Finally, in an op-ed published separately on Thursday, Dorsey—along with her Wallace Fund colleague Richard Mott—explain how the potential impact of the divestment movement they have now joined goes beyond the obvious financial impacts. They write: By building a movement that defines the fossil fuel industry as a moral pariah, Divest-Invest seeks to break the industrys grip on our political process and help catalyze the global energy transition that the climate crisis demands. Fossil divestment has never been primarily about the act of divesting itself, or even about doing direct economic harm to the fossil fuel industry. Instead, it uses divestment as a tool to confront the corporate powers that have taken our political system hostage. To this end, the moral power of the Apartheid-era framing has been enormous. It has mobilized broad sectors of society around the ethical aspects of climate change. Faith groups, universities, and hospitals are now sending a clear message of conscience that holding fossil energy stock is no longer acceptable. The movement has also galvanized economic self-interest. Its focus on the fossil fuel industrys financial Achilles heel--the risk that fossil fuel stocks may be massively overvalued--has already altered the investment communitys thinking. And, in conclusion, they add: We must not forget our unique moment in history. Who in our community who could proudly defend, today, a decision not to have divested from South Africa 30 years ago? In hindsight, the moral case seems too clear. How then might we envision defending, 20 years from now, keeping our millions invested in business-as-usual fossil energy, at precisely the moment scientists are telling us there is no time left to lose? The threat of runaway change is too imminent to delay the kind of energy transition that Divest-Invest demands. The foundations that have come forward this week in launching Divest-Invest: Philanthropy believe the clear answer is that we must act now. Students and faith groups are once again lighting the way. Lets join them and rise to meet the climate challenge while there is time. Finally, in an op-ed published separately on Thursday, Dorsey—along with her Wallace Fund colleague Richard Mott—explain how the potential impact of the divestment movement they have now joined goes beyond the obvious financial impacts. They write: By building a movement that defines the fossil fuel industry as a moral pariah, Divest-Invest seeks to break the industrys grip on our political process and help catalyze the global energy transition that the climate crisis demands. Fossil divestment has never been primarily about the act of divesting itself, or even about doing direct economic harm to the fossil fuel industry. Instead, it uses divestment as a tool to confront the corporate powers that have taken our political system hostage. To this end, the moral power of the Apartheid-era framing has been enormous. It has mobilized broad sectors of society around the ethical aspects of climate change. Faith groups, universities, and hospitals are now sending a clear message of conscience that holding fossil energy stock is no longer acceptable. The movement has also galvanized economic self-interest. Its focus on the fossil fuel industrys financial Achilles heel--the risk that fossil fuel stocks may be massively overvalued--has already altered the investment communitys thinking. And, in conclusion, they add: We must not forget our unique moment in history. Who in our community who could proudly defend, today, a decision not to have divested from South Africa 30 years ago? In hindsight, the moral case seems too clear. How then might we envision defending, 20 years from now, keeping our millions invested in business-as-usual fossil energy, at precisely the moment scientists are telling us there is no time left to lose? The threat of runaway change is too imminent to delay the kind of energy transition that Divest-Invest demands. The foundations that have come forward this week in launching Divest-Invest: Philanthropy believe the clear answer is that we must act now. Students and faith groups are once again lighting the way. Lets join them and rise to meet the climate challenge while there is time. _______________________ _______________________
Posted on: Fri, 31 Jan 2014 07:54:01 +0000
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