The Divestment Movement Has Unexpectedly Exploded into the Trillions of Dollars and Here’s Why

At this time last year, building on the momentum generated by Climate Week and the New York People’s Climate March, divestment advocates made an ambitious announcement: a plan to triple the $50 billion in assets individuals and organizations had pledged to divest from fossil fuels by the time of the 2015 Paris UN climate negotiations.

That was an ambitious plan.

But in the year since, according to a new report from Arabella Advisors, the divestment movement exploded in scope and scale increasing fifty-fold, bringing the total combined assets of those divesting to an incredible $2.6 trillion.

It’s safe to say that no one, not even the most optimistic divestment dreamers, could have anticipated this outcome.

So what’s behind the global momentum for divestment?

Two Minutes To Safeguard Our Future

This is an guest op-ed by Alex Lenferna, Diego Arguedas Ortiz, Leehi Yona and Chris Wright.

Two minutes.

Once a year, global youth are given two minutes to provide input on global climate policy during the fortnight-long United Nations Climate Summit. While country negotiators deliberate back and forth for days, youth representatives receive 120 seconds to deliver a ceremonial speech that means both nothing and everything.

How can you convey how important your future is when you only have two minutes?

Heather Zichal, Former Top Obama Energy Aide, Named Fellow at Industry-Funded Atlantic Council

Heather Zichal, former top climate and energy aide to President Barack Obama his top aide in crafting his 2008 presidential campaign energy platform, has joined the industry-funded Atlantic Council as a fellow at its Global Energy Center.

Climate Negotiations Should Stop Focusing On “Burden Sharing” And Start Focusing On Sustainable Development: Report

While a key element of negotiations aimed at achieving an international agreement for combating climate change has understandably been fair treatment of all parties, there has been too narrow a focus on “burden-sharing” and “atmospheric rights,” according to a new report that suggests this approach has led to unnecessary divisiveness and is likely to yield nothing more than the “minimum acceptable level of individual action.”

Instead, the report concludes, a better approach would be to refocus the debate over the equitability and ambition of climate targets based on a “right to sustainable development” model.

Titled “Taming the beasts of ‘burden-sharing’” and written by analysts with the Grantham Research Institute on Climate Change and the Environment, the report examines seven different burden-sharing approaches based on the “right to emit,” which they define as “determining how the costs and burdens should be shared between countries.” In focusing on the costs and burdens of climate action, the reports finds, these approaches fail to take into account the fact that all countries stand to benefit substantially from reducing global warming pollution.

John Kerry Slams Climate Deniers at COP 20, Emphasizes 97% Consensus, Mum on KXL

What happens if the climate skeptics are wrong? Catastrophe.” 

Those were the words of Secretary of State John Kerry here in Lima today as he addressed the COP 20 climate talks on the need to foster global action to address climate change. 

Secretary Kerry also emphasized the 97 percent scientific consensus on manmade global warming, calling it “a dramatic statement of fact that no one of good conscience or faith should ignore.”

Kerry spoke firmly about the climate-related costs of fossil fuels, saying that “oil and coal are largely responsible” for manmade global warming, and cautioned against any further expansion of fossil fuel use. 

“If developing nations choose the energy choices of the past rather than the energy choices of the future,” they would further endanger the planet and miss out on “one of the greatest economic opportunities of all time” to build economies based on clean energy technology, Kerry said.

“Coal and oil may be cheap ways to power an economy today, in the near term, but I urge nations around the world, the vast majority of whom are represented here at this conference, look further down the road,” Kerry said. “I urge you to consider the real, actual, far-reaching costs that come along with what some think is the cheaper alternative. It's not cheaper.”

American and Chinese Youth Take Diplomacy Into Their Own Hands At Lima COP 20

Back in November, President Obama took a Beijing stage, shoulder-to-shoulder with Chinese President Xi Jinping, and pretty well shook up the geopolitics of climate change.

The presidents of the two largest polluters of greenhouse gases announced a game-changing climate deal that few saw coming.

Even the most plugged-in climate policy experts—and many Capitol Hill politicians—were stunned. 

The bilateral climate agreement—which basically says that the U.S. will cut greenhouse gas emissions by a little over one-quarter (from a baseline in 2005) by 2025, and that China will peak its emissions by 2030—was met with remarkably consistent praise.

