Tag Archives: Fossil fuel divestment

Putin’s war shows autocracies and fossil fuels go hand in hand. Here’s how to tackle both

Democracies are making more progress than autocracies when it comes to climate action. But divestment campaigns can put pressure on the most recalcitrant of political leaders
Autocrats are often directly the result of fossil fuel. Composite: The Guardian/Getty Images

The Guardian, by Bill McKibben, Mon 11 Apr 2022

At first glance, last autumn’s Glasgow climate summit looked a lot like its 25 predecessors. It had:

  • A conference hall the size of an aircraft carrier stuffed with displays from problematic parties (the Saudis, for example, with a giant pavilion saluting their efforts at promoting a “circular carbon economy agenda”).
  • Squadrons of delegates rushing constantly to mysterious sessions (“Showcasing achievements of TBTTP and Protected Areas Initiative of GoP”) while actual negotiations took place in a few back rooms.
  • Earnest protesters with excellent signs (“The wrong Amazon is burning”).

But as I wandered the halls and the streets outside, it struck me again and again that a good deal had changed since the last big climate confab in Paris in 2015 – and not just because carbon levels and the temperature had risen ever higher.

The biggest shift was in the political climate. Over those few years the world seemed to have swerved sharply away from democracy and toward autocracy – and in the process dramatically limited our ability to fight the climate crisis. Oligarchs of many kinds had grabbed power and were using it to uphold the status quo; there was a Potemkin quality to the whole gathering, as if everyone was reciting a script that no longer reflected the actual politics of the planet.

Now that we’ve watched Russia launch an oil-fired invasion of Ukraine, it’s a little easier to see this trend in high relief – but Putin is far from the only case. Consider the examples.

Brazil, in 2015 at Paris, had been led by Dilma Rousseff, of the Workers’ party, which had for the most part worked to limit deforestation in the Amazon. In some ways the country could claim to have done more than any other on climate damage, simply by slowing the cutting. But in 2021 Jair Bolsonaro was in charge, at the head of a government that empowered every big-time cattle rancher and mahogany poacher in the country. If people cared about the climate, he said, they could eat less and “poop every other day”. And if they cared about democracy, they could … go to jail. “Only God can take me from the presidency,” he explained ahead of this year’s elections.

A climate activist holds a sign depicting Jair Bolsonaro with the slogan ‘Exterminator of the Future’. Photograph: Luis Robayo/AFP/Getty Images

Or India, which may turn out to be the most pivotal nation given the projected increases in its energy use – and which had refused its equivalent of Greta Thunberg even a visa to attend the meeting. (At least Disha Ravi was no longer in jail).

Or Russia (about which more in a minute) or China – a decade ago we could still, albeit with some hazard and some care, hold climate protests and demonstrations in Beijing. Don’t try that now.

Or, of course, the US, whose deep democratic deficits have long haunted climate negotiations. The reason we have a system of voluntary pledges, not a binding global agreement, is that the world finally figured out there would never be 66 votes in the US Senate for a real treaty.

Joe Biden had expected to arrive at the talks with the Build Back Better bill in his back pocket, slap it down on the table, and start a bidding war with the Chinese – but the other Joe, Manchin of West Virginia, the biggest single recipient of fossil fuel cash in DC, made sure that didn’t happen. Instead Biden showed up empty-handed and the talks fizzled.

And so we were left contemplating a world whose people badly want action on climate change, but whose systems aren’t delivering it. In 2021 the UN Development Programme conducted a remarkable poll, across the planet – they questioned people through video-game networks to reach humans less likely to answer traditional surveys. Even amid the Covid pandemic, 64% of them described climate change as a “global emergency”, and that by decisive margins they wanted “broad climate policies beyond the current state of play”. As the UNDP director, Achim Steiner, summarized, “the results of the survey clearly illustrate that urgent climate action has broad support amongst people around the globe, across nationalities, age, gender and education level”.

The irony is that some environmentalists have occasionally yearned for less democracy, not more. Surely if we just had strongmen in power everywhere they could just make the hard decisions and put us on the right path – we wouldn’t have to mess with the constant vagaries of elections and lobbying and influence.

