Fossil Fuel Divestment: Cities & States
Of all the institutions that ought to be looking out for the public good, surely our local and state governments are foremost among them. They have a responsibility to divest from an industry that’s destroying our future, and reinvest in solutions to climate change. Even as extreme weather events like Hurricane Sandy threaten to overwhelm local budgets, federal inaction to solve this crisis is all but stalled. We have the solutions, but we won’t see any political progress on the issue until we can weaken the power of the fossil fuel industry. The bottom line is this: divestment is the only moral choice for governments that care about their citizens. Solving the climate crisis is the only practical choice for governments that care about their solvency.
Divest New York City from Fossil Fuels!
Hurricane Sandy decimated the New York City area, causing $65 billion in damage, causing power outages, destroying homes and leaving a path of wreckage from the Rockaways to Riverside Park. It's time for NYC to stop investing our pension funds in oil, gas and coal, and go fossil free! We know that Sandy was fueled in part by Atlantic waters that were 5 degrees warmer than average, a result of human-induced climate change. Our city government is taking steps to make our city an example of low-carbon urban living, from painting bike lanes to mandating energy retrofits -- and much much more must be done. And yet, New York City's pension funds for city employees, teachers, police, firemen and school employees are all invested in coal, oil and gas companies that dump carbon into the atmosphere for free, and rig the political system so that they can continue to do so. If it is wrong to wreck the climate, then it is wrong to profit from that wreckage. After Hurricane Sandy, New York City should be a shining light in the fight to combat climate change -- to do that, it's pension funds must divest from fossil fuels. A report from the Carbon Tracker Initiative has claimed that the world can only burn 800 more gigatonnes of carbon equivalent and stay under the two degree Celsius limit. A recent analysis of the world's current fossil fuel reserves, drawing on research by Oil Change International, has shown that if the world were to burn all current fossil fuel resources, then it would burn 982 gigatonnes of carbon equivalent. This means that we can no longer develop and build fossil fuel infrastructure; the age of fossil fuels must end immediately, if we have any hope of staying under two degrees Celsius. Our pension funds must follow suit and knowing that there can be no world in which the fossil fuel companies persist, we call upon New York City Comptroller Scott Stringer to commit to immediately freeze all investments in fossil fuel companies and divest the pension funds from these companies within five years. Read more about the need to divest and end all fossil fuel infrastructure here https://newrepublic.com/article/136987/recalculating-climate-math Over 3000 people from New York City have signed petitions calling upon Comptroller Stringer to divest the New York City pension funds from all fossil fuel holdings. To get involved in the campaign, go to 350nyc.org
Divest the London Pension Fund from Fossil Fuels
Sadiq Khan, the Mayor of London, supports divestment! http://www.sadiq.london/a_greener_cleaner_london Climate change is the greatest challenge humanity has encountered. Warming in excess of 1.5°C will have catastrophic consequences . In order to have a chance of staying below this temperature rise, 80% of known fossil fuel reserves must not be burnt . The fossil fuel industry currently holds vast carbon reserves which if burnt would result in emissions 5 times larger than what it is deemed to be safe . All available evidence suggests that fossil fuel companies intend to burn the reserves within their control. In addition, companies such as Shell are actively trying to discover new reserves, often in environmentally sensitive regions . If it is wrong to damage the world we live in, then it is wrong to profit from that damage. Responsible investors should no longer be profiting from the destructive activities of these companies. The London Pension Fund Authority (LPFA) manages the pensions of City Hall employees (including the Mayor of London and the London Assembly) as well as many other local authorities . It manages nearly £5 billion worth of assets, millions of which are direct investments in fossil fuel companies including BHP Billiton, Rio Tinto and Shell . Indirect investments total £54.6 million. These fossil fuel investments are becoming increasingly risky as the cost of extraction increases and international treaties restrict the use of fossil fuels . Not only does it make moral sense not to invest in the destruction of our planet, it also makes financial sense. By divesting from fossil fuels, City Hall will join public institutions such as the British Medical Association, Glasgow University and Oxford City Council, amongst many others, in leading by example to help create a sustainable future for the citizens of London and beyond. So we ask: 1. The London Pensions Fund Authority (LPFA) to: - Immediately freeze any new investment in fossil fuel companies, including those made by externally managed and pooled funds. - Offer a fossil free pension option to employees - Divest from the top 200 companies with the largest known carbon reserves (oil, gas and coal), and shift these funds to lower risk, ethical investments within 5 years 2. The Mayor and the London Assembly must be transparent about their relationship with the fossil fuel industry: - Publish full details of their financial and other ties to the fossil fuel industry - Not accept sponsorship and advertising from fossil fuel companies. - Declare their divestment from the fossil fuel industry in order to encourage other pension funds, institutions and individuals to do the same. References http://bit.ly/1Cp61vN http://bit.ly/1mLPo58 http://bit.ly/1r2Y2Qb http://www.lpfa.org.uk/Who-we-are.aspx http://bit.ly/1z8u53U
Start a Campaign to Divest From Fossil Fuels!We're all part of institutions that ought to be looking out for the public good, from city and state governments to religious institutions to other kinds of charities and non-profits. Most of these institutions invest money in stocks and bonds, and have a responsibility to divest from an industry that’s destroying our future.
Fossil Free is an international campaign calling on institutions to divest from fossil fuels and reinvest in solutions to climate change. Learn more at gofossilfree.org.
Getting StartedYou don’t need 51% of your community on board to win a campaign, but public support counts. Run a petition to show that there is support for fossil fuel divestment (it’s also a great way to build up your group). Getting started is simple:
Step 1: Use the map above to search for a campaign that's already happening in your area. If you locate one, sign on and join the effort!
Step 2: If you don't see a campaign for your city, state or institution, consider starting one as a first step. You'll be able to promote your petition, gather signatures, and email those who have signed to gather support for your campaign. Host events, debates, and film nights to educate your peers about the issue, or plan a creative action to make divestment the cool thing happening in your community.
Not Ready to Start a Petition Yet?If you don't know right away where to get started, talk and meet with your friends, neighbors and coworkers about starting a campaign, and do a little research to find out who has the power to give you what you want. Remember to think outside the box about who to meet with: a diversity of experiences and opinions often makes a campaign stronger. As you build local support, you’ll be able to bring a team together to help drive your campaign forward.
Find more resources here.