Governments, universities and banks have quit fossil fuels in their hundreds after a global campaign to convince institutions to pull their investments.
A milestone achievement has been announced at key climate talks taking place in Poland as the initiative persuaded 1,000 institutions opting to divest from coal, oil, and gas companies.
The total sum of money being withdrawn since the campaign began in 2012 is now approaching $8 trillion (£6.3 trillion).
Join Indpendent Minds For exclusive articles, events and an advertising-free read for just £5.99 €6.99 $9.99 a month Get the best of The Independent With an Independent Minds subscription for just £5.99 €6.99 $9.99 a month Get the best of The Independent Without the ads – for just £5.99 €6.99 $9.99 a month
Pressure is mounting for nations and businesses to eradicate fossil fuels altogether after scientists warned it was the only way to avoid disastrous global warming within decades.
However, efforts to arrive at international agreements have stalled at the COP24 summit as negotiators failed to reach a compromise on issues like green finance.
“While diplomats at the UN climate talks are having a hard time making progress, our movement has changed how society perceives the role of fossil fuel corporations and is actively keeping fossil fuels in the ground,” said May Boeve, executive director of 350.org, the group running the campaign.
Pledges to divest from fossil fuels now span 37 countries, and include major capital cities such as New York, as well as mainstream banks and insurance companies.
In July Ireland became the world’s first country to make a pledge to sell off the fossil fuel components in its €8bn (£7.2bn) national investment fund.
Meanwhile hundreds of MPs from across the political spectrum in the UK have called for fossil fuel investments to be dropped from their pension fund.
Shape Created with Sketch. Extinction rebellion: Climate change protesters block London bridges Show all 25 left Created with Sketch. right Created with Sketch. Shape Created with Sketch. Extinction rebellion: Climate change protesters block London bridges 1/25 Demonstrators block Westminster Bridge in central London to show anger at government inaction on climate and ecological issues AFP/Getty 2/25 A pro environment protester is arrested by police on Lambeth bridge in London EPA 3/25 Organised by Extinction Rebellion, the protest is part of many taking place this weekend to bring attention to political inaction on issues of pollution and climate change Reuters 4/25 AFP/Getty 5/25 Organised by Extinction Rebellion, the protest is part of many taking place this weekend to bring attention to political inaction on issues of pollution and climate change PA 6/25 Demonstrators on Blackfriars Bridge PA 7/25 Police with demonstrators on Blackfriars Bridge PA 8/25 AFP/Getty 9/25 EPA 10/25 A demonstrator is led away by police on Blackfriars Bridge PA 11/25 Reuters 12/25 PA 13/25 Reuters 14/25 AFP/Getty 15/25 AFP/Getty 16/25 PA 17/25 EPA 18/25 EPA 19/25 EPA 20/25 PA 21/25 Reuters 22/25 EPA 23/25 AFP/Getty 24/25 EPA 25/25 Reuters 1/25 Demonstrators block Westminster Bridge in central London to show anger at government inaction on climate and ecological issues AFP/Getty 2/25 A pro environment protester is arrested by police on Lambeth bridge in London EPA 3/25 Organised by Extinction Rebellion, the protest is part of many taking place this weekend to bring attention to political inaction on issues of pollution and climate change Reuters 4/25 AFP/Getty 5/25 Organised by Extinction Rebellion, the protest is part of many taking place this weekend to bring attention to political inaction on issues of pollution and climate change PA 6/25 Demonstrators on Blackfriars Bridge PA 7/25 Police with demonstrators on Blackfriars Bridge PA 8/25 AFP/Getty 9/25 EPA 10/25 A demonstrator is led away by police on Blackfriars Bridge PA 11/25 Reuters 12/25 PA 13/25 Reuters 14/25 AFP/Getty 15/25 AFP/Getty 16/25 PA 17/25 EPA 18/25 EPA 19/25 EPA 20/25 PA 21/25 Reuters 22/25 EPA 23/25 AFP/Getty 24/25 EPA 25/25 Reuters
Faith organisations such as the Quakers and the Church of England have led the charge, accounting for nearly 30 per cent of the divesters.
“This is a moral movement as well as a financial one,” said 350.org organiser Nico Haeringer, who supports divesting groups around the world.
“Just five years ago we had 181 divestment commitments and $50bn shifted away from polluting industries and today we’re over 1000 and approaching $8tn.”
Miriam Frank, a community organiser of a local campaign, attended the announcement at COP24.
“Divesting the Hebrew University’s investments from fossil fuels contributes to weakening the legitimacy of the fossil fuel industry, by calling them out for the harm they cause to our planet and the exploitation of people,” she said.
The campaigners said their goals were to get millions of people directly involved in fighting against climate change, and reduce the power of the fossil fuel industry over politicians and climate policy.
They say that early reports suggest divestment is already having an impact on fossil fuel share prices, and may have helped accelerate a decline in coal.
Nations are expected to set firm targets to cut their greenhouse gas emissions by 2020 at the latest, and by this date 350.org wants to achieve $12tn in divested assets.
lonewombat on December 14th, 2018 at 14:12 UTC »
If only this was the mood 30 years ago.
ideasReverywhere on December 14th, 2018 at 13:37 UTC »
Can't spend money if ded
Michael_Negron on December 14th, 2018 at 12:32 UTC »
If true, its a small step in the right direction.