Divestment Day in Amsterdam. (Photo: 350.org/flickr/cc)
Mar 15, 2015
The United Nations body charged with guiding and implementing international climate policy has thrown its weight behind the growing fossil fuel divestment movement, lending "moral authority" to a campaign aimed at stemming global warming, the Guardian reported on Sunday.
"We support divestment as it sends a signal to companies, especially coal companies, that the age of 'burn what you like, when you like' cannot continue," said Nick Nuttall, spokesman for the UN Framework Convention on Climate Change (UNFCCC).
World leaders are meeting this December in Paris to hammer out a sweeping, international climate agreement.
"Everything we do is based on science and the science is pretty clear that we need a world with a lot less fossil fuels," Nuttall told the Guardian. "We have lent our own moral authority as the UN to those groups or organizations who are divesting. We are saying 'we support your aims and ambitions because they are fairly and squarely our ambition,' which is to get a good deal in Paris."
Climate activists like 350.org's Bill McKibben were pleased by the development:
\u201cWOW! UN spokesman officially supports divestment campaign--sends signal that the age of 'burn what you like' is over https://t.co/yV2OnCWB6p\u201d— Bill McKibben (@Bill McKibben) 1426428974
\u201cOfficially mainstream: UN endorses the fossil fuel #divestment campaign on the path toward Paris #COP21 https://t.co/26jdupnzNy\u201d— Ben Cushing (@Ben Cushing) 1426433955
However, Oscar Reyes, of the Institute for Policy Studies, urged the UNFCCC to avoid hypocrisy with its own Green Climate Fund--established to redistribute money from the developed to the developing world in order to assist the developing countries in adaptation and mitigation practices to counter climate change:
\u201c#UNFCCC lends \u201cmoral authority\u201d to #divestment? If that means anything at all, should ensure Green Climate Fund is fossil fuel-free #GCFund\u201d— Oscar Reyes (@Oscar Reyes) 1426438009
As last month's Global Divestment Day demonstrated, the call to divest from the fossil fuel industry is spreading.
According to Bloomberg, Oxford University will consider on Monday "whether to become the most prominent academic institution to join a growing movement in favor of divesting from publicly traded fossil fuel companies."
And Divest Harvard is gearing up for a week of divestment actions in April, calling on Harvard University to:
- immediately freeze any new investments in fossil fuel companies;
- immediately divest direct holdings (currently $19.6 million) from the top 200 publicly traded fossil fuel companies;
- divest indirect holdings in the top 200 fossil fuel companies within 5 years, and reinvest in socially responsible funds.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Our Summer Campaign is now underway, and there’s never been a more urgent time for Common Dreams to be as vigilant as possible. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
The United Nations body charged with guiding and implementing international climate policy has thrown its weight behind the growing fossil fuel divestment movement, lending "moral authority" to a campaign aimed at stemming global warming, the Guardian reported on Sunday.
"We support divestment as it sends a signal to companies, especially coal companies, that the age of 'burn what you like, when you like' cannot continue," said Nick Nuttall, spokesman for the UN Framework Convention on Climate Change (UNFCCC).
World leaders are meeting this December in Paris to hammer out a sweeping, international climate agreement.
"Everything we do is based on science and the science is pretty clear that we need a world with a lot less fossil fuels," Nuttall told the Guardian. "We have lent our own moral authority as the UN to those groups or organizations who are divesting. We are saying 'we support your aims and ambitions because they are fairly and squarely our ambition,' which is to get a good deal in Paris."
Climate activists like 350.org's Bill McKibben were pleased by the development:
\u201cWOW! UN spokesman officially supports divestment campaign--sends signal that the age of 'burn what you like' is over https://t.co/yV2OnCWB6p\u201d— Bill McKibben (@Bill McKibben) 1426428974
\u201cOfficially mainstream: UN endorses the fossil fuel #divestment campaign on the path toward Paris #COP21 https://t.co/26jdupnzNy\u201d— Ben Cushing (@Ben Cushing) 1426433955
However, Oscar Reyes, of the Institute for Policy Studies, urged the UNFCCC to avoid hypocrisy with its own Green Climate Fund--established to redistribute money from the developed to the developing world in order to assist the developing countries in adaptation and mitigation practices to counter climate change:
\u201c#UNFCCC lends \u201cmoral authority\u201d to #divestment? If that means anything at all, should ensure Green Climate Fund is fossil fuel-free #GCFund\u201d— Oscar Reyes (@Oscar Reyes) 1426438009
As last month's Global Divestment Day demonstrated, the call to divest from the fossil fuel industry is spreading.
According to Bloomberg, Oxford University will consider on Monday "whether to become the most prominent academic institution to join a growing movement in favor of divesting from publicly traded fossil fuel companies."
And Divest Harvard is gearing up for a week of divestment actions in April, calling on Harvard University to:
- immediately freeze any new investments in fossil fuel companies;
- immediately divest direct holdings (currently $19.6 million) from the top 200 publicly traded fossil fuel companies;
- divest indirect holdings in the top 200 fossil fuel companies within 5 years, and reinvest in socially responsible funds.
Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
The United Nations body charged with guiding and implementing international climate policy has thrown its weight behind the growing fossil fuel divestment movement, lending "moral authority" to a campaign aimed at stemming global warming, the Guardian reported on Sunday.
"We support divestment as it sends a signal to companies, especially coal companies, that the age of 'burn what you like, when you like' cannot continue," said Nick Nuttall, spokesman for the UN Framework Convention on Climate Change (UNFCCC).
World leaders are meeting this December in Paris to hammer out a sweeping, international climate agreement.
"Everything we do is based on science and the science is pretty clear that we need a world with a lot less fossil fuels," Nuttall told the Guardian. "We have lent our own moral authority as the UN to those groups or organizations who are divesting. We are saying 'we support your aims and ambitions because they are fairly and squarely our ambition,' which is to get a good deal in Paris."
Climate activists like 350.org's Bill McKibben were pleased by the development:
\u201cWOW! UN spokesman officially supports divestment campaign--sends signal that the age of 'burn what you like' is over https://t.co/yV2OnCWB6p\u201d— Bill McKibben (@Bill McKibben) 1426428974
\u201cOfficially mainstream: UN endorses the fossil fuel #divestment campaign on the path toward Paris #COP21 https://t.co/26jdupnzNy\u201d— Ben Cushing (@Ben Cushing) 1426433955
However, Oscar Reyes, of the Institute for Policy Studies, urged the UNFCCC to avoid hypocrisy with its own Green Climate Fund--established to redistribute money from the developed to the developing world in order to assist the developing countries in adaptation and mitigation practices to counter climate change:
\u201c#UNFCCC lends \u201cmoral authority\u201d to #divestment? If that means anything at all, should ensure Green Climate Fund is fossil fuel-free #GCFund\u201d— Oscar Reyes (@Oscar Reyes) 1426438009
As last month's Global Divestment Day demonstrated, the call to divest from the fossil fuel industry is spreading.
According to Bloomberg, Oxford University will consider on Monday "whether to become the most prominent academic institution to join a growing movement in favor of divesting from publicly traded fossil fuel companies."
And Divest Harvard is gearing up for a week of divestment actions in April, calling on Harvard University to:
- immediately freeze any new investments in fossil fuel companies;
- immediately divest direct holdings (currently $19.6 million) from the top 200 publicly traded fossil fuel companies;
- divest indirect holdings in the top 200 fossil fuel companies within 5 years, and reinvest in socially responsible funds.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.