RSN: FOCUS: Bill McKibben | This Movement Is Taking Money Away From Fossil Fuels, and It's Working

 

 

28 October 21

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FOCUS: Bill McKibben | This Movement Is Taking Money Away From Fossil Fuels, and It's Working
Bill McKibben, The New York Times
McKibben writes: "I remember the night in the autumn of 2012 when the first institution in the U.S. publicly committed to divest from fossil fuel."

I remember the night in the autumn of 2012 when the first institution in the U.S. publicly committed to divest from fossil fuel. I was with a group of other climate activists in a big theater in Portland, Maine, halfway through a monthlong road show with rallies in cities across the country, and the president of tiny Unity College in the state’s rural interior announced to the crowd that his trustees had just voted to rid their endowment of coal, gas and oil stocks. We cheered like crazy.

On Tuesday, a little less than a week before the start of the United Nations climate conference in Glasgow, activists announced that the fossil fuel divestment campaign has reached new heights. Endowments, portfolios and pension funds worth just shy of $40 trillion have now committed to full or partial abstinence from coal, gas and oil stocks. For comparison’s sake, that’s larger than the gross domestic product of the United States and China combined.

It’s gone far beyond Unity College. Institutions such as Oxford and Cambridge (and more than half the public universities in the United Kingdom) have committed to divest; so have the University of California and the University of Michigan. Most of the Ivies are on board now, as are Catholic powerhouses like Georgetown; in the last couple of months, places as diverse as Harvard, Loyola University Chicago and Oregon’s Reed College have joined in.

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