer offer financial services to new projects that involve drilling for oil or gas in the Arctic. The policy also states it will not fund any <a href="http://www.ecowatch.com/tag/tar-sands">tar sand</a> projects or <a href="http://www.ecowatch.com/tag/fracking/">fracking</a> in areas that have low water supply.</p><p>Concerns over the Arctic have risen in recent weeks as the region <a href="https://www.commondreams.org/news/2020/06/27/warning-sign-major-proportions-number-siberian-forest-fires-increase-fivefold-week" target="_blank">has been battling</a> a prolonged heatwave and wildfires, which have been caused by human-driven climate change.</p><p>Last week, the World Meteorological Organization <a href="https://public.wmo.int/en/media/news/siberia-heat-fire-and-melting-ice" target="_blank">announced</a> that Siberia's average temperature in June was 10°C above normal. The Arctic is warming over two times faster than the rest of the world.</p><p>Ben Cushing, Sierra Club senior campaign representative, said in a <a href="https://www.commondreams.org/newswire/2020/07/27/multinational-banking-giant-deutsche-bank-will-not-fund-arctic-drilling" target="_blank">statement</a> that it is becoming clear to banks that <a href="http://www.ecowatch.com/tag/divest">divesting</a> from Arctic drilling is important. He pointed to the Arctic National Wildlife Refuge, which spans over 19 million acres of Alaskan land.</p><p>"As the list of major banks rejecting funding for Arctic drilling continues to grow, it's clearer by the day that investing in the destruction of the Arctic Refuge would be a mistake," Cushing said. "The <a href="http://www.ecowatch.com/trump-watch/">Trump</a> administration may still think auctioning off the Arctic Refuge is a good idea, but it′s obvious that oil companies would be foolish to take them up on their offer."</p>
<p>In 2017, Congress passed a provision allowing refuge lands to be leased to oil companies. <a href="https://www.wilderness.org/wild-places/alaska/oil-drilling-arctic-national-wildlife-refuge?gclid=CjwKCAjw9vn4BRBaEiwAh0muDMsB21ifOMIjiDqIzvZMM9RFxdtmUSjWbMzrh0GaktYXJ23dCbrtThoC7cMQAvD_BwE" target="_blank">Drilling is incredibly harmful</a> to the people and <a href="http://www.ecowatch.com/tag/wildlife">wildlife</a> that live in the refuge because it because it <a href="https://www.barentsinfo.org/barents-region/Nature/Animals-and-plants/Habitat-fragmentation#:~:text=Habitat%20fragmentation%3A%20a%20threat%20to%20arctic%20biodiversity%20and%20wilderness&text=As%20human%20activity%20increases%2C%20however,of%20the%20area's%20wilderness%20heritage." target="_blank">divides natural habitats and interrupts migration patterns</a>. Polar bears, caribou, and the 270 other species of wildlife — and the Gwich'in people who rely on certain animals for sustenance — would suffer.</p><p>Deutsche <a href="https://www.marketwatch.com/story/deutsche-bank-says-it-wont-finance-any-new-arctic-region-or-oil-sand-projects-2020-07-27" target="_blank">stated it will not be terminating</a> any current financial backing of Arctic drilling projects, but that it will be evaluating all ongoing oil and gas business ventures by the end of 2020 and end any business in coal mining by or before 2025.</p><p>Urgewald, a Germany-based environment and human rights NGO that focuses on divesting from destructive projects, tweeted in response to the news that while Deutsche Bank's policy is needed, it's too little and too late.</p>
<div id="a044b" class="rm-shortcode" data-rm-shortcode-id="d0a01f4da6d8b08cfefca4ee9a4cb576"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1287726413144104970" data-partner="rebelmouse"><div style="margin:1em 0">@DeutscheBankAG 's new policies are much-needed movement, but too little and too late. As long as companies like… https://t.co/DcqP5pE8S9</div> — urgewald (@urgewald)<a href="https://twitter.com/urgewald/statuses/1287726413144104970">1595852876.0</a></blockquote></div>
<p>Bill McKibben, co-founder of 350.org, celebrated the news by congratulating <a href="https://www.ecowatch.com/tag/indigenous-peoples">Indigenous</a> groups on their organizing.</p>
<div id="c1fbe" class="rm-shortcode" data-rm-shortcode-id="07221047ad734dbe3b48bb4ac7f34bba"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1287745245451444233" data-partner="rebelmouse"><div style="margin:1em 0">Add @DeutscheBank to the growing list of banks that won't touch Arctic or tarsands projects. Such great organizing,… https://t.co/EIZt732RpT</div> — Bill McKibben (@Bill McKibben)<a href="https://twitter.com/billmckibben/statuses/1287745245451444233">1595857366.0</a></blockquote></div>
<p>Tara Houska, founder of Giniw Collective and co-founder of Not Your Mascots, welcomed the bank's decision and called for others to follow suit. "If DeutschBank can stop, any of the banks can," she said. "Who's next?"</p>
<div id="7813b" class="rm-shortcode" data-rm-shortcode-id="0cf2b41665f65dd0c9c2ecebb5d3ceee"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1287751906430013441" data-partner="rebelmouse"><div style="margin:1em 0">Visited this bank in 2017, it had intense security. Felt the most removed, unconcerned about the human rights of th… https://t.co/wpEy2E7HOy</div> — tara houska ᔖᐳᐌᑴ (@tara houska ᔖᐳᐌᑴ)<a href="https://twitter.com/zhaabowekwe/statuses/1287751906430013441">1595858954.0</a></blockquote></div>
<p>Deutsche Bank joins Goldman Sachs, <a href="https://www.commondreams.org/news/2020/03/02/wells-fargo-joins-banks-rejecting-funding-arctic-drilling-pressure-heats-others-do" target="_blank">Wells Fargo</a>, Citi, <a href="https://www.commondreams.org/news/2020/02/25/even-worst-fossil-fuel-banker-jpmorgan-chase-will-no-longer-fund-way-destroying" target="_blank">JPMorgan Chase</a> and Morgan Stanley — five of the biggest American banks — in banning Arctic drilling from its company. Bank of America is currently the last of the largest banks in the U.S. to <a href="https://www.sierraclub.org/press-releases/2020/04/major-banks-rule-out-funding-for-arctic-drilling-bank-america-risks-getting" target="_blank">issue</a> an anti-Arctic drilling policy or statement. Globally, about <a href="https://www.banktrack.org/campaign/banks_and_arctic_oil_and_gas" target="_blank">two dozen banks</a> have adopted these policies.</p>
<p><em>Reposted with permission from <a href="https://www.commondreams.org/news/2020/07/27/pressured-climate-activist-groups-deutsche-bank-ditches-drilling-arctic" target="_blank">Common Dreams</a>.</em></p>From Your Site Articles
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St. Peter's Square and St.Peter's Basilica on May 20, 2020 in The Vatican, after it reopened following a lockdown aimed at curbing the spread of the COVID-19 infection. ANDREAS SOLARO / AFP via Getty Images
The Vatican urged Catholics to closely consider where they invest their money and to take a close look at the environmental impact of the companies they may be shareholders in, as Reuters reported.
