Fossil fuel divestment

Fossil fuel divestment or fossil fuel divestment and investment in climate solutions is the removal of investment assets including stocks, bonds, and investment funds from companies involved in extracting fossil fuels, in an attempt to reduce climate change by tackling its ultimate causes.

Numerous groups advocate fossil fuel divestment, which in 2015 was reportedly the fastest growing divestment movement in history. Beginning on campuses in The United States in 2011 with students urging their administrations to turn investments in the fossil fuel industry into investments in clean energy and communities most impacted by climate change, the movement soon spread across the globe. By December 2016, a total of 688 institutions and over 58,000 individuals representing $5.5 trillion in assets worldwide had been divested from fossil fuels.

Fossil fuel divestment aims to reduce carbon emissions by accelerating the adoption of renewable energy through the stigmatisation of fossil fuel companies. This includes putting public pressure on companies that are currently involved in fossil fuel extraction to invest in renewable energy.

The Intergovernmental Panel on Climate Change found that all future carbon dioxide emissions must be less than 1,000 gigatonnes to provide a 66% chance of avoiding dangerous climate change; this figure includes all sources of carbon emissions. To avoid dangerous climate change, only 33% of known extractable fossil fuel of known reserves can be used; this carbon budget can also be depleted by an increase in other carbon emission sources such as deforestation and cement production. It is claimed that, if other carbon emissions increase significantly, then only 10% of the fossil fuel reserves can be used to stay within projected safe limits.

Furthermore, according to the US Environmental Protection Agency, Earth's average temperature has risen by 1.4°F over the past century, and is predicted to rise another 2° to 11.5° over the next hundred years with continued carbon emission rates. This rise in temperature would far pass the level of warming that scientists have deemed safe to support life on earth.

I think this is part of a process of delegitimising this sector and saying these are odious profits, this is not a legitimate business model ... This is the beginning of the kind of model that we need, and the first step is saying these profits are not acceptable and once we collectively say that and believe that and express that in our universities, in our faith institutions, at city council level, then we’re one step away from where we need to be, which is polluter pays.

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