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It’s Getting Hot in Here: ‘Investment Funds Worth Trillions Are Dropping Fossil Fuel Stocks’
From The New York Times:
Investors controlling more than $5 trillion in assets have committed to dropping some or all fossil fuel stocks from their portfolios, according to a new report tracking the trend.
The report, released Monday, said the new total was twice the amount measured 15 months ago — a remarkable rise for a movement that began on American college campuses in 2011. Since then, divestment has expanded to the business world and institutional world, and includes large pension funds, insurers, financial institutions and religious organizations. It has also spread around the world, with 688 institutions and nearly 60,000 individuals in 76 countries divesting themselves of shares in at least some kinds of oil, gas and coal companies, according to the report.
“It’s a stunning number,” said Ellen Dorsey, the executive director of the Wallace Global Fund, which has promoted fossil fuel divestment and clean energy investment as part of its philanthropy.
The movement has also received a boost from last year’s Paris climate agreement, which set targets for reducing greenhouse gas emissions to avoid the worst effects of climate change. The push for emissions reductions underscored the potential for the industry to be faced with reserves of fuels that cannot be burned if the targets are to be met — a prospect known as “stranded assets.”
Ms. Dorsey argued that since its beginnings as a moral statement against profiting from companies whose products were exacerbating climate change, more institutions have come to detect vulnerabilities in fossil fuel companies as the world shifts toward renewable sources of energy.
Read the rest of the article here.
(Photo: Steven Godfrey; Infographic: Carbon Tracker)
Related:
Average people can make a difference on global challenges (Phys.Org)
A beginner’s guide to fossil fuel divestment (The Guardian)
Canadian Medical Association completes divestment from fossil fuels (National Observer)
As fossil fuel diehards take over the White House, the evidence of a fast-moving global energy transition has never been clearer (Jeremy Leggett)
China is going all in on clean energy as the U.S. waffles (Forbes)
A 2C world will bring much devastation, but we can celebrate the work that has brought us to this point, says former UN climate chief Christ
The research published in Nature last week showing that the pledges by countries to reduce emissions made since the Paris agreement could keep warming within 2C, if met on time, has therefore understandably sparked a series of conflicting reactions. Outrage that even if the promises are met, they don’t come close to 1.5C; and optimism that 2C is such a huge improvement on where we’d be headed without the Paris agreement.
On the one hand, we have to acknowledge this looks very much like failure. A 2C world will not be livable for vast swathes of humanity, and half of the world’s children are already at extremely high risk from the impacts now, including hunger-inducing floods and droughts.
A 2C future may even lead us into conditions that insurers would deem uninsurable for practically all businesses and homes, and that’s only if the pledges are met. There will never be a shortage of excuses for slippage on these promises. The atrocious invasion of Ukraine, which has brought our deadly addiction to Russian oil and gas into shocking view, is just one of them. Short-term arguments to push decarbonisation down the road will always find a way to rise back above the parapet.
On the other hand, we have to agree that this new projection based on national commitments portends a far better outcome than we would get without them. Bending the curve of future emissions down – from 4.5C or higher as it was projected to be in 2015 – to within the stated goal of the agreement would be a huge improvement.
This is a real result stemming from the difficult, intricate and decades-long multilateral process of negotiations as well as from the power of the decreasing costs of clean technologies. The Paris agreement is working, even if not fast enough.
This process has been enabled at every turn by extraordinary momentum for action from all sectors of society, activism of all stripes from all corners of the globe and individual leadership. It’s also just the start: once action unleashed by these commitments begins to really kick in, and the non-state actor community continues pushing their additional pledges, the progress will quickly become exponential.
So we are caught between two truths, and two deep feelings in our bones: outrage and optimism. Both are valid responses and both are necessary.
Those in the community who have contributed to the provenance and ongoing implementation of any commitment to reduce emissions – national or corporate – would do themselves a great service by celebrating the tectonic shift. I know that these pledges are nearly always the result of dogged hard work and determination combined with deep-seated effort to develop a shared understanding and collective action.
Yes, they are not yet enough, but behind each one are individuals who share the increasing pain about the ecological devastation we are witnessing and the anxiety about what we will continue to lose as a result of unambitious choices.
Celebrating what we have on the table so far doesn’t mean we should not continue to challenge the commitments made, ensure their base in the latest science and call for proper accountability. After all businesses and governments pledging action cheat all of us, including themselves, by saying one thing and doing another. Integrity and transparency must be at the heart of all efforts.
Delving into the actual work going on on the ground is absolutely inspiring. I know this first-hand from working closely with the Climate Pledge, in which 300 companies are aiming to accelerate solutions to the climate crisis and reach net zero by 2040. There is a treasure trove of future possibility burgeoning, even as we constantly read of new fossil fuel projects the atmosphere cannot afford being developed.
By assuming one reaction or the other – outrage or optimism – we force ourselves into a box. We risk reducing our thinking and acting according to a binary mentality that can drive polarisation at a time where acting in solidarity with each other is ever more important.
The complexity of the climate crisis and its solutions mean we need to get used to holding complex emotional reactions, and to pursuing complex solutions. The path ahead will be full of outrage and optimism. We can use both of those to push for the policies we know we need: policies that will enable every commitment and pledge to reduce emissions to be met not just on time, but ahead of schedule.
Rami Malek || 2-C/ Cece || 28 || Cis Male || Unknown || Unemployed || Unregistered || PLAYED BY NATHAN
biography:
Foggy images of a cabin, a field, and a warm voice singing a lullaby. Those are the only memories that 2-C can recall before the pain began. Most of his life has been spent in white rooms, surrounded by other people of various ages that all had to endure the same pain. The times in between experimentation he got to associate with patients that were around the same age and they gave each other nicknames to feel more human. He was granted the nickname Cece and he clung to it, craving a normalcy he never imagined he would get.
For a long time Cece had no idea what the experiments were for until the patients began manifesting powers. Super strength, impenetrable skin, telekinesis. They were all powers he saw the others develop, however, his own powers seemed like they would never come. In truth, he was an empath but since the medicine and experimentation were dulling the emotions of all the patients the signs were hard to recognize until his powers developed further. Years passed and the scientists nearly wrote him off before he finally showed the signs of his powers.
Cece and another patient that possessed super strength got into an argument but the curious part was when Cece matched them in strength. His powers had developed into empathic mimicry and the scientists could not have been more delighted at the discovery. The tests they ran doubled and tripled the pain he had to endure but it did not last for long. The patients were tired of being treated like lab rats and a rebellion came to fruition with the help of the nurses that had taken care of Cece and the others since they were kids.
After he escaped the lab with only the clothes on his back and a rumpled file, he ran without ever looking back. Cece has been traveling since then to look for his past before the lab and during that time he has hidden his powers, considering them a curse since he sees them as the reason for his suffering. Now, he lives in New York as a petty thief, stealing just what he needs and sometimes working the odd job here and there but no matter how desperate he becomes, he never uses his powers.