<p>Pope Francis has frequently criticized wanton greed that has led to environmental degradation and a <a href="https://www.ecowatch.com/tag/climate-crisis" target="_self">climate crisis</a> that is uprooting the lives of the world's most vulnerable and impoverished people. On Earth Day, the Pope gave a speech in which he said that humans have sinned against the earth, as <a href="https://www.ecowatch.com/pope-francis-earth-day-speech-2645811438.html?rebelltitem=1#rebelltitem1" target="_self">EcoWatch</a> reported at the time.</p><p>To follow up on the pontiff's works, the Vatican released a 225-page manual for church leaders and workers that included the guidance to end investments in weapons manufacturing and defense systems, <a href="https://www.ecowatch.com/tag/fossil-fuels">fossil fuels</a>, and to closely monitor companies in the energy sector to see if their actions are causing environmental harm, according to <a href="https://www.reuters.com/article/us-vatican-environment/vatican-urges-catholics-to-drop-investments-in-fossil-fuels-arms-idUSKBN23P1HI?utm_source=reddit.com" target="_blank">Reuters</a>.</p>
<p>The manual, called <em>Journeying Towards Care For Our Common Home</em>, is a follow up to the Pope's <a href="https://www.ecowatch.com/pope-francis-encyclical-urges-swift-action-on-climate-change-ahead-of--1882051686.html" target="_self">landmark encyclical </a>on climate change called "<a href="http://w2.vatican.va/content/francesco/en/encyclicals/documents/papa-francesco_20150524_enciclica-laudato-si.html" target="_blank">Laudato Si', on Care for Our Common Home</a>," which gave the official Catholic Church seal of approval to the pope's environmental concerns. The new compendium offers practical steps to follow up on the Laudato Si, which translates from Latin to Praise Be.</p><p>As <a href="https://www.reuters.com/article/us-vatican-environment/vatican-urges-catholics-to-drop-investments-in-fossil-fuels-arms-idUSKBN23P1HI?utm_source=reddit.com" target="_blank">Reuters</a> reported, the manual's finance section said that shareholder action "could favor positive changes ... by excluding from their investments companies that do not satisfy certain parameters." It listed these as respect for human rights, bans on child labor, and protection of the environment.</p>
<p>"The Vatican's call for divestment is a breath of hope in times when faith is more needed than ever," said Bill McKibben, author and co-founder of <a href="https://www.commondreams.org/news/2020/06/18/new-vatican-document-urges-fossil-fuel-divestment-serve-planet-and-common-good" target="_blank">350.org</a> in a statement, as <a href="https://www.commondreams.org/news/2020/06/18/new-vatican-document-urges-fossil-fuel-divestment-serve-planet-and-common-good" target="_blank">Common Dreams</a> reported. "It is also one of the handful of great moments in this decade-long campaign. It is a powerful statement that attempting to profit off the destruction of the planet is plainly and simply immoral and unethical."</p><p>The Vatican bank has insisted it does not invest in fossil fuels and many Catholic dioceses and educational institutions around the world have taken similar positions, including a move last month by more than 40 Catholic institutions globally that pledged to divest from fossil fuels, according to <a href="https://www.reuters.com/article/us-vatican-environment/vatican-urges-catholics-to-drop-investments-in-fossil-fuels-arms-idUSKBN23P1HI?utm_source=reddit.com" target="_blank">Reuters</a>.</p>
<p>One action point in the manual called on Catholics to "shun companies that are harmful to human or social ecology, such as abortion and armaments, and to the environment, such as fossil fuels," as <a href="https://www.reuters.com/article/us-vatican-environment/vatican-urges-catholics-to-drop-investments-in-fossil-fuels-arms-idUSKBN23P1HI?utm_source=reddit.com" target="_blank">Reuters</a> reported. Another section called for stringent monitoring of the mining and extraction industry to make sure they were not adding harmful contaminants to the air, land and water.</p><p>Journeying Towards Care For Our Common Home sees the climate crisis as "a profound environmental, ethical, economic, political, and social 'relevance'" which "impacts the poor above all," according to the <a href="https://www.vaticannews.va/en/vatican-city/news/2020-06/vatican-interdicastery-document-laudato-si-safeguarding-creation.html" target="_blank">Vatican News</a>. It calls for a new model of development that links the fight against the climate crisis and the fight against poverty to church doctrines.</p><p>The document calls for a commitment to low-carbon, sustainable development, reforestation of the Amazon region, and humanitarian protections for climate refugees, according to the <a href="https://www.vaticannews.va/en/vatican-city/news/2020-06/vatican-interdicastery-document-laudato-si-safeguarding-creation.html" target="_blank">Vatican News</a>.</p>
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Protesters used a tractor blockade and climbed a smokestack to halt construction of the Cricket Valley fracked gas power plant in Wingdale, New York, citing the plant's large contribution to climate change and air pollution, on Nov. 16, 2020. Erik McGregor / LightRocket via Getty Images
There's a growing push from large investors in publicly traded companies to hold the companies accountable for the environmental impact of their practices. In the latest salvo, global companies worth more than $10 trillion are urging companies to disclose their environmental impact to investors, as Forbes reported.
