{"id":33164,"date":"2023-12-15T18:17:35","date_gmt":"2023-12-15T17:17:35","guid":{"rendered":"https:\/\/english.cpnn-world.org\/?p=33164"},"modified":"2023-12-15T18:20:12","modified_gmt":"2023-12-15T17:20:12","slug":"movement-milestone-global-fossil-fuel-divestment-surpasses-1600-commitments","status":"publish","type":"post","link":"https:\/\/english.cpnn-world.org\/?p=33164","title":{"rendered":"Movement Milestone: Global Fossil Fuel Divestment Surpasses 1600+ Commitments"},"content":{"rendered":"
\n

. . SUSTAINABLE DEVELOPMENT . .<\/p>\n

An article from Stand.earth<\/a><\/p>\n

\u00a0On the heels of COP28, where world governments finally recognized the need to \u201ctransition away from fossil fuels\u201d but failed to acknowledge the inevitable phase-out,\u00a0the global fossil fuel divestment movement surpassed a major milestone, already leading the way to a fossil free world:\u00a01600+ institutions, representing $40.6 trillion in assets, are cutting ties with the toxic energy of the past.<\/p>\n

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Swiss pension fund CPEG<\/span><\/a>, the UK\u2019s <\/span>Wiltshire Pension Fund<\/span><\/a>, and the <\/span>largest private pension fund in the Netherlands<\/span><\/a> are the latest to join the unstoppable movement. In 2023 alone, major divestment commitments were made by <\/span>the Church of England<\/span><\/a>, <\/span>New York University<\/span><\/a>, <\/span>the National Academy of Medicine<\/span><\/a>, and <\/span>Triodos Bank.<\/span><\/a><\/p>\n

\u201cThis 1600 commitment milestone is an undeniable proof of concept, all thanks to people-powered momentum, even in the face of climate chaos and collective grief,\u201d said\u00a0Amy Gray, Stand.earth Climate Finance Associate Director and coordinator of the Climate Safe Pensions Network.\u00a0\u201cEven in times of heartache, we are resolved in our work to hold polluters accountable for climate chaos, and to reclaim, repair, and rebuild healthy and safe communities.\u201d\u00a0<\/p>\n

From educational institutions and public pension funds, to faith-based and healthcare groups, to governments, nonprofits, and cultural institutions, fossil fuel divestment spans every sector of society, and continues to gain momentum with consistent reports of positive returns following fossil fuel divestment.<\/p>\n

(continued in right column)<\/p>\n<\/div>\n

Question for this article:<\/div>\n
<\/div>\n
\n

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Divestment: is it an effective tool to promote sustainable development?<\/a><\/em><\/strong><\/p>\n

(continued from left column)<\/p>\n

Surpassing 1600 fossil fuel divestment commitments would not have been possible without millions of climate justice leaders around the world, countless economic, racial, and climate justice organizations, and steadfast support from Ellen Dorsey, who is stepping down from the Wallace Global Fund, as a long-time leader of the movement.<\/p>\n

A June 2023 report from the University of Waterloo revealed that just\u00a0six U.S. public pension funds would be $21 billion richer\u00a0<\/a> had they divested from fossil fuels a decade ago.\u00a0<\/p>\n

\u201cThis milestone follows years of attempted shareholder engagement, now a proven futile strategy, with fossil fuel corporations hell-bent on our destruction,\u201d said\u00a0Richard Brooks, Stand.earth Climate Finance Director.\u00a0\u201cInstead of financing climate chaos-causing fossil fuels, violence, and extraction, financial institutions like big banks and pension funds must protect people and planet alike, cutting ties with fossil fuels and reinvesting in proven community-led climate-safe solutions.\u201d<\/p>\n

Not only is a world beyond fossil fuels possible, millions are building it right now \u2013 it\u2019s time for fossil fuel companies and their financiers \u2013 including major banks like Royal Bank of Canada and Citibank, and private equity firms like KKR \u2013 to stop holding us back.<\/p>\n

The\u00a0Global Fossil Fuel Commitments Divestment Database\u00a0<\/a> is managed by\u00a0Stand.earth<\/a>, and is the world\u2019s most comprehensive tracker of fossil fuel divestment commitments.\u00a0<\/p>\n

Stand.earth also coordinates the\u00a0Climate Safe Pensions Network<\/a>, a group of 25+ grassroots campaigns across Turtle Island demanding local pension funds protect returns and our climate, phase out fossil fuel holdings, and reinvest in climate-safe solutions.<\/p>\n

Stand.earth\u2019s Climate Finance\u00a0<\/a> program focuses on pushing the financial sector to divest from fossil fuel projects and invest in climate solutions, such as renewable energy infrastructure. We\u2019re also\u00a0pressuring major pension funds\u00a0throughout North America to pull workers\u2019 money out of fossil fuel companies that violate Indigenous rights and exacerbate the climate crisis, and reinvest in climate-safe solutions.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

. . SUSTAINABLE DEVELOPMENT . . An article from Stand.earth \u00a0On the heels of COP28, where world governments finally recognized the need to \u201ctransition away from fossil fuels\u201d but failed to acknowledge the inevitable phase-out,\u00a0the global fossil fuel divestment movement surpassed a major milestone, already leading the way to a fossil free world:\u00a01600+ institutions, representing … Continue reading Movement Milestone: Global Fossil Fuel Divestment Surpasses 1600+ Commitments<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,10],"tags":[11],"class_list":["post-33164","post","type-post","status-publish","format-standard","hentry","category-global","category-sustainable","tag-global"],"_links":{"self":[{"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=\/wp\/v2\/posts\/33164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33164"}],"version-history":[{"count":0,"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=\/wp\/v2\/posts\/33164\/revisions"}],"wp:attachment":[{"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.cpnn-world.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}