UK universities urged to pull cash from fossil fuel giants
UK universities urged to pull cash from fossil fuel giants
Anti-carbon divestment campaign targets £5bn of British funds
Damian Carrington
The Observer, Saturday 26 October 2013 17.25 EDT
An international campaign to urge large institutions to dump fossil fuel investments reaches the UK this week, following rapid success in the US.
The year-old divestment campaign, Fossil Free, has grown even faster than similar efforts that once targeted apartheid, tobacco and arms manufacturers. It now aims to focus attention on the £5bn invested in coal, oil and gas by the endowment funds of UK universities. The move comes as financial giants such as HSBC, Deutsche Bank and Goldman Sachs are starting to take seriously the prospect that global action to reduce carbon emissions could leave two-thirds of the world's proven fossil fuel reserves unburnable and worthless.
"The divestment campaign will start politically to bankrupt the fossil fuel industry and throw into stronger relief that it is a rogue industry, committed to burning more carbon than any government on Earth thinks it would be safe to burn," said Bill McKibben, a prominent US climate campaigner and figurehead of the Fossil Free campaign. "One reason we are losing the battle against climate change – the most important challenge humans have faced – is the power of the fossil fuel industry to block change," he told the Observer. "It is the richest industry in the history of human enterprise."
The US campaign has already led to more than 40 institutions, including the city of Seattle, universities and churches, pulling out of fossil fuel investments. Addressing the political debate in the UK over rising energy bills, McKibben said: "England has been burning fossil fuels since James Watt: there is no way you get to transition [to low-carbon energy] for free. But as economist Lord Nicholas Stern has said over and over again, the cost of not doing it is orders of magnitude higher than doing it."
More:
http://www.theguardian.com/environment/2013/oct/27/fossil-fuel-divestment-campaign-uk
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