Cities, Investors and a Prince Support Fossil Fuel Divestment

What do Prince Charles, Investors and the City of Oslo all have in common? They are all recent advocates of divestment from fossil fuels. What started as a grass roots movement has blossomed into a global effort to call for a future with integrity and common sense. Fueled by the divestment movement, the transition to a more sustainable economy is underway.

Fossil fuel divestment is the fastest growing movement in the world with a 50 fold increase in 2014. If we are to reign in emissions we must radically reduce our use of fossil fuels. This is particularly important as we head down the final stretch towards COP21.

The Cost of Oil: BP Reaches $20 Billion Settlement with the Federal Government

In the largest single entity settlement in the Department of Justice's history, BP will have to pay $20.8 for its role in the infamous Gulf of Mexico oil spill in April, 2010. Since the disastrous explosion of the Deepwater Horizon drilling platform BP has been engaged in protracted negotiations with the federal government. Now the Department of Justice have finalized the settlement with BP. The settlement comes after years of legal wrangling. In July, the Supreme Court denied the company’s appeal to block benefits for those not directly affected by the spill.

Renewable Energy Can Replace Fossil Fuels

This article from 2013 shows that even two years ago there was already strong evidence to support the contention that renewable energy can replace fossil fuels. ________________________________________

As the primary driver of climate change we need to replace fossil fuels with clean energy. If we are to succeed in reducing emissions from petrochemicals we will need to expedite the expansion of renewable energy.

Contrary to the views expressed by the dirty energy lobby, it is entirely realistic to believe that renewable energy can replace fossil fuels. As explained by the Worldwatch Institute, State of the World 2013, we need to do so before its too late. Renewables have shown tremendous growth and with the right support this can be accelerated.

BP's Legal Wrangling Five Years After the Gulf Oil Spill

BP has a lengthy criminal rap sheet that culminated in the Deepwater Horizon explosion in the Gulf of Mexico. Despite BP's long criminal history they are anything but repentant. Rather than accept the penalties levied against them for the 2010 spill they are doing everything in their power to minimize their legal and financial responsibilities.

US District Court judge Carl Barbier found that BP was guilty of "gross negligence" and "willful misconduct." Although the trial concluded earlier this year, the final settlement has yet to be announced.

The Toll on Wildlife from the Gulf of Mexico BP Oil Spill

A number of wildlife species have been devastated by the 2010 BP oil spill in the Gulf of Mexico. This includes seabirds, turtles, fish, and vegetation.

Between 800,000 and one million sea birds have died from oil exposure in the Gulf of Mexico since 2010. Entire seabird populations have suffered from major die-offs. Oil related deaths include 12 percent of brown pelicans (over 200,000 have been exposed to oil),  almost one third (32 percent) of northern gulf laughing birds and 13 percent of royal turns. A total of 20,000 Kemp's turtles and 60,000 Ridley turtles died in 2010.

Five times the normal rate of lung disease have been observed in bottlenose dolphins and a total of 1000 dolphins have been found stranded between 2010 and 2015.

Research Summary of BP's Gulf Oil Spill

A number of studies indicate that the environmental impacts of the BP's 2010 oil spill in the gulf is anything but over. Huge amounts of oil are still on the ocean floor and this is finding its way into the food chain. Other studies show fish that spawn in these oil contaminated waters in the Gulf are suffering from a wide range of lethal deformities.

A study published earlier this year suggested that the oil that lingers in the Gulf of Mexico continues to pose a threat to local ecosystems. The study by Florida researchers indicates that About 3,243 sq miles (8,400 square km) of the sea floor is still covered with oil from the disaster.

The BP Oil Spill in the Gulf Five Years Later

Exactly five years ago (April 20, 2010), BP's Deepwater Horizon oil well exploded in the Gulf of Mexico killing 11 people and injuring 17 more. The explosion unleashed one of the worst environmental disasters in human history. For 87 days (April 20 and July 15, 2010) the oil spewed from the well and by the time it was finally contained at least 3.2 million barrels (134 million gallons) of crude oil had contaminated the Gulf of Mexico and 1,100 miles of coastline.

The worst marine disaster ever damaged bird sanctuaries, marine and wildlife habitats. It also soiled beaches, killed wildlife and devastated local economies. The ecologically vital marsh lands of the gulf coast have not recovered and wildlife is still suffering.