<p>Activist campaigns have proven remarkably effective recently, as major investment firms have <a href="http://www.ecowatch.com/tag/divest">divested</a> from <a href="https://www.ecowatch.com/tag/fossil-fuels">fossil fuels</a> and refused to support coal or Arctic drilling. Investor activism has also been credited with securing a series of net-zero emissions pledges from a number of companies, including energy and mining companies.</p><p>The <a href="https://www.cdp.net/en/investor/engage-with-companies/non-disclosure-campaign" target="_blank">Non-Disclosure Campaign organized by CDP</a>, a non-profit global environmental disclosure platform, is composed of more than 100 investors, holding assets worth upwards of $10 trillion, from 23 different countries. They issued a letter to 1,051 countries, including Facebook, Amazon, Domino's and Exxon, insisting that the companies make a more complete disclosure of their environmental impact and risks to their business from the <a href="https://www.ecowatch.com/tag/climate-crisis">climate crisis</a>, as <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/investors-are-now-asking-big-companies-to-disclose-environmental-impact-report/articleshow/76317696.cms" target="_blank">The Economic Times</a> reported.</p>
<p>The 1,051 companies targeted for lobbying have a combined market value of more than $8 trillion and emit the equivalent of more than 4,800 megatons of CO2. That's equivalent to the amount of CO2 emitted by the U.S. in 2017, according to <a href="https://www.forbes.com/sites/mikescott/2020/06/09/investors-step-up-pressure-on-companies-that-dont-disclose-environmental-risks/#2d1ca1ff727f" target="_blank">Forbes</a>.</p><p>The companies that the CDP wrote to declined to provide relevant information on their environmental impacts to investors in the past. While nearly 20 percent do disclose some information about information on their greenhouse gas emissions, climate strategies, and policies relating to <a href="http://www.ecowatch.com/tag/water">water</a> use and deforestation, even those companies have been asked to disclose other issues that are germane to their business.</p>
<p>CDP said publicly naming companies helped to improve engagement with investors, as <a href="https://www.businessgreen.com/news/4016232/investors-publish-list-companies-failed-disclose-climate" target="_blank">Business Green</a> reported. The CDP found that when 88 large investors pinpointed 707 companies through the campaign, the companies were more than twice as likely to offer up new information.</p><p>"The importance of investor engagement to drive disclosure cannot be overstated," said Emily Kreps, global director of capital markets at CDP, as <a href="https://www.businessgreen.com/news/4016232/investors-publish-list-companies-failed-disclose-climate" target="_blank">Business Green</a> reported. "Climate change, water security and <a href="https://www.ecowatch.com/tag/deforestation">deforestation</a> present material risks to investments, and companies that are failing to disclose their impact risk trailing behind their competitors in their access to capital.</p><p>"As the growth of this campaign shows, investors require decisive data that is consistent, comparable and comprehensive. To make this possible, they expect companies to wholeheartedly engage with TCFD-aligned standards on environmental disclosure and reporting. With business resilience and adaptation to unexpected, systemic risks exposed by the recent public health crisis, the tide is rapidly turning against companies not taking note of investor demands."</p>
<p>The 105 institutional investors who joined the Non-Disclosure Campaign marks a 20 percent increase over last year. They range from the New York State Common Retirement Fund to Trillium Asset Management to Legal and General, one of the UK's largest investors. The investors echoed Kreps.</p><p>"Climate change, deforestation and water security have become material issues to many industries. Investors require more comprehensive information and scientific analysis to address risks and opportunities derived from these issues," said Sophia Cheng, chief investment officer at Cathay Financial Holdings, as <a href="https://www.forbes.com/sites/mikescott/2020/06/09/investors-step-up-pressure-on-companies-that-dont-disclose-environmental-risks/#2d1ca1ff727f" target="_blank">Forbes</a> reported.</p>
<p>Katarina Hammar, head of active ownership at Nordea Asset Management, said her investment company believes "that increased transparency around companies' environmental performance is a key enabler to improve company performance and to create a more resilient economy," as <a href="https://www.businessgreen.com/news/4016232/investors-publish-list-companies-failed-disclose-climate" target="_blank">Business Green</a> reported.</p><p>"Consistent and comparable data is key in our company analysis and in particular in the climate risk and opportunity analysis," she added.</p>
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The Radcliffe Camera at the University of Oxford, England on Nov. 30, 2014. Pablo Fernández / Flickr
At the behest of student activist raising awareness about the climate crisis, universities around the world have recently been pulling their investments from the fossil fuel industry.
<p>The University of California <a href="https://www.ecowatch.com/university-of-california-to-ditch-fossil-fuel-investments-2640417734.html" target="_self">pulled all $84 billion</a> in its pension and endowment funds from gas, coal and oil in the fall. <a href="https://www.ecowatch.com/university-of-california-to-ditch-fossil-fuel-investments-2640417734.html?rebelltitem=1#rebelltitem1" target="_self">Sustained pressure from Georgetown University Fossil Free</a> successfully persuaded the school to divest from fossil fuels and boost its investments in <a href="http://www.ecowatch.com/renewable-energy/" target="_self">renewable energy</a> earlier this year.</p><p>The latest school to commit to a fossil-free future is the renowned British institution the University of Oxford, which also asked its fund managers to show evidence of net-zero business plans, as the <a href="https://www.bbc.com/news/uk-england-oxfordshire-52454439" target="_blank">BBC</a> reported. The school, which has more than $3.7 billion in its endowment fund, made the announcement on Monday.</p>
<p>The Oxford Climate Justice Campaign (OCJC) said the resolution was of "historic importance," as the <a href="https://www.bbc.com/news/uk-england-oxfordshire-52454439" target="_blank">BBC</a> reported.</p><p>Vice-chancellor Professor Louise Richardson said it would make the university a "world leader in reducing carbon emissions and tackling climate change before it is too late."</p><p>However, the University of Oxford is late to the party. In 2015, the university said it would stop investing in the worst polluting fuels, but it stopped short of a total divestment, according to the <a href="https://www.bbc.com/news/uk-england-oxfordshire-52454439" target="_blank">BBC</a>.</p><p>Since 2012, student campaigns have sought to marginalize companies like Shell and BP, which profit from actions that contribute to the climate crisis. As of January, the National Union of Students, People & Planet and Students Organizing for Sustainability UK had successfully lobbied 77 universities in the UK to end their investments in fossil fuels, as <a href="https://www.theguardian.com/education/2020/jan/13/universities-divesting-from-fossil-fuels-have-made-history-but-the-fight-isnt-over" target="_blank">The Guardian</a> reported.</p>
<p>In a <a href="http://www.ox.ac.uk/news/2020-04-27-oxford-announces-historic-commitment-fossil-fuel-divestment" target="_blank">press release</a>, Oxford announced that it would follow the guidelines set forth in the <a href="https://www.oxfordmartin.ox.ac.uk/downloads/briefings/Principles_For_Climate_Conscious_Investment_Feb2018.pdf" target="_blank">Oxford Martin Principles for Climate-Conscious Investment</a>. That framework helps connect climate-conscious investors with companies around the world working to create a <a href="https://www.ecowatch.com/tag/sustainability">sustainable</a> future. It also helps assess whether an investment will foster the goals of the Paris agreement.</p><p>"Their work is just part of the sector-leading environmental research across Oxford in such areas as climate economics, biodiversity, resource security, transition in energy use and climate change modeling," the <a href="http://www.ox.ac.uk/news/2020-04-27-oxford-announces-historic-commitment-fossil-fuel-divestment" target="_blank">press release</a> said.</p><p>Professor Cameron Hepburn, director of the Smith School of Enterprise and Environment, added: "This is not mere divestment; this is a commitment to divestment plus engagement, according to the Oxford Martin Principles, to help accelerate progress towards net zero emissions. It is right that Oxford's leadership on the science, economics and finance of the transition to net zero emissions should be consistent with how we invest our endowment."</p>
<p>Of course, while the goals of a net zero future are admirable, the reasoning behind the divestment is not necessarily altruistic. Coal has been a losing investment for years and the energy sector has not produced favorable returns for institutional investors.</p><p>Writing in <a href="https://www.latimes.com/opinion/story/2019-09-16/divestment-fossil-fuel-university-of-california-climate-change" target="_blank">The Los Angeles Times</a> when the University of California divested from fossil fuels, investors said, "We believe hanging on to fossil fuel assets is a financial risk." They went on to say that renewable energy sector is a growth opportunity.</p><p>"We have been looking years, decades and centuries ahead as we place our bets that clean energy will fuel the world's future. That means we believe there is money to be made. We have chosen to invest for a better planet, and reap the financial rewards for UC, rather than simply divest for a headline."</p><p>Activists have looked to spur similar action at some of the most prestigious schools in the U.S. They have lobbied to get Yale, with over $30 billion in its endowment, and Harvard, with over $40 billion in its fund, to end its investments in fossil fuels.</p>
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People hold puppets shaped as crows and reading BlackRock, a U.S. global investment management corporation on Dec. 17, 2019. PHILIPPE LOPEZ / AFP / Getty Images
A month and a half ago, BlackRock, the world's largest investment firm, made waves for choosing to divest from some coal investments, setting up funds that avoided fossil fuels, and saying it would only support corporate board members who factored the climate crisis into its decisions. While the initial announcement was met with some criticism by environmental activists, BlackRock's recent decisions have cast doubt on the seriousness of its commitments to help fight the global climate crisis.