But this is wrong for at least one moral reason – strongmen capable of acting instantly on the climate crisis are also capable of acting instantly on any number of other things, as the people of Xinjiang and Tibet would testify were they allowed to talk. It’s also wrong for a number of practical ones.

Those practical problems begin with the fact that autocrats have their own vested interests to please – Modi campaigned for his role atop the world’s largest democracy on the corporate jet of Adani, the largest coal company in the subcontinent. Don’t assume for a minute that there’s not a fossil fuel lobby in China; right now it’s busy telling Xi that economic growth depends on more coal.

And beyond that, autocrats are often directly the result of fossil fuel. The crucial thing about oil and gas is that it is concentrated in a few spots around the world, and hence the people who live on top of or otherwise control those spots end up with huge amounts of unwarranted and unaccountable power.

Boris Johnson was just off in Saudi Arabia trying to round up some hydrocarbons – the day after the king beheaded 81 folks he didn’t like. Would anyone pay the slightest attention to the Saudi royal family if they did not possess oil? No. Nor would the Koch brothers have been able to dominate American politics on the basis of their ideas –when David Koch ran for the White House on the Libertarian ticket in 1980 he got almost no votes. So he and his brother Charles decided to use their winnings as America’s largest oil and gas barons to buy the GOP, and the rest is (dysfunctional) political history.

The most striking example of this phenomenon, it hardly need be said, is Vladimir Putin, a man whose power rests almost entirely on the production of stuff that you can burn. If I wandered through my house, it would be no problem to find electronics from China, textiles from India, all manner of goods from the EU – but there’s nothing anywhere that would say “made in Russia”. Sixty per cent of the export earnings that equipped his army came from oil and gas, and all the political clout that has cowed western Europe for decades came from his fingers on the gas spigot. He and his hideous war are the product of fossil fuel, and his fossil fuel interests have done much to corrupt the rest of the world.

Vladimir Putin and Alexei Miller, CEO of Russian natural gas giant Gazprom, attend a ceremony to mark the launch of the Sakhalin-Khabarovsk-Vladivostok natural gas pipeline in 2011. Photograph: Sasha Mordovets/Getty Images

It’s worth remembering that Donald Trump’s first secretary of state, Rex Tillerson, wears the Order of Friendship, personally pinned on his lapel by Putin in thanks for the vast investments Tillerson’s firm (that would be Exxon) had made in the Arctic – a region opened to their exploitation by the fact that it had, um, melted. And these guys stick together: it’s entirely unsurprising that when Coke, Pepsi, Starbucks and Amazon quit Russia last month, Koch Industries announced that it was staying put. The family business began, after all, by building refineries for Stalin.

Another way of saying this is that hydrocarbons by their nature tend towards the support of despotism – they’re highly dense in energy and hence very valuable; geography and geology means they can be controlled with relative ease. There’s one pipeline, one oil terminal.

Whereas sun and wind are, in these terms, much closer to democratic: they’re available everywhere, diffuse instead of concentrated. I can’t have an oilwell in my backyard because, as with almost all backyards, there is no oil there. Even if there was an oilwell, I would have to sell what I pumped to some refiner, and since I’m American, that would likely be a Koch enterprise. But I can (and do) have a solar panel on my roof; my wife and I rule our own tiny oligarchy, insulated from the market forces the Putins and the Kochs can unleash and exploit. The cost of energy delivered by the sun has not risen this year, and it will not rise next year.

As a general rule of thumb, those territories with the healthiest, least-captive-to-vested-interest democracies are making the most progress on climate change. Look around the world at Iceland or Costa Rica, around Europe at Finland or Spain, around the US at California or New York. So part of the job for climate campaigners is to work for functioning democratic states, where people’s demands for a working future will be prioritized over vested interest, ideology and personal fiefdoms.

But given the time constraints that physics impose – the need for rapid action everywhere – that can’t be the whole strategy. In fact, activists have arguably been a little too focused on politics as a source of change, and paid not quite enough attention to the other power center in our civilization: money.

