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Divestment

Student Victory: Georgetown University Divests From Fossil Fuels

February 10, 2020 Staff, Georgetownfossilfree.wordpress.com , ,
On the evening of February 6, 2020, Georgetown University announced its decision to divest its endowment from all fossil fuel companies. This decision comes after eight years of dedicated campaigning from GU Fossil Free; our members, past and present, could not be more proud. We are thrilled that our university has taken this important step in supporting climate justice, student voices, and financial accountability.

Divestment Fever Spreads As ‘Eco Radicals At Goldman Sachs’ Downgrade Exxon Stock To ‘Sell’ Status

February 7, 2020 By Julia Conley, Commondreams.org , , ,
"The best reason to divest fossil fuel stock is that you'd like to help preserve a livable planet. Another reason is so that you won't lose your money." Three days after CNBC host Jim Cramer pronounced fossil fuel investments as being "in the death knell phase," Goldman Sachs on Monday downgraded its stock assessment for ExxonMobil, advising investors to sell their shares of the oil and gas giant.

Count The Money! Divest!

January 30, 2020 Alyn Ware, Peacemagazine.org ,
The nuclear weapons industry has incredible political power and uses it to stimulate the nuclear arms race and expand the already colossal nuclear weapons budgets. To reverse this, the global Move the Nuclear Weapons Money campaign is promoting nuclear weapons divestment. The anti-nuclear weapons campaign has been boosted by the UN Global Compact adding nuclear weapons to its list of excluded investments...

Reclaim The Block Urges Invest In Community, Not In Police

January 20, 2020 Isabella Garcia, Riseuptimes.org , , ,
In dramatic effect, a Minneapolis resident dumps a bag of money onto a podium during public comments at the final City Council meeting on the 2020 budget last month. The person with them, who identified himself as David, is addressing the council members. “This is $193.40,” David says, then begins to explain that the money represents the $193 million budget Mayor Jacob Frey proposed to give the Minneapolis Police Department in 2020, more than one-third of the city’s general fund.

Historic Protest At Harvard-Yale Football Game Was Years In The Making

November 28, 2019 Emily Pontecorvo, Grist. , , ,
Saturday marked the 136th annual Harvard-Yale football game, a tradition known simply as “The Game” by students and alumni of the rival Ivy League schools. Tens of thousands of people flocked to the Yale Bowl in New Haven to watch. Many more tuned in on ESPNU. But what viewers likely didn’t expect to witness was a historic show of unity between the two schools in the name of fighting climate change. Just before 2 p.m., as the halftime show was ending and the Yale marching band exited the field, about 150 people ran down the steps of the stadium and onto the turf, staging a sit-in near the 50-yard line. They unfurled banners that read “Nobody Wins: Yale and Harvard are complicit in climate injustice,” “Presidents Bacow and Salovey: Our future demands action now,” and “This is an emergency.”

We Must Dismantle The War Machine To Avoid The Climate Catastrophe

November 10, 2019 Jodie Evans, The Independent Media Institute  , , ,
There is a clear thread running from the Pentagon budget to weapons corporations to our impoverished communities to migrants fleeing wars and drought to greenhouse gas emissions driving the climate crisis. Imagine a snake consuming its own body: that is the war machine’s connection to climate breakdown. We must begin rapidly removing our public dollars from the war machine if we are to save humanity and the planet—which, like the climate crisis and the war machine, cannot be separated.

Can We Divest From Weapons Dealers?

March 13, 2019 Kathy Kelly, Vcnv.org ,
Impoverished people living in numerous countries today would stand a far better chance of survival, and risk far less trauma, if weapon manufacturers such as Lockheed Martin, Boeing, General Dynamics, and Raytheon stopped manufacturing and selling death-dealing products. About three decades ago, I taught writing at one of Chicago’s alternative high schools. It’s easy to recall some of their stories—fast-paced, dramatic, sometimes tender. I would beg my students to three-hole-punch each essay or poem and leave it in a binder on our classroom shelf, anxious not to lose the documentation of their talents and ideas.

At Last, Divestment Is Hitting The Fossil Fuel Industry Where It Hurts

December 25, 2018 By Bill McKibben, The Guardian ,
The list of institutions that have cut their ties with this most destructive of industries encompasses religious institutions large and small (the World Council of Churches, the Unitarians, the Lutherans, the Islamic Society of North America, Japanese Buddhist temples, the diocese of Assisi); philanthropic foundations (even the Rockefeller family, heir to the first great oil fortune, divested its family charities); and colleges and universities from Edinburgh to Sydney to Honolulu are on board, with more joining each week. Forty big Catholic institutions have already divested; now a campaign is urging the Vatican bank itself to follow suit. Ditto with the Nobel Foundation, the world’s great art museums, and every other iconic institution that works for a better world.

