September, 11 2018, 12:00am EDT
For Immediate Release
Contact:
Yossi Cadan, Global Divestment Senior Campaigner, yossi@350.org
Â
Jamie Henn, Strategy and Communications Director, jamie@350.org
Global Fossil Fuel Divestment Movement Reaches $6.24 Trillion in Assets Under Management, 120x Increase From Four Years Ago, Report Says
Movement calls on investors to reach $10 trillion by 2020 to align with Paris Agreement
San Francisco, CA
The global fossil fuel divestment movement released a new report on Monday showcasing an incredible growth in scale and impact for the growing movement. According to the "Global Fossil Fuel Divestment and Clean Energy Investment Movement" report compiled by Arabella Advisors, close to 1000 institutional investors with $6.24 trillion in assets have committed to divest from fossil fuels, up from $52 billion just four years ago. That's a 120x increase from just four years ago.
Highlights from the report included below.
"Fossil fuel divestment has become a global phenomenon," said 350.org Executive Director May Boeve. "2018 was a breakthrough year for the movement, with new divestment commitments from New York City, the entire country of Ireland, and hundreds of other iconic institutions. As we see the devastation from climate impacts unfold worldwide, the public is turning rapidly away from fossil fuels and it's time for politicians to follow."
Since it was first launched by students as a moral call to climate action in 2011, the fossil fuel divestment movement has grown tremendously in impact and scope, with new divestment commitments from a broad array of institutions ranging from medical associations, to religious institutions, to museums, who are dropping fossil fuel company sponsorships. In 2018, the movement also saw new growth outside the United States and Europe, with divestment commitments from Pakistan, India, Fiji and Bangladesh. 350.org and partners are planning a Global Divestment Conference in South Africa in 2019 to spark even more commitments from institutions across the Global South.
The report was unveiled at an event hosted by the Wallace Global Fund following from the Rise for Climate global mobilization and ahead of the Global Climate Action Summit in San Francisco. It featured high profile speakers including world-renowned investor Jeremy Grantham and the former president of Ireland Mary Robinson, and others.
At the event, the divestment movement put forward a bold new challenge to investors to reach $10 trillion worth of divested assets by the year 2020 in order to deliver on the goals of the Paris Agreement. They also called on investors to put a deadline on "engagement" efforts with the industry and pledge to divest if companies refused to change by 2020.
"Institutional investors must be Paris-compliant, not just governments," said Ellen Dorsey, Executive Director of Wallace Global Fund. "Today, our movement pledges to increase divested global assets to $10 trillion by 2020 to have a fighting chance of meeting the Paris goals. Investors should also commit at least 5 percent of their portfolio to climate solutions to help rapidly scale to 100% renewable energy and universal energy access. For those investors who persist in engaging with the industry, we ask them to set 2020 as the time limit for engagement: If companies cannot or will not produce 2-degree transition plans by then, investors must divest or they will own climate change and its impacts."
Highlights from the new report:
According to the new report, 2018 is a year of many firsts for the divestment movement:
- Today, London and New York, the world's financial heartbeats, are throwing their weight behind a new Divest Invest Cities Forum. The forum, led by C40, will work with other cities around the world to divest and invest in climate solutions that grow local jobs and resilience.
- In July, Ireland became the first nation in the world to divest from fossil fuels. "I am pleased Ireland's lower house of parliament voted to become the first country to formally divest from fossil fuels," said Thomas Pringle, the Irish independent lawmaker that drove the bill to divest the nation's EUR8.9 billion ($10.4 billion) national investment fund. "This shows that our nation is ready to think and act beyond narrow short-term and vested interests."
- Earlier this year, Mayor Bill de Blasio also announced a plan to divest New York's $189 billion pension fund from fossil fuel companies within five years. This announcement follows similar actions in Berlin, Paris, Copenhagen, New Zealand, and Sydney in previous years.
- Doctors are divesting, with the American Medical Association, the Royal College General Practitioners and the Australian Medical Students' Association making commitments over the past month. "We are so proud to have recently announced that we will be divesting from fossil fuels," said Alex Farrell, President of the Australian Medical Students' Association. "Climate change is the single biggest global health threat of this century. As the future doctors of Australia, we want to invest in a healthy future because we know there is more to medicine than simply treating illnesses once our patients are already sick. Part of the cure for climate change is a rapid transition from fossil fuels to clean, cheap renewable energy."