If we could somehow persuade or force the world’s financial giants to change, that would yield quick progress as well. Maybe quicker, since speed is more a hallmark of stock exchanges than parliaments.

And here the news is a little better. Take my country as an example. Political power has come to rest in the reddest, most corrupt parts of America. The senators representing a relative handful of people in sparsely populated western states are able to tie up our political life, and those senators are almost all on the payroll of big oil. But money has collected in the blue parts of the country – Biden-voting counties account for 70% of the country’s economy.

That’s one reason some of us have worked so hard on campaigns like fossil fuel divestment – we won big victories with New York’s pension funds and with California’s vast university system, and so were able to put real pressure on big oil. Now we’re doing the same with the huge banks that are the industry’s financial lifeline. We’re well aware that we may never win over Montana or Mississippi, so we better have some solutions that don’t depend on doing so.

The same thing’s true globally. We may not be able to advocate in Beijing or Moscow or, increasingly, in Delhi. So, at least for these purposes, it’s useful that the biggest pots of money remain in Manhattan, in London, in Frankfurt, in Tokyo. These are places we still can make some noise.

And they are places where there’s some real chance of that noise being heard. Governments tend to favor people who’ve already made their fortune, industries that are already ascendant: that’s who comes with blocs of employees who vote, and that’s who can afford the bribes. But investors are all about who’s going to make money next. That’s why Tesla is worth far more than General Motors in the stock market, if not in the halls of Congress.

Moreover, if we can persuade the world of money to act, it’s capable of doing so quickly. Should, say, Chase Bank, currently the biggest lender on earth to fossil fuel, announce this year that it was quickly phasing out that support, the news would ripple out across stock markets in the matter of hours. That’s why some of us have felt it worthwhile to mount increasingly larger campaigns against these financial institutions, and to head off to jail from their lobbies.

The world of money is at least as unbalanced and unfair as the world of political power – but in ways that may make it a little easier for climate advocates to make progress.

Putin’s grotesque war might be where some of these strands come together. It highlights the ways that fossil fuel builds autocracy, and the power that control of scarce supplies gives to autocrats. It’s also shown us the power of financial systems to put pressure on the most recalcitrant political leaders: Russia is being systematically and effectively punished by bankers and corporations, though as my Ukrainian colleague Svitlana Romanko and I pointed out recently, they could be doing far more. The shock of the war may also be strengthening the resolve and unity of the world’s remaining democracies and perhaps – one can hope – diminishing the attraction of would-be despots like Donald Trump.

But we’ve got years, not decades, to get the climate crisis under some kind of control. We won’t get more moments like this. The brave people of Ukraine may be fighting for more than they can know.

  • This story is published as part of Covering Climate Now, a global collaboration of news outlets strengthening coverage of the climate story

Stanford Students Demand Divestment From Fossil Fuel Industry During Lengthy Sit-In

Repost from KCBS740 / 5KPIX
[Editor:  Interesting news video, but I apologize for the commercial ad.  Perhaps best to go to Fossil Free Stanford’s Latest Blog Updates or their Live Images and Tweets.  Go Stanford students!!  – RS]

Stanford Students Demand Divestment From Fossil Fuel Industry During Lengthy Sit-In

November 20, 2015 12:09 PM


STANFORD (CBS SF) — Stanford University students and supporters were holding a rally Friday culminating a five-day sit-in calling for the college’s divestment from the fossil fuel industry.

More than 100 students have been camping out at the main quad since Monday afternoon outside University President John Hennessy’s office demanding administrators divest from the top 100 oil and gas companies .

The action was organized through Fossil Free Stanford, a student organization that has been working on the effort for nearly three years, organizer Michael Peñuelas said.

The group was inviting the administrators to address any concerns at the 11 a.m. rally, when students will be prepared to accept any charges the university may file against them, according to Peñuelas.

On Thursday night, the university sent the group a notice stating that administrators are considering suspension of their request for divestment from oil and gas companies due to the action, which was a disappoint for Peñuelas.

The notice also stated that if students didn’t leave the quad with their belongings by 5 p.m. Friday the university would review them under its Fundamental Standard, which outlines conduct expected from students, Peñuelas said.