<p>BlackRock's January announcement that it would sell off $500 million in coal assets made business sense since coal has been losing money. Critics point out that BlackRock continues to be the world's largest investor in fossil fuels, including <a href="https://www.ecowatch.com/tag/oil-and-gas" rel="noopener noreferrer">oil and ga</a>s. Furthermore, the investment giant is staying conspicuously quiet on agricultural and commodities, which are the second largest contributor to the climate crisis after the energy sector, <a href="https://www.cbsnews.com/news/amazon-fires-blackrock-investment-firm-financial-role-cbsn-originals-documentary/" target="_blank">according to CBS News</a>. </p>
<p>BlackRock has not agreed to sell off its investments in Bungee Limited or Archers Daniel Midland, two agricultural commodity giants whose practices have been linked to Amazon deforestation and wildfires, as CBS News reported.</p>
<p>According to Ceres and Morningstar, BlackRock has ranked among the worst investment firms when it comes to considering the climate crisis. Along with Vanguard, BlackRock has voted against climate crisis related motions nearly 80 percent of the time, as CNBC reported. It also has been one of the least responsive to activist moves from shareholders looking for corporate responsibility. </p>
<p>Just recently, fast food giant Yum Brands and snack maker Mondelez International faced shareholder resolutions that targeted deforestation. BlackRock voted against both, as CBS News reported.</p>
<p>"If BlackRock's voting record and shareholder engagement isn't strong and effective on climate change, then it wouldn't be a stretch to call Fink's words empty and hypocritical," said Moira Birss, a director at environmental group Amazon Watch to CBS News. "There is more that BlackRock could and should be doing."</p>
<p>The company's CEO, Larry Fink, said in January that the climate crisis would lie at the center of the company's future decisions. In the <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter" target="_blank">letter</a>, Fink wrote, "<a href="https://www.ecowatch.com/tag/climate-change" target="_self">Climate change</a> has become a defining factor in companies' long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance. The evidence on climate risk is compelling investors to reassess core assumptions about modern finance."</p>
<p>Now, environment activists are wondering how serious the letter was. </p>
<p>"Larry Fink's letter was a sea change," Birss said to <a href="https://www.cbsnews.com/news/amazon-fires-blackrock-investment-firm-financial-role-cbsn-originals-documentary/" target="_blank">CBS News</a>. "The follow-through remains to be seen."</p>
<p>And Ford Seeman, founder and president of the nonprofit Forest Founders, <a href="https://www.cnbc.com/2020/01/16/activists-respond-to-blackrocks-plan-to-tackle-climate-change.html" target="_blank" rel="noopener noreferrer">told CNBC</a>, "There's been a big movement to divest large investment firms from investing in fossil fuels, and that's a start. But the BlackRock announcement would have sounded a lot better 10 years ago, not when investing in renewable energy is actually cheaper than fossil fuels. It ultimately makes for a feel-good story."</p>
<p>BlackRock claimed that it has been pushing for sustainability issues for years and will become more proactive about it moving forward.</p><p>"Given the groundwork we already laid and the growing investment risks surrounding sustainability, we will be increasingly disposed to vote against management when companies have not made sufficient progress," a BlackRock spokesperson said to CBS News.</p>
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Greenpeace Activists Urge Barclays to 'Stop Funding the Climate Emergency,' Shut Down Branches Across UK
03 March
Business
Greenpeace activists shut down Barclays branches in St. Anne's Square, Manchester, on March 2, 2020. © Greenpeace
By Jessica Corbett
In a coordinated action to pressure Barclays to stop financing climate destruction, Greenpeace activists on Monday morning shut down 97 of the British investment bank's branches across the United Kingdom.
<p>"Barclays must stop funding the climate emergency; that's why we've taken action today," Morten Thaysen, climate finance campaigner at Greenpeace UK, <a href="https://www.greenpeace.org.uk/news/shutdown-nearly-100-barclays-branches-out-of-action-after-greenpeace-climate-protest/" target="_blank">said</a> in a statement. "From floods to bushfires and record heat in Antarctica, the impacts of this crisis are staring us in the face. Yet Barclays keeps pumping billions into <a href="https://www.ecowatch.com/tag/fossil-fuels">fossil fuel</a> companies at exactly the time we need to stop backing these polluting businesses."</p><p>"Banks are just as responsible for the climate emergency as the fossil fuel companies they fund, yet they're escaped scrutiny for years," Thaysen added. "We've shut down branches across the country to shine a spotlight on Barclays' role in bankrolling this emergency. It's time Barclays pulled the plug and backed away from funding fossil fuels for good."</p><p>Activists across the country <a href="https://www.greenpeace.org.uk/news/shutdown-nearly-100-barclays-branches-out-of-action-after-greenpeace-climate-protest/" target="_blank">disabled the doors</a> at Barclays branches and plastered the buildings with photos of campaigners holding signs that declared: "Stop funding the climate emergency," "Climate criminals," and "Stop funding fossil fuels."</p>
<div id="a7965" class="rm-shortcode" data-rm-shortcode-id="5DL6131583267394"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1234498096589164544" data-partner="rebelmouse"><div style="margin:1em 0">Thanks to our fantastic friends at @Peopleandplanet, who helped us take the #ClimateEmergency message to @Barclays… https://t.co/1FKayyuWtW</div> — Greenpeace UK (@Greenpeace UK)<a href="https://twitter.com/GreenpeaceUK/statuses/1234498096589164544">1583162256.0</a></blockquote></div>
<p>Greenpeace UK's <a href="https://twitter.com/hashtag/BarclaysShutDown" target="_blank">#BarclaysShutdown</a> action was <a href="https://twitter.com/mothersriseup/status/1234497146906345472" target="_blank">welcomed</a> by fellow climate advocacy groups and activists who praised the group for fighting for a habitable planet:</p>
<div id="dbc5a" class="rm-shortcode" data-rm-shortcode-id="EDGMGK1583267395"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1234478152992411648" data-partner="rebelmouse"><div style="margin:1em 0">Bravo @GreenpeaceUK!
