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Global Divestment Movement 'Catches Fire' with $2.6 Trillion in Assets Shifted


#1

Global Divestment Movement 'Catches Fire' with $2.6 Trillion in Assets Shifted

Jon Queally, staff writer

The global movement demanding that institutions, individuals, and various funds divest from the fossil fuel industry and invest in renewable energy and climate solutions has exploded, growing 50-fold in just one year and topping $2.6 trillion, according to a new analysis released Tuesday.

"This movement has struck a chord with people across the world who care about climate change, and convinced some of the largest and most influential institutions in the world to begin pulling their money out of climate destruction." —May Boeve, 350.org


#2

The headline is grossly misleading, as intended, I'm sure.
Nobody knows the actual amount of assets being "shifted" from the fossil fuel industry due to divestment.

Tim McDonnell reports at MoJo:
That big number—$2.6 trillion—has nothing to do with the amount of money that is actually being pulled out of fossil fuel stocks. In fact, the investment consultancy behind today's report has no idea how much money the institutions surveyed have invested in fossil fuels, and thus how much they have pledged to divest.
Instead, that number refers to the total size of all the assets held by those institutions—hence the word "representing" in the quote above from the report. And that's a huge difference.
...
Indeed, [Ellen Dorsey, director of the Wallace Global Fund] couldn't even confirm that all the institutions listed in the report necessarily had any fossil fuel holdings in their portfolios before they decided to divest.

Media darling Leonardo DiCaprio doesn't even know how much in his portfolio has been "shifted." Or he refuses to say. A better guess would be $182 billion dollars, or about 3% of fossil fuel market capital has been "shifted," or transferred, to other holdings, with little, if any, actual negative impact on fossil fuel markets.


#3

Through mutual funds and similar monetary vehicles there are tremendous opaque investments in fossil fuels. The intent of this effort is good; the pragmatism is weak. It's better to try the run around to distributed renewables directly. POWER TO THE PEOPLE!


#4

I prefer individual boycott and substitute decisions. Yes, personal decisions are small, yet they add up.

My personal examples are avoiding food or drink packaged in hot bubbles of plastic shaped into bottles and jars, shun pork, cut way down on beef, no fragrances, GMO's or antibacterial agents, plus boycott New York Times, Shell, Exon and BP.


#5

Every effort, no matter how small or personal, toward BDS helps. A global BDS against those supporting oil and carbon use; a global BDS against those who make wars, who profit from human misery and want.
* If enough of We the People of the World get angry or disgusted enough to have nothing to do with the US Fourth Reich and its Axis of Evil with their cruelty and greed, the Oilagarch's pocketbooks will begin to get thin, and that, they will feel.
* Don't "pooh, pooh" anyone's actions, no matter how small. Six billion drops of water can fill a pretty big pond.
;-})


#6

and believe you why? and you've talked with these people that are disparaging? and you know the "media darling"? You sound pretty snarky and whose paying you?


#7

Read that MoJo story. The people who announced the report on such divestment openly admit nobody knows how much money, if any, is being "shifted" from the fossil fuel market.

DiCaprio has been a front for climate change activism for years. He is, in fact, a media darling…a celebrity who is especially popular and who receives frequent and very favorable attention in the news media. And in this case, uses that darlingness to further a fallacy: that such divestment, at this point, is actually having the desired effect on the fossil fuel industry.

Nobody has to pay me to be intelligent enough to read.


#8

Shifting money around in an attempt to solve the problems we face, working within the framework of the current system, will not work. The only way humans and most species on Earth will survive is if capitalism is crushed. Soon.


#9

That's right, for every seller there's a buyer so there's zero net divestment. It's far from surprising that the drop in fossil fuel futures due to reduced demand and oversupply has nudged the big funds to sell some of their holdings but if the stock prices were to drop the corporations would simply buy back shares to support their shareholder's equity.

Divestment on a massive scale is every aspect of capitalism is the only thing that could change 'the market'.


#10

While the US President and the US Congress bipartisan neocon war mongers continue throwing billions of dollars at the fossil fuel industry, perhaps popular movement, along with Bernie's campaign, will force the collapse of that part of the Earth Killing Wars.