350.org’s Go Fossil Free campaign launched with Bill McKibben’s Do The Math Tour in 2012. It’s simple math: we can emit 565 more gigatons of carbon dioxide and stay below 2°C of warming — anything more than that risks catastrophe for life on earth. The only problem? Burning the fossil fuel that corporations now have in their reserves would result in emitting 2,795 gigatons of carbon dioxide — five times the safe amount. Fossil fuel companies are planning to burn it all — unless we rise up to stop them.
Why? If it is wrong to wreck the climate, then it is wrong to profit from that wreckage.
Time Magazine recently wrote that the “Fossil Fuel Divestment Movement has kicked into overdrive.” With a growing and powerful team leading the Divest-Invest campaign, we are ready to kick the fossil fuel divestment movement in Colorado into overdrive too. We’re encouraging individuals, educational and religious institutions, governments, foundations, endowments, and other institutions that serve the public good to divest from fossil fuels and reinvest in solutions. We can have a huge impact collectively when we move our money from fossil fuels to climate solutions. The Pledge:I pledge… Where I have direct control over the individual companies I invest in, I will:
Invest in a sustainable and equitable new renewable energy economy.
In addition, I will bank with a financial institution that does not invest in fossil fuel companies or infrastructure and will strive to make personal choices in everyday life that reduce dependence on fossil fuels.
Where I do not have direct control over the individual companies in my investments–such as in an employer 401K, mutual fund, or ETF–I pledge to invest in fossil free alternatives as soon as suitable options become available. I will call on my employer or fund manager and encourage them to provide such options. If I intend to engage in shareholder advocacy, I may retain a small share for that purpose.
FOSSIL FREE BANKING:
Does your bank fund projects like the Dakota Access Pipeline, KXL Pipeline or fracking? Are you invested in fossil fuels? If you’re banking with certain big banks, you might be unwittingly supporting projects like the Dakota Access Pipeline or fracking!
See this “Banking on Climate Change” Report from Rainforest Action and Sierra Club to learn more. “This report card ranks bank policies and practices around financing of the most carbon-intensive, financially risky, and environmentally destructive sectors of the fossil fuel industry.”
Read this article in the Guardian about how “Top global banks still lend billions to extract fossil fuels – Analysis of world’s lenders reveals many claim green credentials while still financing fuels like tar sands, oil and coal”
Divest Invest Philanthropy and Europeans for Divest Invest: Doing Good. Performing Better. Beat your Benchmarks. Beat Climate Change. “With over $3.4 trillion in total assets, an increasing number of institutions and individuals are moving their money out of planet-heating fossil fuels and into climate solutions. Fiduciaries for pension funds, municipalities, universities, health organizations, faith groups, public charities, private foundations, and corporations have all reached the same conclusion: Divesting and investing in the clean energy future is a prudent financial and ethical choice.” DivestInvest.org “The moral argument for divestment compels us to recognize that it’s wrong to profit from companies destroying the planet. By moving their money, people and institutions help revoke fossil fuel companies’ social license to operate…The financial argument for divestment demonstrates that fossil fuel-free portfolios are regularly matching or outperforming standard benchmarks. People and institutions grounded in market data and trends are getting out of fossil fuels before the carbon bubble bursts and assets are stranded.”
Wall Street Journal: The Coming Carbon Asset Bubble “Here is the relevance of carbon to investing: There is consensus within the scientific community that increasing the global temperature by more than 2°C will likely cause devastating and irreversible damage to the planet…At least two-thirds of fossil fuel reserves will not be monetized if we are to stay below 2°C of warming – creating stranded carbon assets.” HSBC: Stranded Assets – What’s Next? “Climate science and the launch of a carbon budget fuelled the first wave of discussion around the risk of stranded assets. Oil price falls turned the debate from policy to economics … Looking ahead, we believe that stranding risks will become increasingly acute as efficiency gains hit demand and technology drivers increase supply and reduce demand.” OECD: Divestment and Stranded Assets in a Low-Carbon Transition “The IEA’s 2°C-compatible 450 Scenario estimates the amount of stranded assets… to be on the order of USD 304 billion by 2035… The IEA stresses the conservative nature of its estimates. The Climate Policy Initiative’s Financial Impact of the Low-Carbon Transition provides estimates of stranding in power generation and gas and coal sectors as suppliers to the electricity sector. Spanning the same period as the IEA, CPI estimates that USD 50 billion will be stranded in power generation, USD 600 billion in coal, and USD 400 billion in gas.”
DIVESTMENT, REINVESTMENT AND PORTFOLIO PERFORMANCE:
“One of the myths around socially responsible investing is that aligning investments with ethics means lower returns. But that’s not the case. George Serafeim, an associate professor at Harvard Business School, and his colleagues analyzed data going back over 20 years. Companies that were committed to sustainability outperformed companies that weren’t, they found. A dollar invested in sustainability-minded companies in 1993 would have grown to $22.58 by 2014, but just $15.35 if invested in companies with no such commitments.”
* Special thanks to our 350CO Go Fossil Free: Divest-Invest Advisory Group members. If you would like to schedule a presentation or meeting with these experts, please contact micah(at)350colorado.org.
Join the growing list of private investors, foundations, universities, pension funds, faith organizations and local governments that have made a commitment to divest including: the Rockefeller Brothers Fund, the Leonardo DiCaprio Foundation, the cities of San Francisco, Seattle and Oslo, the World Council of Churches, the Lutheran World Federation, the London School of Economics and Syracuse University. You can view divestment endorsements from high profile leaders here. 350 Colorado is hosting workshops and working with local financial experts to develop information booklets on why and how to divest from fossil fuels and reinvest in solutions. Please see our calendar of events below for upcoming workshops and contact us if you would like more information. And check back to this page as we will be adding additional resources and information periodically. Click here to learn more about local solutions and how to Fossil Free Your Life. Thank you for taking action! Recent events:
350 Colorado assumes no legal or financial responsibility for the practices, products, or services of any businesses listed. If you click on the hyperlinks posted on this page you are leaving our website and we have no control over information posted on those websites. Please read all materials carefully prior to making investment decisions.