fossil fuel divestment

'They're Done': CNBC's Jim Cramer Says Fossil Fuel Industry 'In the Death Knell Phase'

Read time: 3 mins
Jim Cramer on CNBC

By Andrea Germanos, Common Dreams. Originally published on Common Dreams under CC BY-SA 3.0 US.

Climate campaigners drew attention to CNBC's Jim Cramer's comments on Friday, January 31 that he's “done with fossil fuels” because they're “in the death knell phase.”

Cramer added that “the world's turned on” the industry as they did with tobacco.

Adani Beware: Coal Is on the Road to Becoming Completely Uninsurable

Read time: 6 mins
Coal mine
By John Quiggin, The University of Queensland

The announcement by Suncorp that it will no longer insure new thermal coal projects, along with a similar announcement by QBE Insurance a few months earlier, brings Australia into line with Europe where most major insurers have broken with coal.

U.S. firms have been a little slower to move, but Chubb announced a divestment policy in July, and Liberty has confirmed it will not insure Australia’s Adani project.

Other big firms such as America’s AIG are coming under increasing pressure.

As Natural Gas Infrastructure Decisions Loom, Massachusetts Gov. Baker Invests in Fossil Fuel Companies

Read time: 4 mins
Massachusetts Governor Charlie Baker

Amidst growing controversy over his administration’s support for new natural gas projects, Massachusetts Governor Charlie Baker personally invested in the fossil fuel industry, DeSmog has found.

According to Baker’s recent financial disclosure, filed last week with the state’s Ethics Commission, the governor invested last year in a specialty energy fund composed almost exclusively of oil, gas, and coal companies.

Oil Companies Will Be Bad Investments Within Five Years, Predicts Survey of European Fund Managers

Read time: 6 mins
Oil derricks at sunset

European fund managers are casting an increasingly skeptical eye towards the oil industry, concluding that the industry’s financial future looks grim, according to a new survey published by a London-based organization today.

Just 18 percent of the responding fund managers, including representatives of firms based in the UK, France, Spain, and Italy, predicted that “oil companies will be good investments if their business is still focused on fossil fuels in five years’ time,” according to the survey, published by the UK Sustainable Investment and Finance Association (UKSIF) and the Climate Change Collaboration.

PR Company Tries to Hide Links to New Pro-Fossil Fuel Investment Group

Read time: 3 mins
The Institute for Pension Fund Integrity (IPFI) cover

By Andy Rowell, crossposted with permission from Oil Change International

Last month, Oil Change International and DeSmog reported on the formation of a new organization, The Institute for Pension Fund Integrity (IPFI), which had published its first “white paper” on “getting politics out of pensions.”

The white paper pushed back against the growing global movement to end investment in fossil fuels. As we reported, the headline on the Institutional Investor website summed up the main finding of the report: “New Pensions Group Says Forget About Climate Change.”

New York City Will Divest Pension Funds from Fossil Fuel Companies

Read time: 6 mins
Simulation showing flooding in New York City

Today New York Mayor Bill De Blasio announced a goal to divest New York City’s pension funds from fossil fuel reserve owners within five years. This makes New York the first major American city to announce such a move.

According to a statement, the city’s five pension funds have approximately $5 billion invested in over 190 fossil fuel companies.

“New York City is standing up for future generations by becoming the first major U.S. city to divest our pension funds from fossil fuels,” said Mayor de Blasio. “At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits.”

How Divesting of Fossil Fuels Could Help Save the Planet

Read time: 5 mins
Divest from fossil fuel light sign in Madison, Wisconsin, in 2014

By Olaf WeberTruzaar Dordi, and Vasundhara Saravade of the University of Waterloo.

Recently, a number of institutional investors, including Caisse de dépôt et placement du Québec in Canada and Norway’s sovereign wealth fund, announced their intent to reduce their exposure in investments linked to fossil fuels.

The announcements show that investors withdraw their funds to either mitigate financial risks or for ethical reasons. But the question remains whether divestment and divestment announcements have a financial impact on the share price of fossil fuel companies.

Coal Industry Must Face ‘Managed Decline’ If Countries Are Serious About Paris Agreement Climate Targets

Read time: 3 mins

There is no role for new coal power if countries are going to meet their climate targets, campaigners today told the international climate talks in Marrakech.

The Paris Agreement signed by world leaders last year commits countries to limiting warming to two degrees above pre-industrial levels. Negotiators are currently meeting in Marrakech to iron out the details of how they will achieve this.

Analysts have long warned that meeting climate targets will mean leaving many of the world’s fossil fuel reserves in the ground.

Dale Vince of Ecotricity: We Need Consumer Boycott to go Beyond Divestment and End Fossil Fuel Dependence

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We need a consumer boycott on fossil fuels says Dale Vince, founder of green electricity company Ecotricity, because the divestment campaign on its own isn’t enough to end the demand for fossil fuels.

Vince, who has received an OBE for his services to the environment, adds that in addition to the divestment campaign and a consumer boycott we must eliminate government fossil fuel subsidies. “These three things together will get us to where we need to be,” he said.

Speaking at a Guardian Live debate on divestment last week, Vince argued: “Simply selling shares of a fossil fuel company doesn’t undermine its fundamental business plan. The problem is that we are all demanding fossil fuels and that is what underpins the business plan.”

Clean Energy as an Economic Catalyst for Divestment

Read time: 5 mins

This is a guest post by Stacy Clark that originally appeared in The Citizen

Reading Harvard Crimson Staff Writer Matthew Q. Clarida’s headline in September, “School of Public Health Renamed with $350 Million Gift, Largest in Harvard History” immediately caught my attention. It wasn’t the remarkable size of the gift as much as it was the exact amount.

Seeing the words “350 Million” and “Public Health” caused me to wonder if this pledge marked the beginning of a new era at Harvard. Was this the donation that would change everything? Maybe it was inspired by a collegial relationship with Harvard graduate Bill McKibben, whose global 350.org organization advocates for limiting atmospheric concentrations of carbon dioxide (CO2) to 350 parts per million (ppm) to avoid the most egregious consequences of global climate disruption.

The timing for a $350 million pledge was orchestrated perfectly, I concluded, as the United Nations Secretary-General Ban Ki-moon was soon to welcome world leaders to Manhattan the week of September 22nd to seek common ground on how to achieve 350’s goal.

As it turns out, Clarida’s reference to “350 Million” did not correlate directly to the critical intersection between climate, energy, and public health.

Then, two days later, on September 10, another Crimson headline caught my eye.

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