Fighting the #ClimateEmergency means keeping fossil fuels in the ground means pressuring fina… https://t.co/XQvhEvegOA</div> — Maya Mailer 🌍 (@Maya Mailer 🌍)<a href="https://twitter.com/MayaMailer/statuses/1234478152992411648">1583157501.0</a></blockquote></div>
<p>According to the Rainforest Action Network's latest fossil fuel finance report card, <a href="https://www.commondreams.org/news/2019/03/20/green-groups-call-out-big-banks-pouring-billions-fossil-fuel-industry" target="_blank">published</a> nearly a year ago, Barclays poured over $85 billion into <a href="http://www.ecowatch.com/tag/coal">coal</a>, oil and gas companies from 2016 to 2018, and was the sixth largest funder of the fossil fuel industry worldwide. Climate action campaigners and Barclays shareholders alike <a href="https://www.theguardian.com/business/2020/feb/12/barclays-pressure-fossil-fuel-loans-asset-manager-amundi" target="_blank">have urged</a> the bank to phase out its support for dirty energy firms.</p><p>In a series of tweets Monday, Greenpeace UK showed the impacts of the human-caused climate crisis and pointed out Barclays' role in funding fossil fuel companies that significantly contribute to global heating:</p>
<div id="d6d5b" class="rm-shortcode" data-rm-shortcode-id="4J8EY31583267395"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1234484282376192001" data-partner="rebelmouse"><div style="margin:1em 0">Millions of customers trust @Barclays with their money & their future - but the truth is we can’t trust them with o… https://t.co/IgzrYzNIq9</div> — Greenpeace UK (@Greenpeace UK)<a href="https://twitter.com/GreenpeaceUK/statuses/1234484282376192001">1583158963.0</a></blockquote></div>
<p>In response to Monday's protests, a Barclays spokesperson <a href="https://www.bbc.com/news/business-51702865" target="_blank">told</a> BBC News that "we recognize that climate change is one of the greatest challenges facing the world today, and are determined to do all we can to support the transition to a low carbon economy, while also ensuring that global energy needs continue to be met."</p><p>"Greenpeace has a view on these issues to which they are completely entitled, but we would ask that — in expressing that view — they stop short of behavior which targets our customers, and our colleagues, going about their lives in communities around the country," the bank spokesperson added.</p><p>Although some Barclays customers were <a href="https://www.portsmouth.co.uk/business/customers-angry-barclays-branches-portsmouth-locked-down-greenpeace-campaigners-2005856" target="_blank">reportedly</a> frustrated with Greenpeace's action, some Twitter users who self-identified as bank customers turned to social media to express support for the group's decision to shut down bank branches, given the <a href="https://www.commondreams.org/news/2020/01/23/most-dangerous-situation-humanity-has-ever-faced-doomsday-clock-now-100-seconds" target="_blank">scale of the threat</a> posed by the climate emergency.</p><p>"As an 'old dear' I am content for the minor inconvenience of temporarily losing access to a bank that invests in the destruction of my grandchildren's and their grandchildren's future. Well done, Greenpeace," <a href="https://twitter.com/WoodwarddianneJ/status/1234456923006734337" target="_blank">tweeted</a> Dianne Woodward, a <a href="https://www.galileefoundation.org.uk/who-we-are/trustees-patrons-and-staff/dianne-woodward-2/" target="_blank">scientist</a> and educator.</p><p>Verity Pabla, founder of the music company <a href="https://imnotamachinemusic.com/" target="_blank">I'm Not a Machine</a>, directed her tweet at the bank, <a href="https://twitter.com/veritypabla/status/1234455102582394881" target="_blank">writing</a>: "I'm a new Barclays customer, and I fully support this action by Greenpeace U.K. It's time to shape up your business with immediate effect. Stop funding fossil fuel companies."</p><p>The action also won support from Alan Watson Featherstone, an ecologist, nature photographer and founder of the conservation charity Trees for Life, which aims to restore the Caledonian Forest in Scotland:</p>
<div id="103a8" class="rm-shortcode" data-rm-shortcode-id="Q7MYQ41583267395"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1234456661525487617" data-partner="rebelmouse"><div style="margin:1em 0">I've just tweeted about this, & encourage everyone to do the same, to put some real pressure on Barclays, and to su… https://t.co/rHsSp9l4fW</div> — Alan Watson Featherstone (@Alan Watson Featherstone)<a href="https://twitter.com/AlanWatsonFeat1/statuses/1234456661525487617">1583152377.0</a></blockquote></div>
<p>American author and activist Bill McKibben <a href="https://twitter.com/billmckibben/status/1234466605029085186" target="_blank">responded</a> on Twitter to the Barclays action, highlighting upcoming protests to pressure the U.S. investment bank JPMorgan Chase, the <a href="https://www.commondreams.org/news/2019/03/20/green-groups-call-out-big-banks-pouring-billions-fossil-fuel-industry" target="_blank">biggest funder</a> of fossil fuels, to divest from projects wrecking the planet. The actions planned for April 23 are part of the <a href="https://www.stopthemoneypipeline.com/" target="_blank">Stop the Money Pipeline</a> campaign launched in January by multiple advocacy groups, including Greenpeace USA and 350.org, which McKibben co-founded.</p><p>JPMorgan is a top target of the campaign, which has also set its sights on asset managers and insurance companies. Although JPMorgan announced last week that the bank will stop funding certain fossil fuel extraction projects, McKibben <a href="https://www.commondreams.org/news/2020/02/25/even-worst-fossil-fuel-banker-jpmorgan-chase-will-no-longer-fund-way-destroying" target="_blank">confirmed</a> that it will still "retain the title of the doomsday bank" and face demonstrations by climate activists next month.</p>
<video controls id="72154" width="100%" class="rm-shortcode" data-rm-shortcode-id="dbd4fc528e77e3978cba8d1c9a6d8a34" expand="1" feedbacks="true" mime_type="video/mp4" shortcode_id="1583249989879" url="https://roar-assets-auto.rbl.ms/runner%2F16293-GP0STUM0H_Preview.mp4" videoControls="true"> <source src="https://roar-assets-auto.rbl.ms/runner%2F16293-GP0STUM0H_Preview.mp4" type="video/mp4"> Your browser does not support the video tag. </video>
<p><em>Reposted with permission from <a href="https://www.commondreams.org/news/2020/03/02/activists-urging-barclays-stop-funding-climate-emergency-shut-down-nearly-100?cd-origin=rss" target="_blank">Common Dreams</a>.</em></p>From Your Site Articles
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BP CEO Bernard Looney speaks during an event in London on Feb. 12, where he declared the company's intentions to achieve "net zero" carbon emissions by 2050. DANIEL LEAL-OLIVAS / AFP / Getty Images
British-based oil and gas giant BP set the most ambitious climate goal of any company in its industry yesterday when it announced that it will eliminate or offset all of its greenhouse gas emissions by 2050, according to The New York Times. Its ambitious plans included offsetting the burning of oil and gas it takes out of the ground.
