From an excellent Rolling Stone article by Bill McKibben:
We even had some early victories. Three colleges – Unity in Maine, Hampshire in Massachusetts and Sterling College in Vermont – purged their portfolios of fossil fuel stocks. Three days before Christmas, Seattle mayor Mike McGinn announced city funds would no longer be invested in fossil fuel companies, and asked the heads of the city’s pension fund to follow his lead. Citing the rising sea levels that threatened city’s neighborhoods, he said, “I believe that Seattle ought to discourage these companies from extracting that fossil fuel, and divesting the pension fund from these companies is one way we can do that.”
Toronto350.org is looking for volunteers to help run our divestment campaign.
As hedge fund founder Tom Steyer, who has advised trustees to divest their stock, put it, “From a selfish point of view, it’s very good for colleges that they know something about the future that others don’t. Because investing is not about what’s happened in the past – all prices are really anticipations of what’s going to happen in the future. As soon as the trouble we face is really common knowledge it’s going to be reflected in the price. But it’s not reflected in the price yet.”
Steyer’s a good investor – his net worth puts him on the Fortune 400 list, meaning he’s worth far more than most college endowments. What he’s saying is: Colleges are lucky to have physics departments not just because physics is a good thing. In a sense, universities have insider information – they know how bad global warming is going to be, and hence can get the hell out of fossil fuel stocks before, not after, governments intervene to make them keep their reserves underground. “Once the scientific research filters into the minds of investors around the world, the price won’t stand,” he says. But since the average investor relies on, say, the Wall Street Journal, which has served as an unending mouthpiece for climate denial, colleges have the advantage. “The only way you gain an investing advantage over the rest of the world is when you have an edge.” As for those who think they’ll wait until the last minute, just before the carbon bubble bursts, “That’s one of the stupidest things I’ve ever heard. No one ever gets out at the top. It’s worth missing another couple of good years of Exxon to avoid what’s coming.”
Here is a list of institutions that have committed to fossil free investment. Will yours be next?
City of Seattle
College of the Atlantic
Hampshire College
Santa Fe Art Institute
Sterling College
Unity College
Growing number of global insurance firms divesting from fossil fuels
Report shows around £15bn of assets worldwide have been shifted away from coal companies in the past two years as concern over climate risk rises
New York City’s pension funds achieve first in the nation pension fund divestment from fossil fuel reserve owners – one of the largest fossil fuel divestments in the world
https://comptroller.nyc.gov/newsroom/comptroller-stringer-and-trustees-announce-successful-3-billion-divestment-from-fossil-fuels/