Author: Milan

Waterloo commits to divestment

The University of Waterloo has joined the set of Canadian schools committing to fossil fuel divestment, specifically with pledges for a “50% reduction in carbon emissions by 2030” and “no material positions in fossil fuel exploration and extraction companies by 2025.”

Cindy Forbes, chair of Waterloo’s Board of Governors, specifically cited the financial case for divestment and argued that it is compatible with fiduciary duty:

To protect our investments, we’re making the decision that we will reduce our exposure to carbon. In doing so we are protecting our primary fiduciary duty to maximise pension fund and endowment returns using measurable science-based targets.

While it contradicts the justice-based framing preferred by most climate activists, purely bottom-line driven divestment arguably has greater potential to spread through the financial system, since the system’s norms heavily emphasize an obligation to reduce risk and maintain profits, whereas commitments to justice and equity are at best controversial.

Moving from Markham

At the end of July I am moving out of the room on Markham Street which I have been renting since December 2015.

Like the most recent flatmate who moved out of this three bedroom place, I am being pushed out by the landlady’s refusal to meet her basic legal obligations. I feel a bit conflicted about effectively rewarding misconduct by giving in to the renoviction that she has been pushing for, but this has also become a place of enormous stress and little joy since 2019.

The neighbourhood where I am moving in August is near Glencairn Station, so it will certainly be a change of scenery. I’m a bit sad that I will be farther from campus and the amenities of downtown, but that place seems set to be temporary precarious housing too, somewhere to live as I get through the final PhD stages of committee review and defence and while moving on to whatever will occupy my time after the doctorate.

Dutch court rules that Shell must deeply cut total emissions

In a promising new development in the field of climate change litigation, a Dutch court has ruled that Shell’s climate change mitigation plan was insufficient:

The company must slash its CO2 emissions by 45% by 2030 from 2019 levels, according to a judgment from a district court in The Hague on Wednesday. That includes emissions from its own operations and from the energy products it sells.

…

The Anglo-Dutch company announced plans in September to become a net zero emissions company by 2050, a target that includes emissions from its products. It is currently targeting a 20% reduction in carbon intensity by 2030, and 45% by 2035.

The last part is hugely important and impressive, given how governments usually treat emissions from exported fuel as someone else’s problem. This is a legal recognition that controlling climate change requires limiting the production of fossil fuels.

CBC on the war against the fossil fuel industry

The CBC has two new podcast episodes related to my research. Front Burner has an episode on the movement to divest from the bitumen sands, which tracks the movement’s progression from church groups to universities to major banks and insurers. It notes that only half as many insurers are willing to cover the industry as before the divestment movement began in 2011/12. The second describes Supran and Oreskes’ new analysis of how ExxonMobil has worked to delay climate action and mislead the public, notably by emphasizing consumer responsibility (like the idea of carbon footprints) to try to avoid regulation.