- Commitments from faith-based organizations are soaring with the backing of Pope Francis, with 132 new commitments since 2016. Today, we welcome the first divestment from India by Caritas India.
- Museums are moving, with the Canadian Museum of History, the Van Gogh Museum in Amsterdam and two museums in the Hague agreeing to drop fossil fuel company sponsorships this year. They join the Tate Museum, the London Science Museum, the American Museum of Natural History, the Phipps Conservatory and others before them.
- Philanthropic commitments are growing. The largest community foundation in Australia has also just committed to divest: "Australian Communities Foundation is proud to be part of this momentous commitment to invest our corpus into a healthy and sustainable world. As Australia's oldest and largest community foundation, we hope to inspire others to join the Divest Invest movement," said Maree Sidey, CEO of Australian Communities Foundation.
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
LATEST NEWS
Led by US, Global Military Spending Surged to Record $2.4 Trillion Last Year
"Can we get some healthcare please, or maybe feed some of the 40 million+ Americans who can't get enough food?" asked the watchdog group Public Citizen.
Apr 22, 2024
New research published Monday shows that global military spending increased in 2023 for the ninth consecutive year, surging to $2.4 trillion as Russia's assault on Ukraine and Israel's war on the Gaza Strip helped push war-related outlays to an all-time high.
The Stockholm International Peace Research Institute (SIPRI) recorded military spending increases in every geographical region it examined last year, from Europe to Oceania to the Middle East. Last year's global increase of 6.8% was the largest since 2009, SIPRI said.
The United States was by far the largest military spender at $916 billion in 2023, up 2.3% compared to the previous year. The next biggest spender was China, which poured an estimated $296 billion into its military last year—three times less than the U.S.
"Can we get some healthcare please, or maybe feed some of the 40 million+ Americans who can't get enough food?" asked the watchdog group Public Citizen in response to SIPRI's report, which found that the U.S. accounted for 37% of the world's total military spending last year.
A separate analysis of U.S. military spending in 2023 found that 62% of the country's federal discretionary budget went to militarized programs, leaving less than half of the budget for healthcare, housing, nutrition assistance, education, and other domestic priorities.
Together, SIPRI found, the top five biggest military spenders last year—the U.S., China, Russia, India, and Saudi Arabia—accounted for 61% of global military outlays.
"The unprecedented rise in military spending is a direct response to the global deterioration in peace and security," Nan Tian, senior researcher with SIPRI's Military Expenditure and Arms Production Program, said in a statement. "States are prioritizing military strength but they risk an action-reaction spiral in the increasingly volatile geopolitical and security landscape."
In the Middle East, military spending jumped by 9% last year—the highest annual growth rate in the past decade. Israel, which relies heavily on weapons imports from the U.S., spent 24% more on its military last year than in 2022, according to SIPRI, an increase fueled by the country's devastating assault on Gaza.
SIPRI found that NATO's 31 member countries dumped a combined $1.3 trillion into military expenditures in 2023, accounting for 55% of the global total.
U.S. military spending, which is poised to continue surging in the coming years, made up 68% of NATO's 2023 total.
Keep ReadingShow Less
IDF Kills 18 Children in Rafah Hours After US House Approves Billions in Military Aid
"Members of Congress should understand that approving more military aid could subject them to personal liability for aiding and abetting an ongoing genocide in Gaza."
Apr 22, 2024
Hours after the U.S. House approved legislation that would send billions of dollars in additional military aid to Israel, the country's forces killed nearly two dozen people in Rafah, the southern Gaza city where more than half of the enclave's population is sheltering.
Gaza health officials said Sunday that the weekend strikes on Rafah—a former "safe zone" that Israel has been threatening to invade for weeks—killed 22 people, including 18 children. The Associated Pressreported that the first of the Israeli strikes "killed a man, his wife, and their 3-year-old child, according to the nearby Kuwaiti Hospital, which received the bodies."
"The woman was pregnant and the doctors saved the baby, the hospital said," AP added. "The second strike killed 17 children and two women from an extended family."
