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Global day of action for fossil fuel divestment announced
The Fossil Free campaign, which is calling on institutions to divest from fossil fuel companies, has announced a global day of action beginning on February 13 2015.
The divestment campaign launched in 2012 and has seen success across the globe over the last two years. Institutions are being urged to ditch fossil fuel holdings and instead focus on cleaner alternatives. So far over 180 institutions and local governments, along with thousands of individuals, representing over $50 billion (£32bn) in assets, have pledged to divest from fossil fuels.
May Boeve, executive director of 350.org, said, “The fossil fuel divestment movement has grown quickly over the last two years – now it’s going global.
“From the United States to Germany, from South Africa to the Pacific Islands, people are standing up and challenging the power of the fossil fuel industry. We know that fossil fuels are the past and clean energy is the future.”
The global action day aims to build on the momentum created during September’s People’s Climate March, which saw 600,000 people around the world take part in over 2,500 rallies to demand climate action.
On February 13 the campaign will ask institutional leaders to immediately freeze any new investment in fossil fuel companies, and divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within five years. The vast majority of listed coal, oil and gas reserves are held by 200 publicly-traded companies, and it is these the campaign wants institutions to divest from.
“Divestment serves as a key tool in moving the world beyond fossil fuels and towards renewable energy,” commented Payal Parekh, global managing director of 350.org.
“The divestment movement is modelling what government need to be doing: withdrawing funds from the problem and investing in solution. That’s the best way to ensure a brighter future for both people and planet.”
Educational, religious and civil institutions have all become involved in the campaign.
Photo: Steven Straiton via Flickr
Further reading:
Fossil fuel divestment campaigns can help ‘stigmatise’ industry
CAER stands by ANU fossil fuel divestment advice
Oxford City Council commits to fossil fuel divestment
Fossil fuel divestment campaign targets high street banks
Divestment: University of London’s school freezes fossil fuels investment