The students have also violated the college’s use of the main quad policy and trespassed in violation of state law since they are blocking an administration building, according to university officials.

The sit-in is surrounding a building housing the university’s president and provost offices, where no staff have shown up since Monday, Peñuelas said.

The students plan to leave the quad at the end of the rally to participate in a Transgender Day of Remembrance scheduled in the afternoon, Peñuelas said.

The university has a Thanksgiving recess scheduled next week.

The group held a meeting with Hennessy on the issue last week and attempted to schedule another one with him for Friday, according to organizer Michael Peñuelas.

Throughout this week, professors have held classes at the quad in support of the group’s cause and teach-ins on environmental issues, Peñuelas said.

About 30 alumni rallied with the students on Thursday calling for divestment and said they will not make contributions to the university unless they follow through with the divestment, Peñuelas said.

Seniors have also pledged to not donate to the senior gift, a fundraiser that helps contribute to The Stanford Fund to assist in university scholarships, academic programs and student organizations , according to Peñuelas.

Last year, the university divested from the coal industry after a petition brought forward by Fossil Free Stanford and recommendations from the Advisory Panel on Investment Responsibility and Licensing.

Exxon, Keystone, and the Turn Against Fossil Fuels

Repost from The New Yorker
[Editor:  Significant quote: “No one’s argued with the math, and that math indicates that the business plans of the fossil-fuel giants are no longer sane. Word is spreading: portfolios and endowments worth a total of $2.6 trillion in assets have begun to divest from fossil fuels. The smart money is heading elsewhere.”  – RS]

Exxon, Keystone, and the Turn Against Fossil Fuels

By Bill McKibben, November 6, 2015
Protesters, in 2014, urging President Obama to reject the Keystone pipeline, which he did this week.
Protesters, in 2014, urging President Obama to reject the Keystone pipeline, which he did this week. Credit Photograph by Laura Kleinhenz / Redux

The fossil-fuel industry—which, for two centuries, underwrote our civilization and then became its greatest threat—has started to take serious hits. At noon today, President Obama rejected the Keystone Pipeline, becoming the first world leader to turn down a major project on climate grounds. Eighteen hours earlier, New York’s Attorney General Eric Schneiderman announced that he’d issued subpoenas to Exxon, the richest and most profitable energy company in history, after substantial evidence emerged that it had deceived the world about climate change.

These moves don’t come out of the blue. They result from three things.

The first is a global movement that has multiplied many times in the past six years. Battling Keystone seemed utterly quixotic at first—when activists first launched a civil-disobedience campaign against the project, in the summer of 2011, more than ninety per cent of “energy insiders” in D.C. told a National Journal survey that they believed that President Obama would grant Transcanada a permit for the construction. But the conventional wisdom was upended by a relentless campaign carried on by hundreds of groups and millions of individual people (including 350.org, the international climate-advocacy group I founded). It seemed that the President didn’t give a speech in those years without at least a small group waiting outside the hall to greet him with banners demanding that he reject the pipeline. And the Keystone rallying cry quickly spread to protests against other fossil-fuel projects. One industry executive summed it up nicely this spring, when he told a conference of his peers that they had to figure out how to stop the “Keystone-ization” of all their plans.

The second, related, cause is the relentless spread of a new logic about the planet—that we have five times as much carbon in our reserves as we can safely burn. While President Obama said today that Keystone was not “the express lane to climate disaster,” he also said that “we’re going to have to keep some fossil fuels in the ground rather than burn them.” This reflects an idea I wrote about in Rolling Stone three years ago; back then, it was new and a little bit fringe. But, this fall, the governor of the Bank of England, Mark Carney, speaking to members of the insurance industry at Lloyds of London, used precisely the same language to tell them that they faced a “huge risk” from “unburnable carbon” that would become “stranded assets.” No one’s argued with the math, and that math indicates that the business plans of the fossil-fuel giants are no longer sane. Word is spreading: portfolios and endowments worth a total of $2.6 trillion in assets have begun to divest from fossil fuels. The smart money is heading elsewhere.

