Browsing the "divestment" Tag

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Harvard to divest from fossil fuels after a decade of pressure

Nearly a decade of tireless grassroots activism led by students, alumni, and faculty members culminated in Harvard University’s announcement Thursday that it is ending its investments in planet-warming fossil fuels, a decision campaigners celebrated as a major victory for the climate movement. By Jake Johnson Common Dreams In an open letter posted to the university’s website, Harvard President […]

September 11th

BHP of Australia is offloading oil and gas assets – the global market has turned on fossil fuels

The announcement by BHP, the world’s second-largest mining company, that it will shift its oil and gas assets into a joint venture with Australian outfit Woodside is a clear indication the “Big Australian” is getting out of the carbon-based fuel industry. By John Quiggin, The University of Queensland The Conversation BHP has also been offloading […]

August 29th

California kids to teachers’ pension fund: Divest from oil (because it’s a lousy investment)

The kids are mad as hell—and so are teachers who want their California teacher pension fund, CalSTRS, to join 1,000 other institutions collectively divesting $14.5 trillion from the fossil fuel industry that threatens climate catastrophe. Youth call on CalSTRS to divest from fossil fuels, 2021. (Photo: Brooke Anderson Photography) By Marcy Winograd Common Dreams The retirement […]

August 28th

Central banks accused of dawdling on climate as world burns

Despite needing to “play a critical role in catalyzing the rapid shift of financial flows away from oil, fossil gas, and coal,” 12 major central banks “have instead tinkered at the edges,” according to a report released Tuesday. By Jessica Corbett Common Dreams The new analysis (pdf) from two dozen advocacy groups including Oil Change International (OCI) examines financing and policies of […]

August 26th

The next big financial crisis could be triggered by climate change – but central banks can prevent it

In 2008, as big banks began failing across Wall Street and the housing and stock markets crashed, the nation saw how crucial financial regulation is for economic stability – and how quickly the consequences can cascade through the economy when regulators are asleep at the wheel. By Garth Heutel, Georgia State University; Givi Melkadze, Georgia […]

July 19th

South Korea and Japan will end overseas coal financing. Will China catch up?

Since 2013, public finance from China, Japan and South Korea accounted for more than 95% of total foreign financing toward coal-fired power plants. This financing enabled the construction and operation of coal power plants in developing countries, where investment in power supply does not match demand. By Shuang Liu, Ye Wang and Yan Wang World Resources Institute These investments also […]

June 23rd

JP Morgan Chase is greenwashing on fossil fuel funding. It’s time to stop the money pipeline!

In October of last year, JPMorgan Chase, the world’s largest funder of fossil fuels, announced that it was going to align its business model with the Paris Agreement. The pledge came only after years of campaigning by activists and was widely welcomed. The most exciting part of the announcement was Chase’s promise to release 2030 climate targets. […]

Why does the US continue to fund climate-killing fossil fuel projects overseas?

As representatives from across the U.S. government testified Wednesday at a House hearing on global climate finance, 13 lawmakers led by Sen. Ed Markey and Rep. Earl Blumenauer sent a letter urging President Joe Biden to direct federal agencies to “end all new public financing support for fossil fuel projects overseas within 90 days.” By Jessica Corbett Common Dreams […]

May 20th

5 Ways the World Bank’s Climate Action Plan Could Go Further

The recent 2021 World Bank Group/International Monetary Fund spring meetings took place during challenging times. The COVID-19 pandemic has caused loss of life and exacerbated global poverty and inequality, while draining governments resources. Meanwhile, the impacts of climate change are starting to be felt on a broad scale, resulting in the loss of homes, crops […]

On Earth Day, Biden announces plan to cut back finance of fossil fuels

While marking Earth Day with his long-awaited Leaders Summit on Climate to discuss how countries plan to meet the goals of the Paris agreement, U.S. President Joe Biden on Thursday released an International Climate Finance Plan that disappointed some progressive campaigners. By Jessica Corbett Common Dreams “Today’s announcement by President Biden on international finance for fossil fuels […]

April 23rd

You think clean energy is expensive? Banks have poured $3.8 TRILLION into fossil fuels in past 5 years

A detailed new report released Wednesday morning by a coalition of environmental groups shows that the 60 largest banks in the world have poured more than $3.8 trillion into the fossil fuel industry since the Paris climate accord was adopted in 2015, providing key financing for destructive projects ranging from coal-fueled power plants in Indonesia to Enbridge’s Line 3 tar […]

March 25th

NYC Pension Funds beings historic divestment, pulls $4 billion from fossil fuels

Today, New York City’s largest pension funds voted to initiate full fossil fuel divestment, selling off an estimated $4 billion of holdings in fossil fuel corporations, such as ExxonMobil. New York City’s announcement fulfills its commitment to divest from fossil fuels. The city’s pension funds, valued at $239 billion are the largest municipal pension funds to divest globally. By […]

January 25th

Under pressure from climate activists, world’s largest insurance market to ditch coal, tar sands, and Arctic projects

Caving to pressure from climate action campaigners, Lloyd’s of London, the world’s largest insurance market, announced Wednesday that it will no longer cover coal-fired power plants and mines, tar sands, or Arctic energy exploration activities from January 2022 onward, with plans to fully phase out such businesses by 2030. By Jessica Corbett Common Dreams  Framing […]

December 19th

Banks and Financial Firms ‘Gambling Away Our Future’ by Bankrolling Oil and Gas Projects

Five years after the world adopted the Paris climate agreement, global financial institutions have provided over $1.6 trillion in loans and underwriting to multinational fossil fuel firms planning and developing destructive oil and gas projects, a joint report from 18 environmental groups revealed Thursday. By Brett Wilkins Common Dreams Entitled Five Years Lost: How Finance Is […]

December 15th

On climate change, capitalism is starting to read the invisible handwriting on the wall

Last week, the New York state pension system announced it would divest its $200 billion+ from fossil fuels, citing financial risk — rather than climate activism — as the primary motivating factor. When activists first undertook divestment campaigns, the fund’s managers were skeptical of moving their millions of public employees’ retirement funds. By Climate Denier Roundup  […]

December 14th