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The University of California system will dump all of its investments from fossil fuels, as the Associated Press reported. The university system controls over $84 billion between its pension fund and its endowment. However, the announcement about its investments is not aimed to please activists.
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A Danish pension fund has said it would sell its stake in major oil companies as their business models are incompatible with the goals set out in the Paris climate agreement.
By Deonna Anderson
In February 2017, Seattle became the first city to pass legislation to divest from a financial institution because of its role in funding the Dakota Access pipeline.
Global Divestment Movement Celebrates Milestone: 1,000 Institutions With Nearly $8 Trillion in Assets Have Vowed to Ditch Fossil Fuels
By Jake Johnson
While the COP24 climate talks are at risk of ending without a concrete plan of action thanks in large part to the Trump administration's commitment to a dirty energy agenda, environmental groups on Thursday celebrated a major milestone in the global movement to take down the fossil fuel industry after the number of public and private institutions that have vowed to divest from oil, gas and coal companies surpassed 1,000.
Ireland's landmark Fossil Fuel Divestment Bill passed the Seanad, or upper house, on Thursday, putting the Emerald Isle on track to become the first country in the world to divest from fossil fuel-related funds.
The bill—which requires the Ireland Strategic Investment Fund to sell off about €318 million ($361 million) investments in coal, oil, gas and peat assets over a five year period—now heads to President Michael D. Higgins for signature, where it will likely become law by the end of the year, according to the Irish Times.
Groups of citizens have been organizing worldwide to fight against fossil fuel industry's negative impacts on their lives. These impacts are either direct—through expropriations of land and development of infrastructure against the will of the population—or indirect—through their role in the sharp increase of climate-altering emissions threatening health and livelihoods worldwide.
Kathryn "Kat" Taylor, a member of the Harvard Board of Overseers and wife of billionaire climate activist Tom Steyer, made an unprecedented public call on Harvard University to divest from fossil fuel stocks.
The action comes after the university's $37.1 billion endowment—the world's largest academic fund—reported a lackluster 8.1 percent return that reflected "deep structural problems" that will take years to turn around, its endowment manager said.