Which brings us to the third cause. There is, now, an elsewhere to head. In the past six years, the price of a solar panel has fallen by eighty per cent. For years, the fossil-fuel industry has labored to sell the idea that a transition to renewable energy would necessarily be painfully slow—that it would take decades before anything fundamental started to shift. Inevitability was their shield, but no longer. If we wanted to transform our energy supply, we clearly could, though it would require an enormous global effort.

The fossil-fuel industry will, of course, do everything it can to slow that effort down; even if the tide has begun to turn, that industry remains an enormously powerful force, armed with the almost infinite cash that has accumulated in its centuries of growth. The Koch brothers will spend nine hundred million dollars on the next election; the coal-fired utilities are scurrying to make it hard to put solar panels on roofs; a new Republican President would likely resurrect Keystone. Even now, Congress contemplates lifting the oil-export ban, which would result in another spasm of new drilling. We’ll need a much larger citizen’s movement yet, if we’re going to catch up with the physics of the climate.

We won’t close that gap between politics and physics at the global climate talks next month in Paris. The proposed agreement for the talks reflects some of the political shift that’s happened in years since the failed negotiations at Copenhagen, but it doesn’t fully register the latest developments—almost no nation is stretching. So Paris will be a way station in this fight, not a terminus.

In many ways, the developments of the past two days are more important than any pledges and promises for the future, because they show the ways in which political and economic power has already started to shift. If we can accelerate that shift, we have a chance. It’s impossible, in the hottest year that humans have ever measured, to feel optimistic. But it’s also impossible to miss the real shift in this battle.

Bill McKibben, a former New Yorker staff writer, is the founder of the grassroots climate campaign 350.org and the Schumann Distinguished Scholar in environmental studies at Middlebury College.

United Church of Canada Sells Fossil Fuel Holdings, Commits $6 Million to Alternative Energy to Save Creation

Repost from The Christian Post

United Church of Canada Sells Fossil Fuel Holdings, Commits $6 Million to Alternative Energy to Save Creation

By Vincent Funaro , August 16, 2015|8:05 am
UCCan_Sq250x250
United Church of Canada

The United Church of Canada plans to invest nearly $6 million into alternative energy sources that it acquired from selling all of its assets in fossil fuels. The denomination views the move as a bold step toward stewarding the gift of creation.

“Care for creation and concern for the way that climate is impacting the most marginalized populations made this move an act of justice, of faith, and of solidarity with First Nations and other impacted communities,” said Christine Boyle, General Council commissioner of the United Church and a veteran climate advocate, according to the National Advocate.

The church will sell off around $5.9 million in holdings from 200 of the world’s largest fossil fuel companies.

The United Church of Canada joins both Pope Francis and the Episcopal Church in their quest to help the environment.

Leaders of the Episcopal Church voted to sell off the denomination’s holdings in fossil fuel, which amount to $380 million, in a move to combat climate change last month.

“The vote says that this is a moral issue and that we really have to think about where we are putting our money,” said Betsy Blake Bennett, archdeacon in the Episcopal Diocese of Nebraska.

“At a point where we are losing species and where human life itself is threatened by climate change, the Church, by acting on it, is saying that this is a moral issue and something that everyone needs to look at seriously,” added Bennett.

The Episcopal Church’s position echoes that of Francis who released an encyclical dealing with climate change back June. It dealt with how climate change is affecting God’s creation and was supported by over 300 Evangelical leaders.

The 184-page “Laudato Si,” translated in English as “Praise Be to You,” included the pope’s response to these challenges from a spiritual perspective.

“The urgent challenge to protect our common home includes a concern to bring the whole human family together to seek a sustainable and integral development, for we know that things can change. The Creator does not abandon us; He never forsakes His loving plan or repents of having created us,” Francis wrote.

“Particular appreciation is owed to those who tirelessly seek to resolve the tragic effects of environmental degradation on the lives of the world’s poorest. Young people demand change. They wonder how anyone can claim to be building a better future without thinking of the environmental crisis and the sufferings of the excluded.”