<p>The company's chief executive Bernard Looney, who stepped into the top job this month, said the 111-year-old company must "reinvent" itself, a strategy that will eventually include more investment in alternative energy, <a href="https://www.bbc.com/news/business-51475379" target="_blank">according to the BBC</a>.</p>
<p>"The world's carbon budget is finite and running out fast," CEO Bernard Looney said in a statement, as <a href="https://www.cnn.com/2020/02/12/business/bp-net-zero/index.html" target="_blank">CNN reported</a>. "We need a rapid transition to net zero. We all want energy that is reliable and affordable, but that is no longer enough."</p>
<p>The pledge is a tacit acknowledgement of the pressure that fossil fuel producers face from the public and from investors who are either divesting or demanding action to stop the global <a href="https://www.ecowatch.com/tag/climate-crisis" rel="noopener noreferrer">climate crisis</a>. While the move is significant, Looney did not detail a plan for how BP would hit its ambitious target, as The New York Times reported.</p>
<p>"We are aiming to earn back the trust of society," Looney said at a news conference in London, as The New York Times reported. "We have got to change, and change profoundly." </p>
<p>While the details are scant, Looney did acknowledge that much of BP's business model and its priorities will have to change in response to the climate crisis and to the changing demands of the market economy, which is looking for affordable <a href="https://www.ecowatch.com/tag/renewable-energy">renewable energy</a>.</p>
<p>"This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and to our stakeholders, that for BP to play our part and serve our purpose, we have to change. And we want to change - this is the right thing for the world and for BP," Looney said as the <a href="https://www.bbc.com/news/business-51475379" target="_blank">BBC</a> reported.</p>
<p>"Providing the world with clean, reliable affordable energy will require nothing less than reimagining energy, and today that becomes BP's new purpose," he added. "Reimagining energy for people and our planet. We'll still be an energy company, but a very different kind of energy company: leaner, faster moving, lower carbon, and more valuable."</p>
<p>Looney said that details would be revealed at a presentation in September. As CNN noted, the commitment is the most ambitious of any oil company. Shell set targets to rein in emissions while <a href="https://www.ecowatch.com/tag/Chevron" rel="noopener noreferrer">Chevron</a> and <a href="https://www.ecowatch.com/tag/ExxonMobil" rel="noopener noreferrer">ExxonMobil</a> are still far behind. </p>
<p>"They really are setting a new standard for what leadership looks like in the industry," Andrew Logan, senior director of oil and gas at Ceres, a nonprofit that lobbies for companies to take action on climate change, said as CNN reported.</p>
<p>Logan noted how important it was that BP acknowledged that it needs to offset the oil and the gas that consumers use, as <a href="https://www.marketwatch.com/story/oil-giant-bp-is-latest-to-pledge-net-zero-emissions-by-2050-2020-02-12" target="_blank">MarketWatch reported</a>. "There is no reason that Exxon and Chevron can't follow suit," he said. </p>
<p>The carbon footprint of the oil and gas that BP and other companies sell is massive. In its <a href="https://www.bp.com/en/global/corporate/who-we-are/reimagining-energy.html" target="_blank">own reporting</a>, BP said that the company emits about 55 million tons of greenhouse gases each year directly from its extraction operations and refineries. However, an additional 360 million tons each year is released when their extracted oil and gas is burned in vehicles or to heat homes, as The New York Times reported.</p>
<p>The plans drew a tepid response from environmental groups and even criticism from some who see fossil fuel extraction as something that needs to stop immediately. </p>
<p>"Unless BP commits clearly to stop searching for more oil and gas, and to keep their existing reserves in the ground, we shouldn't take a word of their P.R. spin seriously," Ellen Gibson, a campaigner for fossil-fuel divestment with the environmental group <a href="https://350.org/" target="_blank">350.org</a> in Britain, said as The New York Times reported.</p>
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Georgetown Announces Fossil Fuel Divestment, Students Across U.S. Demand Their Schools Follow Suit
08 February
Energy
The Georgetown University board of directors announced Thursday it would divest from fossil fuels. Ehpien / Flickr / CC BY-NC-ND 2.0
By Julia Conley
Student-led anti-fossil fuel campaigns at universities across the country pointed to Georgetown University Friday as the school's board of directors announced it would divest from fossil fuels and redouble its efforts to invest in renewable energy instead.
<p>The university's <a href="https://www.georgetown.edu/news/fossil-fuels-divestment-continues-georgetown-commitment-to-sustainability/" target="_blank">decision</a> came after a sustained pressure campaign from Georgetown University Fossil Free (GUFF), a student group which submitted multiple proposals to the Georgetown Committee on Investments and Social Responsibility before the panel recommended the divestment this week. The school community also voted on a <a href="https://twitter.com/GUSAElections/status/1225647985305874434" target="_blank">referendum</a> regarding divestment on Thursday, within more than 90 percent voting in favor.</p><p>GUFF issued a statement thanking the board of directors for its decision to divest and the school community for participating in the campaign.</p><p>"We are thrilled that our university has taken this important step in supporting climate justice, student voices, and financial accountability," GUFF wrote.</p>
<div id="f6b9f" class="rm-shortcode" data-rm-shortcode-id="0WD47O1581185780"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1225561830384427009" data-partner="rebelmouse"><div style="margin:1em 0">GEORGETOWN’S DIVESTING https://t.co/29Pg7iLelS</div> — GU Fossil Free (@GU Fossil Free)<a href="https://twitter.com/GUFossilFree/statuses/1225561830384427009">1581031684.0</a></blockquote></div><p>Similar groups at other schools called on administrators to follow suit:</p>
<div id="af01c" class="rm-shortcode" data-rm-shortcode-id="WX91NI1581185780"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1225564181803524103" data-partner="rebelmouse"><div style="margin:1em 0">Georgetown has committed to divest. Does Creighton want to be a leader in sustainability as they claim? Or will we… https://t.co/7yHiBU332h</div> — CU Climate Movement (@CU Climate Movement)<a href="https://twitter.com/divestcreighton/statuses/1225564181803524103">1581032245.0</a></blockquote></div>
<div id="65b19" class="rm-shortcode" data-rm-shortcode-id="A1HXPG1581185780"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1225630938685726720" data-partner="rebelmouse"><div style="margin:1em 0">Georgetown joins the global movement to divest from fossil fuels
There’s no reason @UVA can’t divest too https://t.co/UuffNxFxh2</div> — Michael Payne (@Michael Payne)<a href="https://twitter.com/MPayneCville/statuses/1225630938685726720">1581048161.0</a></blockquote></div>