Advocates for a strong international climate treaty liked that the bit of diplomacy took away the “waiting for China to act” argument from American naysayers. 

And coming as it did in the run-up to the United Nations climate talks in Lima, Peru, the timing of the announcement invigorated the typically sputtering negotiations.

Some of the toughest criticism came from the youngest commentators. A partnership of youth from both the U.S. and China delivered their critique in the form of a joint letter to Presidents Jinping and Obama.

Lima COP20 Climate Summit Marked By Protests, Publicity Stunts and PR Promises

An estimated 15,000 people marched through the streets of Lima yesterday in the People’s Climate March, demanding a shift to 100 percent clean energy by 2050. Earlier in the day, a group of 100 children delivered a petition signed by 2.2 million people to UN Secretary General Ban Ki Moon, Peruvian President Ollanta Humala and COP President Manuel Pulgar Vidal in Lima.

The people’s message couldn’t be any clearer — leave the fossil fuels in the ground and build a just, fair and equitable future using clean technology — as the momentum continues to build following the People’s Climate March in New York City in September which drew over 400,000 citizens calling for climate action.

Fossil Fuel Industry Arguments for Carbon Sequestration Cause Uproar at COP20 UNFCCC Climate Talks


A side event at the UNFCCC COP20 climate negotiations in Lima, Peru was disrupted Monday when climate activists and individuals representing communities on the frontlines of energy development flooded the presentation hall and staged a ‘walk out’ on fossil fuels.

The event was hosted by the International Emissions Trading Association (IETA) and the Global CCS Institute and featured Lord Nicholas Stern and David Hone, Shell’s chief climate advisor, as speakers.

The talk, originally entitled “Why Divest from Fossil Fuels When a Future with Low Emission Fossil Fuel Energy Use is Already a Reality?,” was inexplicably renamed “How Can we Reconcile Climate Targets with Energy Demand Growth” and focused on the use of carbon capture and storage (CCS) as a technological solution to carbon emissions that cause global warming.

A citizen group formed outside the venue holding a banner that read “get fossil fuels out of COP” and used the acronym CCS to spell out “Corporate Capture ≠ Solution.”

Shell’s Top Climate Advisor Says Company “Values” Relationship with Climate-Denying ALEC at COP20

David Hone, Shell’s top climate advisor told an audience at the COP20 climate negotiations underway in Lima, Peru today that the company enjoys its relationship with the American Legislative Exchange Council (ALEC), a contentious corporate ‘bill mill’ known for its climate change denial and aggressive efforts to counteract emissions reductions and regulations.

More than 90 companies have parted ways with ALEC since 2012, according to the Center for Media and Democracy, after ALEC’s contentious position on climate science drew the ire of shareholders, citizen groups and unions.

Perhaps most famously, Google executive chairman Eric Schmidt accused ALEC of “literally lying” about climate science and publicly announced the company’s decision to forego renewing its ALEC membership. The decision prompted a ‘tech exodus’ from ALEC which saw companies like Microsoft, Facebook, Yelp, Yahoo!, and AOL cut ties with the free market group.

New Obama State Dept Top Energy Diplomat Amos Hochstein A Former Marathon Oil Lobbyist

The U.S. State Department recently announced that Amos Hochstein, currently the special envoy and coordinator for international energy affairs, will take over as the State Department's top international energy diplomat.

Hochstein will likely serve as a key point man for the U.S. in its negotiations to cut a climate change deal as part of the United Nations Framework Convention on Climate Change (UNFCCC), both at the ongoing COP20 summit in Lima, Peru and next year's summit in Paris, France. Some conclude the Lima and Paris negotiations are a “last chance” to do something meaningful on climate change.

But before getting a job at the State Department, where Hochstein has worked since 2011, he worked as a lobbyist for the firm Cassidy & Associates. Cassidy's current lobbying client portfolio consists of several fossil fuel industry players, including Noble Energy, Powder River Energy and Transwest Express. 

Back when Hochstein worked for Cassidy, one of his clients was Marathon Oil, which he lobbied for in quarter two and quarter three of 2008, according to lobbying disclosure forms reviewed by DeSmogBlog.

Hochstein earned his firm $20,000 each quarter lobbying the U.S. House of Representatives and the U.S. Senate on behalf of Marathon. 

Image Credit: Office of the Clerk, U.S. House of Representatives


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