Divestment

Climate Movement Hails $40 Trillion In Fossil Fuel Divestment Pledges

October 28, 2021 Brett Wilkins, Common Dreams. Resist! climate crisis, Divestment, Finance, Fossil Fuels

Over the past decade, nearly 1,500 investors and institutions controlling almost $40 trillion in assets have committed to divesting from fossil fuels—a remarkable achievement that climate campaigners applauded Tuesday, while warning that further commitments and action remain crucial. "Amidst a depressing era in the race against climate change—with killer fires and titanic storms, political stalemate, and corporate greenwashing—the fossil fuel divestment movement is a source for tremendous optimism," states a new report—entitled Invest-Divest 2021: A Decade of Progress Toward a Just Climate Future—published Tuesday. "Ten years in, the divestment movement has grown to become a major global influence on energy policy," the publication continues.

Harvard To Divest Fossil Fuels, Sets Example For Other Institutions

September 14, 2021 The Energy Mix. Resist! climate crisis, Divestment, Education, Fossil Fuel

Climate activists are hailing Harvard University’s move to divest from fossil fuels as a profound shift in the status quo and a model for other institutions. The iconic and wealthy university’s decision to go fossil-free comes after years of resisting calls to divest, writes The Washington Post, citing Harvard President Larry S. Bacow’s invocation of the climate crisis as the reason for the about-face. “We must act now as citizens, as scholars, and as an institution to address this crisis on as many fronts as we have at our disposal,” Bacow said in an open letter explaining the shift. The university’s a call to action “is likely to have ripple effects in higher education and beyond, given Harvard’s US$41-billion endowment and its iconic status among American institutions,” notes the Post.

California Kids To Teachers’ Pension Fund: Divest From Oil

August 27, 2021 Marcy Winograd, Common Dreams. Resist! California, Divestment, Pipelines, Youth Activism

The kids are mad as hell—and so are teachers who want their California teacher pension fund, CalSTRS, to join 1,000 other institutions collectively divesting $14.5 trillion from the fossil fuel industry that threatens climate catastrophe. The retirement fund divestment fight, led by retired teachers in Fossil Free CA and students from Youth vs Apocalypse and Earth Guardians, estimates CalSTRS' portfolio investments in fossil fuels at $16 billion, mostly in oil and gas delivery systems, but $6 billion in direct investments in oil behemoths, with $400 million in Exxon-Mobil, $350 million in Chevron, $250 million in BP and $108 million in Enbridge Inc. This is the same corporation sending attack dogs to maul water protectors protesting drilling at river crossings on indigenous land, where Enbridge's Line 3 pipeline will send sludgy tar sands through Minnesota.

Over 130,000 People Call On Chubb To Drop Trans Mountain Pipeline

August 13, 2021 Stand.Earth. Resist! Divestment, Indigenous Rights, Pipelines, Trans Mountain Pipeline

Earlier today, activists from Stand.earth, 350 Vancouver, and Leadnow visited the Vancouver B.C. offices of multinational insurer Chubb to deliver petitions with over 130,000 signatures calling on the company not to renew their policy on the Trans Mountain pipeline. Today’s event is part of a campaign that has already led to commitments from 15 insurers to rule out doing business with the pipeline and other tar sands projects. “Wildfires, floods, and extreme weather events are costing the insurance industry billions. That is why so many insurance companies are cutting their ties to the dirtiest, most carbon intense forms of fossil fuels that are driving climate change” said Sven Biggs, Canadian Oil and Gas Campaign Director for Stand.earth. “Chubb CEO Evan Greenberg needs to join other industry leaders and rule out insuring the tar sands and tar sands pipelines, like Trans Mountain, to protect his bottom line and all of our futures.”

Grandparents Protest Chase And Pressure Biden On Climate

July 7, 2021 George Lakey, Waging Nonviolence. Resist! climate crisis, Divestment, Joe Biden, Protests

"Because the bank management chose to avoid arrests at its front door, our group eventually took our rockers and banners and moved into the street in front of the bank. There we were arrested — Michael Bagdes-Canning, 67, was shoved into a police car and Padma Dyvine, 71, became the first to be loaded into the police van. We were held in frigid cells for some hours before release with an expectation that we would be summoned to court at a later date."

