Posts Tagged ‘divestment’
In the effort to combat climate change, we carpool, scale back our utility use, purchase carbon credits, and do our best to source our power from clean technologies. Yet, if we pay tuition, donate to non-profits, or have a stock portfolio, we may still be contributing to dirty energy. Many universities, local governments, and religious institutions have endowments or investments that benefit financially from fossil fuels. Seeing the support of coal companies, oil giants, and mining projects as antithetical to their moral and political proclivities, organizations across the nation are divesting from these markets.
The Fossil Free campaign helps to organize and support those who wish to give non-renewable resources the boot. Over 300 colleges have already started their own campaigns, including Brown University who is slated to vote on axing 15 coal and mining companies from their endowment this month. Major cities, such as San Francisco have decided that exacerbating climate change was not in the best interest of the planet or the Bay. Those interested can visit the website and either begin a petition or join an already existing call to action. In addition to hosting a platform to collect signatures, Fossil Free also provides relevant articles, charts, and studies to help make a strong and well-informed case.
As a strategy, taking away a source of revenue may be one of the quickest and most effective ways to halt fossil fuel infrastructure. Seeing as much of the industry has bought influence in Congress and around the world, pulling money away from conglomerates is one of the most powerful means of stopping a number of pipelines and mountaintop removals at one time. While it is true that companies such as ExxonMobil and Peabody Coal make billions of dollars and that the dissent of only a few small institutions may not at first make a huge dent, it is important to back up beliefs with concrete action. Not only igniting discussion and creating a PR nightmare, large endowments are responsible for billions of dollars themselves, and can make their voices heard if they decided to gather together to send a message and hit polluters where it hurts. Money could then be apportioned to back renewable energy and bolster a healthier, greener economy that would not only ease the burden of climate change, but give birth to a vibrant new market that benefits more small businesses and communities.
The time has come to tell the fossil fuel giants that carbon is so very last century.