A while back, considering a rather tiny personal investment in a typical financial product, I asked a bank if they knew if it was invested in fossil fuels. They didn’t seem to know. Not knowing what typical financial products, such as CDs or retirement accounts, are invested in might be fairly common.
This lack of knowing and/or caring may be the crux of the matter. It was encouraging to see there is a website that publishes information about divesting from fossil fuels.
So I reached out and Lindsay Meiman, from Stand.earth, answered some questions for CleanTechnica.
How did you calculate the $40.76 trillion in divesting total?
$40.76 trillion represents the total assets under management of the more than 1660 global institutions committed to some level of fossil fuel divestment.
And the 1667 institutions divesting total?
1667 institutions represent the total education, faith, health, government, public, and private organizations and more that have publicly made fossil fuel divestment commitments.
Why is it important for organizations to divest from fossil fuels?
Fossil fuels are one of most volatile sectors, and financial research reveals that fossil fuel holdings have dragged down portfolios over the last decade. On top of that, fossil fuels — coal, oil, and gas — are the leading contributors to the climate crisis, and are responsible for the unnatural disasters like fires, floods, and deadly heat. The fossil fuel divestment movement launched with a simple premise: if it’s wrong to wreck the climate, it’s wrong to profit from that wreckage.
What does your organization do and how do you do it?
Stand.earth is a global advocacy organization delivering large-scale change for our planet and its people by interrupting the systems that create environmental and climate crises. Our mission is to challenge corporations and governments to treat people and the environment with respect. Stand’s worldwide community of more than a million members advocates for a climate-safe, equitable future, where environmental and climate justice policies uphold the dignity of people everywhere—at the scale our world requires.
What are your organization’s goals to continue supporting divestment?
Through fossil fuel divestment, we aim to continue the momentum around accessible climate action, transparency, and building a climate-safe economy that works for all of us — not just billionaires and industry executives.
Can individuals divest from fossil fuels too, by making sure their retirement accounts are not invested in fossil fuels?
Absolutely! Individuals can join the Climate Safe Pensions Network to join a community group campaigning for institutional climate action, as well as to learn easy steps on how to protect your own retirement funds, 401(k)s, and pensions from toxic fossil fuel holdings.