<div id="9a349" class="rm-shortcode" data-rm-shortcode-id="3IQUKE1581185780"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1225866444748902400" data-partner="rebelmouse"><div style="margin:1em 0">THIS IS HUGE: Georgetown fully divests. @CarletonCollege we're falling behind the curve! #DivestCarleton https://t.co/0jVJMw26MJ</div> — Divest Carleton (@Divest Carleton)<a href="https://twitter.com/DivestCarleton/statuses/1225866444748902400">1581104310.0</a></blockquote></div><p>Under Georgetown's new policy, the board of directors said, "The university will continue to make investments that target a market rate of return in renewable energy, energy efficiency and related areas while freezing new endowment investments in companies or funds whose primary business is the exploration or extraction of fossil fuels."</p><p>The school will divest from public securities in fossil fuel companies in the next five years and existing investments in those companies in the next decade.</p><p>"Divestment allows us to divert more capital to fund development of renewable energy projects that will play a vital role in the transition away from fossil fuels — part of the long-term solution required to prevent the most dangerous effects of climate change," Michael Barry, Georgetown's chief investment officer, said in a statement.</p><p>Climate action advocates including 350.org co-founder Bill McKibben and author Naomi Klein applauded the move.</p><p>"Something big is shifting," Klein wrote.</p>
<div id="7bad6" class="rm-shortcode" data-rm-shortcode-id="C29PAR1581185780"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1225560805007122433" data-partner="rebelmouse"><div style="margin:1em 0">Holy holy holy heck! If I'm reading this right, @Georgetown Georgetown--one of the country's great universities and… https://t.co/z5u2YPb71n</div> — Bill McKibben (@Bill McKibben)<a href="https://twitter.com/billmckibben/statuses/1225560805007122433">1581031440.0</a></blockquote></div>
<div id="d2f63" class="rm-shortcode" data-rm-shortcode-id="PK4EUQ1581185780"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1225773344726880261" data-partner="rebelmouse"><div style="margin:1em 0">Another huge divestment win. Something big is shifting, and it lines us up perfectly for a real #GreenNewDeal start… https://t.co/cjvss6mNXV</div> — Naomi Klein (@Naomi Klein)<a href="https://twitter.com/NaomiAKlein/statuses/1225773344726880261">1581082113.0</a></blockquote></div><p>In November, hundreds of Harvard and Yale students <a href="https://www.commondreams.org/news/2019/11/23/incredible-hundreds-harvard-and-yale-students-storm-football-field-demanding" target="_blank">stormed the field</a> during the two schools' annual football game to demand the institutions divest from fossil fuels. The University of California system <a href="https://www.vox.com/2019/9/18/20872112/university-california-divestment-fossil-fuel-climate-change" target="_blank">announced</a> it would divest last September, and more than 1,000 other institutions around the world have <a href="https://gofossilfree.org/divestment/commitments/" target="_blank">committed to divestment</a> in recent years.</p><p>As Georgetown students and faculty were celebrating the board's decision Friday, the Sunrise Movement chapter at George Washington University two miles away expressed frustration with the school's board of trustees, which announced it would form an "environmental, social, and governance responsibility" task force without naming divestment from fossil fuels as an immediate goal.</p><p>"There is absolutely no need to 'explore' whether or not GW's endowment should divest from fossil fuels," <a href="https://twitter.com/sunrisemvmtgwu/status/1225853155830878208" target="_blank">wrote</a> the group. "The moral imperative is clear and does not need a moment's thought as to whether or not it is actively contributing to the degradation of our planet."</p><p>The Sunrise Movement chapter vowed to make sure it was "sufficiently considered in this process" and demanded the university join Georgetown in fully divesting from fossil fuels.</p>
<p><em>Reposted with permission from <a href="https://www.commondreams.org/news/2020/02/08/something-big-shifting-georgetown-announces-fossil-fuel-divestment-students-across" target="_blank">Common Dreams</a>. </em><em></em></p>From Your Site Articles
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6 Changes in Society Could Rapidly Pave the Way to a Sustainable Future, Study Finds
05 February
Climate
People taking a break in German park landscape on top of modern office complex (composite image). EschCollection / Stone / Getty Images
By Johnny Wood
- Despite efforts to achieve net-zero by 2050, global emissions are still rising.
- A new study suggests ways to fast-track efforts to decarbonize the planet.
- Building a business case for sustainable energy could drive the transition.
It's not too late to stop climate change. According to new research, decarbonizing fast enough to stabilize the climate and fast-track the planet to net-zero rests on all of us changing how we think and act — and doing it fast.
<p>The report, published in Proceedings of the National Academy of Sciences of the United States (PNAS), identifies six "<a href="https://www.pnas.org/content/early/2020/01/14/1900577117" target="_blank">tipping dynamics</a>," or interventions, that could act as catalysts to bring about rapid societal and technological change towards a <a href="https://www.ecowatch.com/tag/sustainability" rel="noopener noreferrer">sustainable</a> future.</p><p>The study highlights the importance of intervening to make <a href="https://www.ecowatch.com/tag/fossil-fuels">fossil fuels</a> less economically — and morally — attractive. A step-change of this kind could bring about tipping points that divert investment and consumer demand away from fossil fuels towards more sustainable <a href="https://www.ecowatch.com/energy-news/" rel="noopener noreferrer">energy</a> sources. </p><p>It says this can be done by:</p><ul><li>Removing fossil-fuel subsidies and boosting incentives to move to decentralized energy systems and make clean energy production and storage systems more economically competitive.</li><li>Encouraging financial markets to <a href="https://www.ecowatch.com/tag/divest">divest</a> of assets linked to fossil fuels, to divert investment towards less-polluting technologies, leaving investors keen to avoid the prospect of holding 'stranded assets' tied to fossil fuels.</li><li>Building sustainable cities powered by <a href="https://www.ecowatch.com/renewable-energy/" rel="noopener noreferrer">renewable energy</a>.</li><li>Revealing the "moral implications" of fossil fuels.</li><li>Disclosing greenhouse gas emissions information.</li><li>Strengthening climate education and engagement.</li></ul><p>While awareness of the <a href="https://www.ecowatch.com/tag/climate-emergency" rel="noopener noreferrer">climate emergency</a> is growing, global efforts to reduce carbon emissions are not moving fast enough to avoid irreversible damage to the planet.</p><p>Moving from the fossil fuels that drive global warming to cleaner energy sources, such as <a href="https://www.ecowatch.com/tag/wind">wind</a> or <a href="https://www.ecowatch.com/tag/solar" rel="noopener noreferrer">solar</a> power, is at the heart of global efforts to decarbonize. Yet emissions from power generation continue to increase.</p>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjY1ODY5NS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxODc0MDYxOH0.cxnno4YBzQ7rSr6jeerXx9IdphcmEIdcLBaoSngtysU/img.png?width=980" id="6886f" class="rm-shortcode" data-rm-shortcode-id="2e4f3a6df3b0c4b02d627b7f69baea7c" data-rm-shortcode-name="rebelmouse-image" />
