Fossil Fuel Divestments, Both Secular and Religious, Are Making a Real Impact
Yesterday, on the anniversary of his death in the 12th Century, we celebrated the life and accomplishments of Saint Francis of Assisi. Born into wealth, he walked away from it all when he heard the voice of Christ tell him three times: “Francis, rebuild my house which you see is falling into ruins.”
As the story goes, he first thought that Jesus was referring to the local chapel, which had, in fact, fallen into disrepair, but later realized that his larger mission was the renewal of the hearts of people, young and old, rich and poor.
Whether or not Francis really heard the words of Christ is, IMO, less important than the tradition of love that the modern-day Catholic Church has brought back to life. In particular, 900 years later, the Church has taken up the mantle of environmental and social justice, and, under the leadership of Pope Francis, has become by far the largest institution on Earth to be wor
king aggressively towards these deeply humanitarian objectives.
On the day of our celebrations of Francis of Assisi, more than 40 Catholic institutions announced the largest ever faith-based divestment from fossil fuels. Although the sum involved has not been disclosed, we have learned that the volume of divesting groups is four times higher than a previous church record.
This adds significantly to the global divestment movement, which now stands at roughly $5.5 trillion.
To grasp the meaning of $5.5 trillion, realize that if this were the GDP of a country, it would rank as the third largest nation on Earth (behind China and the U.S.). Perhaps of greater relevance, $5.5 trillion is more the seven times the combined market cap of all U.S.-based oil companies.
Craig,
It’s really hard to establish how much is symbolism and how much is reality.
Many ‘ethical investor only’ organizations boast of ethical investment, while investing in organizations where they have little knowledge (or concern) as to where that organization reinvests.
Since the Oil industry certainly isn’t staved for investment, it must be assumed that either your $5,5 trillion figure is inaccurate, or the gestures by these institutions more symbolic than meaningful.
I’m inclined toward the latter. St Francis wasn’t given to hypocrisy, but an individual who announces proudly that he refuses to invest in an oil company on ethical grounds, while continuing to use the companies products is not only hypocritical, but silly!
Craig,
How much difference a mere nine months can make !
One of President Obama’s few real accomplishments was his irrational hatred of the US coal industry.
Obama’s policies were mostly based on false assumptions, inaccurate information, ideology, and massive political contributions from Wind and Solar operator.
Nevertheless in a mere eight years, President Obama contributed to massive job losses in coal country, the premature shuttering of vital coal-fired power plants, and responsible for once profitable coal companies filing for bankruptcy.
Less than one year later President Trump has worked a miracle !
In early September, Paringa Resources announced a new coal mine in Kentucky, one of several dozen which have either been crated or sprung back to life.
Parinagas CEO, Grant Quasha, credited the Trump administrations efforts to roll back regulations on coal production and use for helping him secure funding needed for the project.
All we had to do was raise the money, Quasha said. On the back of the Trump administration coming into the Oval Office and ending the war on coal, we were able to successfully raise approximately $400 million worth of financing from the private sector. i
The coal exports are booming since Trump took office. U.S. coal exports to Europe have risen by 70 percent, while exports to Asia have risen by approximately 80 percent.
US coal production in the United States has increased by 34 percent while US coal company revenue grew by 24 percent.
The US Department of Labor reported mining jobs in America grew by 31,000 since the President was elected, while more than 90,000 jobs have been created by the coal resurgence.
Investment is flowing back, and investment in “clean(er) Coal technology research and development has reached over $ 1 billion.
I’m afraid when you remove politics from industry, investment returns.