Climate

Fossil Fuel Divestment Campaign

There’s a meeting for those interested in a fossil fuels divestment campaign next Wednesday, May 8th, at 6pm in the community room at Christie Walk (entry via 101 Sturt St).

If you’re interested, please come. If you can’t come, you can leave an  expression of interest by leaving a comment below

Chart from The Australia Institute reportBackground

As Bill McKibben noted in his Rolling Stone Article last year — “Global Warming’s Terrifying New Math”, the fossil fuel companies currently have six times as many conventional reserves as they could safely burn  if we are to stay below 2 degrees global warming.

For the past year he has been touring the US, urging institutions to divest themselves of shares in these companies.

Now this movement has come to Australia.

FoE affiliate Market Forces is looking at three key areas:

(a) divestment of fossil fuel shares;

(b) disentanglement of super from fossil fuel companies;

(c) removal of government subsidies for fossil fuels.

In the US, the GoFossilFree campaign is encouraging unis, towns and citizens to divest themselves. [3]

The Renew Economy website has reported on divestment and the recent

report on potentially stranded assets from The Australia Institute:

“The report, Unburnable Carbon: Australia’s carbon bubble, warns that much of  the nation’s coal reserves will become worthless as the world hits carbon  emission limits, and that there is little fossil fuel companies can do

little to avoid this.”  Download the reportRead more >>