Global Protests Target Banks Funding Line 3 Pipeline

May 8, 2021 Sarah Buehler, Stop the Money Pipeline. Resist! Big Banks, Divestment, Line 3 Pipeline, Pipelines

San Francisco - Today across 8 countries, 4 continents, and 50 U.S. cities, hundreds of climate and Indigenous rights activists are protesting 20 banks that have backed loans for Enbridge, the company constructing the Line 3 tar sands pipeline through Anishinaabe territory in Minnesota. The protests feature elaborate and artful displays such as a body mural in Seattle spelling “Defund Line 3,” a fake oil spill in New York, a large floating banner display in Chicago, a fake oil spill and giant dance party in D.C., and a street mural in San Francisco. Activists also effectively shut down branches of the 20 target banks in San Francisco, Seattle, London and others protested outside of branches in Japan, Switzerland, Sierra Leone, Costa Rica, the Holland, France and Canada.

Oxford University Has Pledged To Divest From Fossil Fuels

April 25, 2021 Brigitte Wear, DeSmog International. Resist! Divestment, Fossil Fuels, Student Activism, United Kingdom (UK)

There are signs Oxford University is slowly “getting it” when it comes to climate change. Last year, it committed to selling its multimillion-pound investments in oil and gas companies, after years of student campaigning, and more recently it launched an ambitious Sustainability Strategy. But a 12-month-long investigation we’ve just published shows how much deeper the ties between the oldest university in the English-speaking world and the industry run. We knew departments in our university took money from fossil fuel companies, but we were shocked by the sheer scale: since 2015, Oxford has received over £8.2 million in research grants and £3.7 million in donations from the sector. And numerous academics hold positions within the industry at the same time as teaching and conducting research at the university.

Enbridge’s Greenwashing Will Not Stand

March 9, 2021 Tara Houska, Stop the Money Pipeline. Resist! Banks, Divestment, Line 3 Pipeline, Pipelines

There are now more than 130 Water Protectors facing criminal charges for protecting the land from the Line 3 tar sands pipeline. At the same time, the climate criminals are free to keep bulldozing through my peoples’ sacred lands. It is physically painful to witness the land being ripped apart, to see our sacred manoomin being irrevocably harmed by a corporation that cares for nothing but profit. It is also deeply powerful to stand with those putting their bodies on the line to defend the land. For months now, we’ve been taking steady, constant direct actions to delay the construction of Line 3. In the freezing cold of a Minnesota winter, people have crawled into pipes, stood in front of excavators, engaged in tree-sits, climbed 40ft bi-pods, delayed construction with prayers, and locked to pianos to block bulldozers.

Indigenous Youth Demand End To Trans Mountain Insurance

February 21, 2021 Katie Hyslop, The Tyee. Resist! Canada, Divestment, Insurance, Trans Mountain Pipeline

A group of Indigenous youth took their fight against the Trans Mountain Pipeline expansion project to the Vancouver offices of insurance companies backing the controversial venture earlier this week. On Thursday, approximately 20 youth from the xʷməθkwəy̓əm, Skwxwú7mesh, Səl̓ílwətaɬ (Musqueam, Squamish, Tsleil-Waututh) and other First Nations occupied the lobby — as well as south and west entrances — of 250 Howe St., a high-rise building housing Chubb Insurance Co. of Canada, one of 11 insurers backing the pipeline project. “We are demanding that they stop insuring the pipeline,” said a protest spokesperson who declined to give their name. “We’re going to be here all day, we’re going to make sure that they hear us, that they know that we’re here, that we know that we are trying to pressure them to stop insuring this pipeline.”

Climate Activists Are Closer Than Ever To Ending All Fossil Fuel Investments

August 19, 2020 By Nick Engelfried, Waging Nonviolence. Resist! climate crisis, Coal, Divestment, Fossil Fuels

When New York State Comptroller Thomas DiNapoli announced last month that the state would divest its over $200 billion Common Retirement Fund from more than 20 coal companies, it marked an important milestone for a grassroots campaign that has seen a recent burst of new momentum. In an op-ed published on July 12, DiNapoli stated, “After a thorough assessment, the fund has divested from 22 thermal coal mining companies that are not prepared to thrive, or even survive, in the low-carbon economy.” This victory is thanks to a near decade-long effort by activists who have been pressuring New York to divest from the companies most responsible for causing the climate crisis. A surge in youth-led activism has brought new energy to this campaign, putting pressure on both the comptroller’s office and state legislators. While New York still has not ended its investments in oil and gas companies, DiNapoli’s decision to divest from coal shows climate activists are having a real impact on one of the largest state pension funds in the United States.

