Fossil Fuel Divestiture: Difference between revisions

The act of divestiture is as the term might suggest the opposite of investment, it is the act of reducing or selling assets for financial, political or ethical purposes. Fossil fuel divestiture is a movement whereby businesses, governments, municipalities, pension funds, foundations and even individuals commit to selling and not purchasing or investing in any businesses that hold fossil fuel assets. The purpose of the fossil fuel divestiture movement is to cut off financial supply and support throughout the public and private sector to reduce fossil fuel use and support efforts to combat climate change. Funds no longer used to invest in fossil fuels are instead invested in renewable energy enterprises.

Background

While the idea of divestiture from some form of assets is not new, the fossil fuel divestiture movement has gained traction in recent years with high profile organizations pledging to join the movement, most notably the media widely covered the announcement that the Rockefeller Brothers Fund would divest their investments. John D Rockefeller is one of the most widely recognized "Oil Men" that launched the modern fossil fuel industry, having one of the family foundations quit the business is a great public relations coup for the movement.

In February of 2018 Ireland made the announced that the country had voted to end all investments in coal and oil, making it the first country to commit to divestiture.^[1]

Notable Organizations

Universities

• California Institute Of The Arts
• Stanford University
• The New School New York City
• San Francisco State University
• Hampshire College Amherst Massachusetts
• University of Glasgow
• University of Massachusetts
• Syracuse University
• Victoria University Wellington New Zealand
• Johns Hopkins University
• Humboldt State University

Foundations And Trusts

• Rockefeller Brothers Fund
• Bill And Melinda Gates Foundation
• Wallace Global Fund ^[2]
• SUNY New Paltz Foundation
• The John Merck Fund
• The Robert and Patricia Switzer Foundation
• Russell Family Foundation
• Ben and Jerry’s Foundation
• The Noya Fields Family Fund ^[3]
• David Suzuki Foundation ^[4]
• Comart Foundation
• The Catherine Donnelly Foundation
• The Park Foundation ^[5]
• The Ray C. Anderson Foundation
• The Lemelson Foundation ^[6]
• Schmidt Family Foundation

Appropriate Technology

As an appropriate technology the inclusion of divestiture may seem dubious, while we tend to collectively consider some sort of mechanical or electrical device that does "work" to define our understanding of technology it's important to recognize that our collective global presence is much more complicated than simply nuts and bolts, intellectual and likewise economic efforts can also be considered technological progress. Using our economic tools to affect change can have an equal impact on our lives that is just as significant as a more efficient energy generator, or a better way to collect water or grow foods stuffs.

Footnotes

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External Links

• Go Fossil Free Homepage
• 350.org Divestment