Take a COOL Guess – the Fun Quiz on Clean Energy. Today’s Topic: Divestment from Fossil Fuels
Question: What country just became the first to divest its entire national holdings from fossil fuels?
Answer: Can be found at Clean Energy Answers.
Relevance: Divestment has proven to be an effective way to undermine the power of the fossil fuel industry both politically and financially. Global commitments to divest have already reached 710 institutions across 76 countries, representing well over US$5.5 trillion in assets under management, indicating that the fossil fuel industry has no future.
Craig,
I wouldn’t be cheering just yet !
The major oil companies have no trouble attracting capital, although with an over supply and record low prices it’s only to be expected they’re not the ‘golden goose’ investment vehicle they once were in the days of high prices and huge profits.
Out of curiosity, I wondered just how authentic and sincere are some of the participants on the list you posted.
Starting with the first, 350.org….hmmm, c’mon do you really think they were ever a serious investor in oil shares ?
Okay, so let’s look at the next ten on the list shall we ?
2) ALTIS, Alta Scuola Impresa e Società dell’Università Cattolica del Sacro Cuor . Hmmm.. this is a small organization which runs ” weekend course for professionals who want to deepen their knowledge on the world of sustainable finance’ etc Never owned any Oil company shares or investments.
3) APRA/AMCOS (Australia) Great organization, collects and distributes royalties for musicians etc but a quick check of the last 7 years balance sheets reveals no investments in oil companies, except to collect revenue on one song turned into a jingle for an oil company ad. (no moral objection there)
4) AXA I.M. Giant French Insurance Conglomerate with really serious fund management investment capital. AXA has a number of “Sustainable Equity Fund’ and also a number of “Ethical Equity funds” among a huge number of funds under management. While these funds don’t invest in Coal or Tar sands, they do issue instruments allowing financial support for other funds which are, …ah,.. a lot less fussy ! AXA is a substantial Shareholder and purchaser of equities and other instruments in Total Oil and many of Total’s subsidiaries.
5)Abdij OLV van Nazareth. A completely charming group of nuns living a monastic life in a small nunnery (Abbey) in Belgium. Annual income of the order barely able to sustain the groups expenses. Very sincere folk, but never possessed any discernible oil company investments.
6) Abracadabra Retirement Fund. This is a 5 year old Self-Managed Superannuation Fund for a private individual with very modest investment retirement funds based in Kelvin Grove, Kelvin Grove DC & Red Hill in Queensland, Australia. Obviously this individual is sincere and proud of not investing in Oil Companies, but there’s no evidence he ever did, and the sum would be infinitesimal.
7) Abramowitz-Silverman Fund This is a Philanthropic Foundation associated with the “Green Pioneer” and activist, Yosef Abramowitz and his wife Susan Silverman. Yosef Abramowitz is a dynamic and charasmetic billionaire, but his foundation has never owned any Oil Company Shares.
8) Access Strategies Fund A Philanthropic Foundation Access providing funding and technical assistance to 501 (c)(3) organizations to build the civic participation and power of diverse women, people of color, low-income people, immigrant communities, people with disabilities and other groups that have been denied power in Massachusetts communities.
Although undoubtedly a worthy organization, they have neither the funds, nor the inclination, to have ever invested in oil companies.
9) Aegon N.V. is a multinational life insurance, pensions and asset management company headquartered in The Hague, Netherlands. A very serious large financial services company and fund manager. Aegon has large investments in Oil and Gas, including oil and gas logistical supply and technical companies.
Aegon, while ostensibly moving out of Coal investments, is 50% partner in a joint venture with the PRC government owned China National Offshore Oil Corporation, which includes massive holdings in Coal. Although Aegon may not directly invest in Coal, the rule obviously doesn’t apply to subsidiaries whose investments are not so altruistic.
10) Alingsås Government. Small Swedish city of about 20,000 people. A quick look at it records reveals no investment in oil, gas or Coal for many years. Certainly has an ethical investment policy, but possesses very little in the way of investments.
Craig, that’s 9 out of the first 10, that never had any investments to “divest” !
The 10th, seems to be pretty dubious and more Symbolic than real.
Since the source of your claim seems to come from data compiled by 350.org, it might be wise to take these claims with a grain of salt ! (A bit of analysis saves a lot of disillusionment!)