Israeli forces have killed more than 14,000 children in Gaza since October, but the Biden administration and American lawmakers have refused to back growing international calls to cut off the supply of weaponry and other military equipment even as U.S. voters express support for an arms embargo.
The measure the House approved on Saturday includes $26 billion in funding for Israel, much of which is military assistance.
"Just a day after the House voted to send $14 billion in unconditional military funding to [Israeli Prime Minister Benjamin] Netanyahu's campaign of death and destruction, he bombed the safe zone of Rafah AGAIN, killing 22 Palestinians, of which 18 were CHILDREN!" U.S. Rep. Delia Ramirez (D-Ill.), one of the 58 House lawmakers who voted against the legislation, wrote on social media late Sunday.
"History books will write about today and the past seven months, and how our nation's leaders lacked the courage and moral clarity to stand up to a tyrant," she added. "Shameful."
The military aid package for Israel now heads to the U.S. Senate, which is set to consider the bill early this week. U.S. President Joe Biden, who has continued to greenlight arms sales to Israel amid clear evidence of war crimes, is expected to sign the measure if it reaches his desk.
"Rather than sending more weapons to Israel, Congress should declare an immediate arms embargo on Israel."
U.S. law prohibits "arms transfers that risk facilitating or otherwise contributing to violations of human rights or international humanitarian law," according to a White House memo issued in February. The U.S. State Department has said repeatedly that it has not found Israel to be in violation of international law, a position that runs directly counter to the findings of leading humanitarian organizations and United Nations experts.
The investigative outlet ProPublicareported last week that a "special State Department panel recommended months ago that Secretary of State Antony Blinken disqualify multiple Israeli military and police units from receiving U.S. aid after reviewing allegations that they committed serious human rights abuses" prior to the October 7 Hamas-led attack on southern Israel.
"But Blinken has failed to act on the proposal in the face of growing international criticism of the Israeli military's conduct in Gaza, according to current and former State Department officials," ProPublica noted.
Sarah Leah Whitson, executive director of Democracy for the Arab World Now (DAWN), said in a statement Sunday that senators "should reject sending additional weapons to Israel not only because our laws prohibit military aid to abusive regimes, but because it's extremely damaging to our national interests."
DAWN's advocacy director, Raed Jarrar, added that "at a time when Israel is bracing for International Criminal Court arrest warrants against its leaders, members of Congress should understand that approving more military aid could subject them to personal liability for aiding and abetting an ongoing genocide in Gaza."
"Rather than sending more weapons to Israel," said Jarrar, "Congress should declare an immediate arms embargo on Israel."
Keep ReadingShow Less
Ahead of Treaty Negotiations, Hundreds March to 'End the Plastic Era'
"As adults who come to Ottawa to negotiate the plastic treaty, you must protect our rights to live in a healthy and safe environment," one young activists said.
Apr 21, 2024
Days before national delegates gather for the fourth and penultimate negotiations to develop a Global Plastics Treaty in Ottawa, Canada, around 500 Indigenous and community representatives, members of civil society and environmental groups, and experts and scientists gathered for a "March to End the Plastic Era" on Sunday.
The protesters, organized under the banner of Break Free From Plastic, called for a treaty that significantly reduces plastic production and centers the frontline communities most impacted by the plastics crisis.
"Delegates must act like our lives depend on it—because they do," Daniela Duran Gonzales, senior legal campaigner with the Center for International Environmental Law, said in a statement. "Our climate goals, the protection of human health, the enjoyment of human rights, and the rights of future generations all rest on whether the future plastics treaty will control and reduce polymers to successfully end the plastic pollution crisis."
"Short-sighted business interests must be out of the room because the only way to achieve equitable livelihoods is when we have a healthy planet."
The official meeting of the Intergovernmental Negotiating Committee (INC) to craft a "international legally binding instrument on plastic pollution, including in the marine environment," will run from April 23 to 29 in the Canadian capital.
Break Free From Plastic called the negotiations a "make or break" moment for the treaty, which is supposed to be completed in late 2024 in Busan, South Korean. However, civil society groups have expressed concern that oil-producing countries and the plastics industry will water down the agreement and steer it toward waste management and recycling, which has been revealed to be a false solution to plastic pollution knowingly promoted by the industry for decades.