Divest From Banks That Fuel Climate Change, Establish Public Bank

December 1, 2018 Erik McGregor. , , ,
New York, NY – As global leaders assemble for the 4th Annual Climate Finance Day, New Yorkers, including representatives from environmental, community and student groups, held a rally at City Hall on November 28, 2018 and call on NYC to divest public money from banks that fuel climate change and to establish a municipal public bank to help fund the transition to a just, sustainable economy. At the rally, Public Bank NYC, a broad-based coalition of community, worker rights, environmental, and economic justice groups, will release new findings showing nine of the largest banks eligible to hold City deposits (“NYC designated banks”) are major investors in the fossil fuel industry, including the proposed Williams Pipeline, which would carry fracked gas across the New York Harbor.

The Global Fossil Fuel Divestment And Clean Energy Investment Movement

September 19, 2018 Staff, Arabellaadvisors.com , ,
Since its launch by students as a moral call to climate action in 2011, the fossil fuel divestment campaign has become a mainstream financial movement mobilizing trillions of dollars in support of the clean energy transition. Commitments to divest continue to grow rapidly: Today, nearly 1,000 institutional investors with $6.24 trillion in assets have committed to divest from fossil fuels, up from $52 billion four years ago—an increase of 11,900 percent. The primary drivers of this recent growth are insurers, pension funds, and sovereign wealth funds. The insurance sector continues to divest more than any other sector, having committed to divest over $3 trillion in assets.

At Rally Outside Jamie Dimon’s Home, Immigrant Rights Advocates Demand #BackersOfHate Stop Bankrolling For-Profit Prisons

July 26, 2018 By Julia Conley, Commondreams.org , , ,
"Private detention companies like CoreCivic and the Geo Group continue to be financed by Corporate #BackersofHate like JPMorgan Chase and Wells Fargo, who profit enormously from our communities' pain and the separation of families," read the event's Facebook page. JPMorgan Chase has loaned tens of millions of dollars to CoreCivic, as well as underwriting numerous multi-million dollar corporate bonds for the company. The bank also has at least $72 million invested in the Geo Group. Both for-profit prisons have government contracts under which they run immigrant detention facilities that have filled up in recent weeks with parents and children who have been forcibly separated under President Donald Trump's "zero tolerance" immigration policy.

Are Fossil Fuel Divestment Campaigns Working?

May 29, 2018 C.J. Polychroniou, Truthout.org , ,
Is fossil fuels divestment an effective strategy in tackling climate change? A newly released study by the Political Economy Research Institute (PERI) at the University of Massachusetts at Amherst suggests that this strategy is not sufficient on its own in affecting the global battle against climate change and that new approaches are needed. Robert Pollin, a distinguished professor of economics at the University of Massachusetts, Amherst, co-director of PERI and co-author of the study spoke to C.J. Polychroniou about the limits of the movement to divest from fossil fuels and the need for fresh approaches and a more holistic type of action for combatting climate change.

Why Public Banking Is The End Goal Of The Divestment Movement

May 26, 2018 Phoenix Goodman, Medium.com ,
Something big is starting to happen in the world of activism. Grassroots campaigns are beginning to coalesce into coherent, focused missions with definable outcomes. The Divest campaign is a classic example of how the People can have a tangible effect on society by speaking the language of the dominating classes: money. Divestment is what it sounds like: removing public investments from corporate institutions, and repurposing them into organizations which will benefit the common good. This means leveraging the collective will through mass individual actions to force the perpetrators of corrupt and unscrupulous behavior to directly lose profits; in essence, to divest is to boycott. Even in the world of international affairs, we hear of sanctions, which are nothing more than state actors divesting from another nation in order to conduct economic war.

How Activists Won Divestment from Fossil Fuels in New York City

March 4, 2018 Nancy Romer, Portside , ,
After five years of tireless organizing, the movement to divest NYC public worker pension funds from fossil fuels scored a win.  On January 10, Mayor Bill de Blasio announced that New York City will divest the $5 billion of its pension funds presently invested in fossil fuel stocks. It will also sue the top five fossil fuel corporations—ExxonMobil, Shell, BP, Chevron, ConocoPhillips—charging that because they hid the evidence that burning fossil fuels causes climate change, they are responsible for the billions of dollars the city has spent on climate remediation.   The divestment campaign provides an excellent example of how dedicated organizing, clear demands and strategies, creative tactics, strong coalitions and good luck can come together for a win.  

As Congress Feeds The Merchants Of Death, The People Must Divest

February 6, 2018 Medea Benjamin and Elliott Swain, Popular Resistance. , , ,
In recent budget negotiations, Senate Democrats agreed to a boost in military spending that exceeded the cap for fiscal 2018 by $70 billion, bringing the total request to an enormous $716 billion. Inevitably, this means more Pentagon contracts will be awarded to private corporations that use endless war to line their pockets. Democrats capitulated to this massive increase without so much as a scuffle. But the move hardly comes as a surprise, given how much money flows from weapons makers to the coffers of congressional campaigns for both parties.  
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