Democracy Now! “Will Fossil Fuel Divestment Campaign Be Key Tactic in 2013 Battle over Climate Change?”

by Milan on January 3, 2013

in Climate change, Economics, Media

Today, the radio program Democracy Now! featured Bill McKibben, talking about the divestment campaign. There is information about it on their website.

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. October 30, 2013 at 10:50 am

In the US, a number of colleges, churches, and universities have begun to divest those stocks, arguing that they can’t both simultaneously decry the wreckage of the climate and try to profit from it for a few more years.

The mayor of Seattle explained that his city was already spending millions building seawalls – what sense did it make to invest in the companies making that work necessary? The trustees of San Francisco State University recognised that it made no sense to have, on the one hand, a physics department understanding climate change and on the other hand, an endowment full of oil and gas stocks. The United Church of Christ, which traces its roots back to the Pilgrims, decided it couldn’t pay the pastor by investing in companies that are running Genesis backwards.

. October 30, 2013 at 10:51 am

Everyone involved in this campaign understands that divestment won’t in fact bankrupt Exxon or BP or Shell, but they also understand how important it is to politically bankrupt them. These are now rogue industries, committed to burning more carbon than any government on earth thinks would be safe to burn. Their irresponsibility belongs to their executives and boards of directors – but it also belongs to anyone who holds their shares. If you think that climate change is a true crisis, then the time has come to sever your ties.

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