The fossil fuel divestment movement has rapidly grown over the last couple of years – and this year will see a special event dedicated to raising awareness.
By December last year, 181 institutions and local governments around the world plus thousands of individuals collectively representing over USD $50 billion in assets had pledged to divest from fossil fuels.
Just last week, the Norwegian Sovereign Wealth Fund announced it had divested from a total of 22 companies, potentially totaling billions of dollars in assets. It’s a fitting move considering the Fund’s coffers have been filled with money from oil and gas; so much money in fact that every Norwegian is in theory a millionaire. Some say it’s a shame successive Australian Governments haven’t taken a leaf out of Norway’s books.
Within our own borders, some of the organisations getting on board the divestment train include the City of Moreland; the first council in Victoria to rule out direct investments in fossil fuels.
Also last year, Australian National University (ANU) decided to sell off about $16 million worth of its investments fossil fuel companies. Yesterday, the University of Sydney announced it will substantially reduce the carbon footprint of its listed share portfolio over the next three years.
Global Divestment Day events will urge individuals and organisations to dump stocks, bonds, or investment funds as a clear signal to the fossil fuel industry for its culpability in the climate crisis.
Superannuation funds are a major point of concern, with over half of the world’s superannuation invested in high carbon industries. An option for Australian workers is choosing a fossil fuel free superannuation fund; such as the recently launched Future Super.
“The fossil fuel industry has our political process in shackles with its financial might,” says Go Fossil Free; the co-ordinating website of Global Divestment Day.
“Through divestment, we are directly challenging the social license of these corporations who have become rogue entities seeking profits at the expense of people and planet.”
Global Divestment Day Events in Australia include:
Perth – Market Square Park
Saturday, February 14 2015, 10:00am
Adelaide – Mall’s Balls
Friday, February 13 2015, 12:00pm
Melbourne – Star Lawn
Saturday, February 14 2015, 11:00am
Canberra CBD – TBC
Saturday, February 14 2015, 11:00am
Sydney – Darling Quarter
Friday, February 13 2015, 12:00pm
Katoomba Hall (old Library) Forecourt
Friday, February 13 2015, 12:00pm
Tweed Heads
the Esplanade Park near Coolangatta Surf Club
Friday, February 13 2015, 11:00am
Brisbane Queen Street Mall
Saturday, February 14 2015, 11:00am
Airlie Beach
Whitsunday Shopping Centre
Friday, February 13 2015, 10:00am
More events and details can be viewed here.
