The word “divestment” is nowhere to be found in the nearly 200 pages of the papal encyclical released Thursday, but by addressing the threat of climate change in such a forceful way, Pope Francis is likely to add momentum to the movement by big institutions to sell holdings tied to fossil-fuel stocks.
Swarthmore College’s board announced Saturday that the college will not sell holdings in companies in the fossil fuel industry, a move sought by a long student sit-in and endorsed by many other students and faculty members.
Divestment is the opposite of investment – it is the removal of your investment capital from stocks, bonds or funds. The global movement for fossil fuel divestment (sometimes also called disinvestment) is asking institutions to move their money out of oil, coal and gas companies for both moral and financial reasons.
After a 32-day sit-in outside the Swarthmore College finance and investments office, a resolution of support from the faculty and a petition bearing 1,100 alumni signatures, Swarthmore Mountain Justice members were hopeful the board of managers would divest the college’s endowment of fossil fuel funds as a major step towards halting climate change.
Norway this month became an unlikely leader in a growing social movement: persuading investors to sell their stock in fossil fuel companies. In Norway’s case, its $890 billion pension fund – the largest sovereign wealth fund in the world – will begin divesting itself of its stakes in coal companies.
Marilyn Anthony writes in grid magazine: “Despite growing opposition and national trends Swarthmore College managers refuse to divest endowment from fossil fuels”… read more…
Swarthmore College will not drop fossil fuel stocks from its $1.9 billion endowment, the school’s board of managers announced on Saturday. The board engaged in “extensive preparation, analysis, and robust discussion and debate” leading up to the decision, Gil Kemp, its chairman, said in a statement.
Norway’s decision to dump all coal-focused investments from its $900bn sovereign wealth fund could unleash a wave of divestment from other large funds, according to investment experts. The fund, the largest in the world, is one of the top 10 investors in the global coal industry.
Edinburgh, UK – In a big step forward for student campaigners, the University of Edinburgh announced today its intention to divest from coal and tar sands within the next six months. read more…
Oxford University, one of the world’s oldest schools, has joined the ranks of British universities shunning investments in carbon-intensive energy projects. Under pressure from some students, the thousand-year-old college has formalized the investment policy for its £2 billion ($3.1 billion) endowment and permanently banned itself from investing in any companies that derive most of their income from coal or oil sands projects, as well as “sectors with high social and environmental risks.”