Energy-related carbon dioxide emissions worldwide (in gigatonnes). CC
<p>Carbon dioxide emissions from the energy sector have more than doubled since the 1970s and remain on an upward trajectory.<br></p><p>Once we reach a point where sustainable energy generates higher financial returns than coal and oil, the world should reach the critical mass needed to halt increasing CO2 emissions levels, and begin to reverse the trend.<br></p>Think Again
<p>But building a <a href="https://www.ecowatch.com/business/" rel="noopener noreferrer">business</a> case for clean energy is only one part of the challenge. The study also identifies the importance of changing social values and behavior.<br><br>Progress in combating climate change rests on converting awareness of the problem into action, so the transition to a carbon-free lifestyle is made easy for the global population to achieve.<br><br>For this to happen, a new world view is needed that embraces a climate-friendly and sustainable stance, which demands a fundamental overhaul of existing social, political and economic norms. And this new perception needs to be contagious so it is adopted globally.<br><br>The paper's authors suggest greater transparency could produce tipping points that change what's considered normal or acceptable, by revealing the moral implications of fossil fuels and disclosing greenhouse gas emissions information. At the same time strengthening climate education and engagement among the global population.</p><p><a href="https://www.ecowatch.com/tag/climate-action" rel="noopener noreferrer">Climate action</a> was a key theme at the <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2020/themes/how-to-save-the-planet" target="_blank">World Economic Forum Annual Meeting 2020</a> in Davos. Klaus Schwab, the Forum's Founder and Executive Chairman, and the heads of Bank of America and Royal DSM, <a href="https://www.weforum.org/agenda/2020/01/davos-ceos-to-set-net-zero-target-2050-climate/" target="_blank">sent a letter to all summit participants</a> asking companies and investors to make a commitment to act on climate change, which is more urgently needed than ever before. The Forum's ongoing work on climate change includes <a href="https://www.weforum.org/mission-possible" target="_blank">Mission Possible</a>, a platform to help industries make the transition to net-zero greenhouse gas emissions by 2050.<br><br>The climate challenges facing the planet transcend national boundaries, requiring urgent action from policy-makers, businesses, organizations and communities to speed up the transition to a net-zero future.</p>
<p class=""><em>Reposted with permission from <a href="https://www.weforum.org/agenda/2020/02/tackling-climate-change-actions-report/" rel="noopener noreferrer">World Economic Forum</a>.</em></p>From Your Site Articles
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By Andrea Germanos
Climate campaigners drew attention to CNBC's Jim Cramer's comments Friday that he's "done with fossil fuels" because they're "in the death knell phase."
<p>Cramer added that "the world's turned on" the industry as they did with tobacco.</p><p>"They're done," Cramer said of fossil fuels on the network's "Squawk Box." "We're starting to see <a href="http://www.ecowatch.com/tag/divest">divestment</a> all over the world. We're starting to see ... big pension funds saying, 'We not going to own them anymore."</p><p>"The world's changed," Cramer continued. While companies like BP still mark profits, "nobody cares," because "new money managers want to appease younger people who believe that you can't ever make a fossil fuel company <a href="https://www.ecowatch.com/tag/sustainability">sustainable</a>."</p><p>"You can tell that the world's turned on them, and it's actually kind of happening very quickly," said Cramer. "You're seeing divestiture by a lot of different funds. It's going to be a parade ... that says look, 'These are tobacco, and we're not going to own them.'"</p>
<div id="ea795" class="rm-shortcode" data-rm-shortcode-id="U9UTB61580745911"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1223289146732617728" data-partner="rebelmouse"><div style="margin:1em 0">Oil stocks are in the death knell phase, says @jimcramer. "The world is turning on them...new kinds of money manage… https://t.co/0xhVgbKKLO</div> — Squawk Box (@Squawk Box)<a href="https://twitter.com/SquawkCNBC/statuses/1223289146732617728">1580489834.0</a></blockquote></div>
<p>Author and climate activist Naomi Klein said Cramer's comments showed the power of fossil fuel divestment campaigners.</p>
<div id="dfb2c" class="rm-shortcode" data-rm-shortcode-id="N0KYWG1580745911"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1223276415942037506" data-partner="rebelmouse"><div style="margin:1em 0">Watch this entire thing: it doesn't matter how well oil stocks are doing, the next generation sees them as toxic an… https://t.co/OV5aABzbQr</div> — Naomi Klein (@Naomi Klein)<a href="https://twitter.com/NaomiAKlein/statuses/1223276415942037506">1580486799.0</a></blockquote></div>
<p><br>350.org founder and author Bill McKibben had a similar takeaway, <a href="https://twitter.com/billmckibben/status/1223269480354275328" target="_blank">writing</a> on Twitter Friday, "Thanks to all who fight so hard."</p><p>Oil Change International also weighed in on Cramer's comments.</p>
<div id="d9a42" class="rm-shortcode" data-rm-shortcode-id="Y9BPX91580745912"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1223285305354092544" data-partner="rebelmouse"><div style="margin:1em 0">We're glad to see @JimCramer calling out fossil fuel companies as bad investments. Another good reason to ditch: th… https://t.co/psvpn6SzPz</div> — Oil Change International (@Oil Change International)<a href="https://twitter.com/PriceofOil/statuses/1223285305354092544">1580488918.0</a></blockquote></div>
<p>Cramer's comments on "Squawk Box" came two days after he tweeted that he was "taking a hard pass on anything fossil" — a comment welcomed by Sierra Club executive director Michael Brune.</p>
<div id="db8e3" class="rm-shortcode" data-rm-shortcode-id="RFP63I1580745912"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1223012182993985536" data-partner="rebelmouse"><div style="margin:1em 0">Smart call, @jimcramer. The @SierraClub agrees! https://t.co/YJkeSJD6yF</div> — Michael Brune (@Michael Brune)<a href="https://twitter.com/bruneski/statuses/1223012182993985536">1580423801.0</a></blockquote></div>
<p>Lindsay Meiman, a spokesperson for 350.org — which has spearheaded the global movement to demand pension funds, university endowments, and other institutions divest from oil, <a href="http://www.ecowatch.com/tag/coal">coal</a> and gas companies — said Cramer is only confirming what many market observers already understand.</p><p>"The financial tides are turning away from fossil fuels. Coal, oil and gas companies are not only the perpetrators of the climate crisis we're now experiencing, but have also dangerously underperformed markets over the last decade," Meiman told Common Dreams. "As we enter the climate decade, we're demanding polluters pay for their destruction, and that all institutions and politicians cut ties from toxic fossil fuels to reinvest in a world that puts our health and safety first."</p>
<p><em>Reposted with permission from <a href="https://www.commondreams.org/news/2020/01/31/theyre-done-cnbcs-jim-cramer-says-fossil-fuel-industry-death-knell-phase" target="_blank">Common Dreams</a>.</em></p>From Your Site Articles
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