The last round of negotiations concluded in late 2023 in Nairobi, Kenya, with little progress made after 143 fossil fuel and chemical lobbyists attended.
Salisa Traipipitsiriwat of Thailand, who is the senior campaigner and Southeast Asia plastics project manager for the Environmental Justice Foundation, said ahead of Sunday's march that it was "crucial for world leaders to step up and put the people and planet at the forefront."
"Short-sighted business interests must be out of the room because the only way to achieve equitable livelihoods is when we have a healthy planet," Traipipitsiriwat added.
On Sunday, marchers gathered for a press conference at 10:30 am ET before marching at around 11:30 am from Parliament Hill to the Shaw Center, were negotiations will begin on Tuesday. Crowds began to disperse around 1:30 pm. Participants carried large banners with messages including, "End the plastic era," "End multigenerational toxic exposure," and pointing out that 99% of plastics came from fossil fuels. The gathering featured live music and art, including a giant tap pouring out plastics and a "Plastisaurus rex" with the message "Make single-use plastic extinct."
(Photo: Break Free From Plastics)
"Now's the time to be bold and push for a treaty that cuts plastic production and holds polluters accountable," Julie Teel Simmonds, a senior attorney at the Center for Biological Diversity, said in a pre-march statement. "I'm inspired to be joining so many advocates in Ottawa, standing up against the enormous harm the fossil fuel and petrochemical industries are causing to people's health and the planet. I hope to see countries showing ambition this week, and I urge them to remember what's at stake for future generations."
Civil society groups have compiled several demands for an ambitious and effective treaty. These are:
- Centering human rights, especially those of Indigenous communities, young people, and workers most impacted by plastic pollution;
- Protecting the rights of Indigenous peoples throughout the treaty process;
- Dealing with plastics across their entire lifecyle;
- Reducing production as a "nonnegotiable" part of the treaty;
- Eliminating toxic chemicals and additives from plastics;
- Bolstering reuse systems for plastics that are non-toxic;
- Prioritizing first prevention, then reuse, recycling, recovery, and disposal when managing plastic waste;
- Ending "waste colonialism" by strengthening regulations for trading plastics;
- Guaranteeing a "just transition" for people employed across the plastics lifecycle;
- Including "non-party" provisions in the treaty;
- Establishing a mechanism to fund countries so they can fully implement the treaty; and
- Enshrining conflict-of-interest policies as a protection against plastics industry lobbying.
The coalition emphasized the need to tackle the problem of plastic from cradle to grave.
"Plastic doesn't just become pollution when it's thrown away," said Jessica Roff, the U.S. and Canada plastics and petrochemicals program manager for the Global Alliance for Incinerator Alternatives. "Plastic is pollution, from the moment the fossil fuels are extracted from the ground to the eternity of waste it spawns."
Chrie Wilke, global advocacy manager for the Waterkeeper Alliance, said "Clearly the crux of the plastic pollution crisis is too much plastic being produced. There is no way to recycle our way out of this. We must face the fact that plastic and petrochemicals, at current production levels, endanger waterways, communities, and fisheries across the globe. Cutting production and implementing non-plastic alternatives and reuse systems is essential."
(Photo: Ben Powless/Survival Media Agency)
Activists also emphasized the environmental justice implications of plastic pollution, and how some communities and groups are more burdened than others, both from the dangers of the production process and from waste disposal.
"Children and youth like me suffer the most and are recognized as a vulnerable group," said Aeshnina 'Nina' Azzahra, the founder of River Warrior Indonesia. "My playground and my future are at risk. We all want our environment to be plastic-free, but please don't put your burden on the other side of the world—this is NOT fair. As adults who come to Ottawa to negotiate the plastic treaty, you must protect our rights to live in a healthy and safe environment."
Jo Banner, co-founder and co-directer of The Descendants Project, said:"Frontline community members, such as myself, are participating in these treaty negotiations with heavy hearts as our communities back home are struggling with sickness and disease caused by the upstream production of plastic."
"Although our hearts are heavy, they are full with passion urging negotiators to aim for an ambitious treaty that caps plastic production," Banner added. "Areas such as my hometown, located in the heart of Louisiana's Cancer Alley, need a strong treaty now. There is no more time to waste."
Keep ReadingShow Less
Most Popular