The Struggle To Protect The Sacred Place Where Life Begins

June 28, 2020 Nick Engelfried, Waging Nonviolence. Resist! Arctic, Divestment, Indigenous People, Oil and Gas

As the Trump administration neared the end of its first year in office in 2017, it seemed environmental activists had lost one of the most hard-fought battles in the movement’s history. Thanks to a last-minute maneuver by Alaska Sen. Lisa Murkowski, Congressional Republicans succeeded in passing legislation allowing oil drilling in the Arctic National Wildlife Refuge, or ANWR. Some of the worst fears of environmental and Indigenous rights groups for what might happen under the administration appeared to be coming true. However, two and a half years later, no drilling or seismic testing has taken place in the refuge — and there is a very real chance it might never happen. A nationwide grassroots movement led by the Indigenous Gwich’in people has repeatedly delayed the oil leasing process and made the prospect of drilling less attractive to major companies.

On Contact: Planet Of The Humans

June 21, 2020 Chris Hedges, RT. Resistance Report climate crisis, Divestment, Environmental Movement, Renewable Energy

In this week’s episode of On Contact, Chris Hedges discusses the criticism and censorship of Michael Moore's film Planet of the Humans with the director, Jeff Gibbs. "Perhaps it's a form of denial to actually instead of understanding the - this civilization, the industrial civilization, the human species - we're hitting limits and we're gonna crash. We're instead hoping that this fantasy will save us. And as I discovered, and I'm not saying that all environmental leaders are on the take, but one of the things our critics ignore is that the shocking list of things that you when you divest from fossil fuels and you invest in supposedly sustainable, you wind up investing in Big Ag, you wind up investing in mining and banks and all this - that part of the film was hardly talked about.

Faith Groups In 14 Countries Divest From Fossil Fuels

May 20, 2020 Brian Roewe, Earthbeat. Resist! churches, climate crisis, Divestment, Fossil Fuels

More than 40 faith institutions committed to divest their finances from fossil fuels while at the same time calling for the post-pandemic economic recovery to shift the world toward a low-carbon future. The announcement was made from Rome on May 18, at the beginning of Laudato Si' Week, the Vatican-sponsored celebration of the fifth anniversary of Pope Francis' encyclical on ecology, "Laudato Si', on Care for Our Common Home." A total of 42 faith organizations from 14 countries pledged to divest from fossil fuel companies or avoid such investments in the future. Organizers said it represents the largest joint divestment announcement by faith communities to date. The institutions are a mix of Methodist, Anglican, Quaker, Buddhist and Catholic, the latter accounting for 24 of the divesting groups.

Under Pressure, JP Morgan Chase Demotes Former Exxon CEO

May 2, 2020 Jamie Henn, Stop the Money Pipeline. Resist! Divestment, Fossil Fuels, JP Morgan Chase, Oil and Gas

New York, NY — Bowing to pressure from climate and shareholder activists, JP Morgan Chase will be demoting former Exxon CEO Lee Raymond from his Lead Independent Director position on the bank’s board. The news was buried in a filing with the SEC released on Friday. Stop the Money Pipeline, a coalition of over 100 groups working to pressure Wall Street institutions to stop financing fossil fuels, have been pressuring JP Morgan Chase for months to kick Raymond off the board entirely. Tens of thousands of activists with organizations such as the Sierra Club, Friends of the Earth and others have sent messages in recent months calling on Chase to remove Lee Raymond from the board.

Wells Fargo Announces Ban On Financing Arctic Oil And Gas Drilling

March 8, 2020 Ashley Curtin, Nation of Change. Create! Arctic drilling, Divestment, Oil and Gas, Wells Fargo

The world’s top bank to finance fracked oil and gas will no longer fund for oil and gas projects in the Arctic. Wells Fargo recently updated its environment policy to prohibit Arctic drilling and now joins Goldman Sachs and JPMorgan Chase along with several other global banks. The bank supports the “principles of the Paris Agreement” and believes that “policy action is essential to make meaningful progress against the Agreement’s goal,” therefore will “forego participation in any project-specific transaction in the region,” including the Arctic National Wildlife Refuge, the policy stated. “Wells Fargo’s decision to rule out funding for Arctic drilling is clear evidence that investing in the destruction of the Arctic Refuge would be toxic to any company involved,” Ben Cushing, Sierra Club campaign representative, said.

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