I’m writing this with a Guinness clutched in one hand, because today the government of Ireland gave us big reason to celebrate: it became the first nation on earth committing to divest fully from fossil fuel companies. The bill is expected to become law by the end of this year, and Ireland’s €8bn sovereign fund will start ditching all its oil, coal and gas assets.
Gimme another Guinness bartender. Today, I’m toasting the Irish.
The shares will be bought by other entities when Ireland sells. Selling the existing shares in a corporation may drop the share price in the open market, but it does nothing to reduce either the demand for or the extraction of fossil fuels.
To combat climate change, we need to reduce the need for burning fossil fuels. This has to include: a) reducing energy use, b) switching to alternative energy sources.
Selling off stocks does nothing to keep “it” in the ground.
As Ireland divests, market for fossil fuels is reduced. Poor shareholders.
So, it can be done after all. Who knew?
Market for fossil fuels is different from the market for fossil fuel company stocks. Bill McKibben confuses the two. We do not need to follow him.
Holy shit! There’s a Moral Revolution goin’ on! Forward together! Not one step back!
I’m right there with ya! If I only had two pennies to rub together! There’s a Poor People’s Campaign: A National Call for Moral Revival Tonight at 7:30pm PT on FSTV, Rev. Barber speaks on Saving Our Democracy with Ari Berman’s Mother Jones.
it CAN be done, pay attention USA
Absolutely correct! Pay attention USA, to what a real democracy looks like.
Who is WE, thsanyal? Not me. : )
Here’s to you never wanting for anything ever again.
Just selling off stocks is okay but doesn’t remove the stocks. Someone else picks them up and runs with the same fossils. That part is unavoidable but a second punch would be to go all in on renewable sources. Ireland could put its engineers to work and add to their industries with renewable-generating products.
Good Point. Not doing something harmful is only part of the issue, what you do as the alternative is what determines success. Still this could be very good news.
In this context, I used “we” to mean those people who understand that:
a) climate change (global warming) is real,
b) human activities contribute to this phenomenon,
c) human collective action is needed to combat climate change.
You are excluding yourself from the “we” as delineated above, it appears. You will not be lonely.
a, b and c includes my bud Bill, too and me and millions of us. Soooooo. What’s up with all this convoluted jabberwocky? lol Just kidding! Don’t take offense. We love you, whoever you may be!