The Gulf may look clean but it is not. Even after a five year $28 billion clean-up operation the repercussions from the spill continue to this day. While much of the oil has evaporated or dissolved, up to 10 million gallons of oil remain on the sea floor. About 3,243 sq miles of the sea floor is still covered with oil from the disaster. Oil can also be found in marshes along the coast and deposits still wash up on shore.

BP Issues Climate Warning and Calls for Carbon Pricing

One of the world's largest oil companies has stated that we have to price carbon to curtail carbon emissions.

The science is clear and there have been a vast number of warnings coming from a wide variety of sources including, AGU, IEA, IPCC, PwC, World Bank, and the World Meteorological Organization stating that our current trajectory is catastrophic. Now even those responsible for the problem are coming forward with warnings of their own.

In a February 2015 report titled, "Energy Outlook 2035," BP says that to keep carbon dioxide emissions within upper threshold limits the world must take coordinated action. 

After a Failed Cover-up Shell Sub-Contractor Pleads Guilty

On December 11, Noble Drilling, Shell’s sub-contractor pleaded guilty to eight felony charges relating to environmental and safety violations on board the vessels Noble Discoverer and Kulluk in the Alaskan Arctic in 2012.

In addition to the offenses which include unsafe operating procedures Noble Inc. also tried to cover-up their illegal actions. According to the court ruling, Noble, “actively took steps to conceal its use of illegal [systems]”, and “knowingly made false entries” concealing problems from the authorities. Noble also admitted to illegally discharging bilge water from the Discoverer.

Supreme Court Gives BP a Lump of Coal for Christmas

The US Supreme Court has rejected BP's bid to decrease the settlement it agreed to pay to businesses and individuals. British Petroleum (BP) is well known for having produced the biggest offshore oil spill in history.

In 2010 BP's Deepwater Horizon exploded killing 11 people and spewing almost 5 million barrels of crude into the Gulf of Mexico. The environmental effects of this spill are being felt to this day.

A study published in October showed how there is a 1,235 square mile ring of coagulated oil residue on the ocean floor.

Another study published in March found that the BP oil spill has caused morphological abnormalities including heart deformities potentially leading to heart failure in several large predatory fish including Atlantic Bluefin tuna, Yellowfin tuna and Amberjacks.

Risk Assessment Causes Swedish Pension Fund to Divest from Fossil Fuels

Based on a comprehensive risk analysis one of Sweden's largest pension funds have decided to divest from fossil fuels. On October 20, 2014, the Second AP Fund announced that it would begin divesting from fossil fuels.

This is but the latest investment fund to divest from fossil fuels in order to mitigate against risks. The Second AP Fund announced that it will divest its holdings in 12 coal and 8 oil-and-gas production companies. This represents a divestment of holdings with a total market value of about SEK 840 million (€91 million or $116 million).

Fossil Free Investment Resources

There are now a number of firms who are helping investors to move away from fossil fuels. While investing in fossil fuels and associated industries was once the bedrock of a sound investment strategy, there is a growing awareness that these investments are approaching the end of their life cycle.

Investors cannot ignore the overwhelming body of climate science that links the burning of fossil fuels to the economic catastrophe of climate change. Investors are also concerned about a large and growing number of governments, businesses, institutions and people who are demanding that we transition away from fossil fuels.

Governments around the world are also supporting emissions reductions efforts, carbon pricing schemes and support for renewable energy. The burning of fossil fuels is also a health issue which is clearly linked to asthma, coronary heart disease and respiratory disorders. That is why some healthcare professionals are at the forefront of divestment.

Video - Growing Momentum for Fossil Fuel Divestment

Momentum is growing in the movement to divest from fossil fuel companies. On Thursday, South African Archbishop Desmond Tutu called for an anti-apartheid-style boycott and disinvestment campaign against the industry for its role in driving climate change. Meanwhile, nearly 100 members of the faculty at Harvard University released an open letter calling on the Ivy League school to sell off its interests in oil, gas and coal companies. "If the Corporation regards divestment as 'political,' then its continued investment is a similarly political act, one that finances present corporate activities and calculates profit from them," wrote the professors. "Slavery was once an investment issue, as were apartheid and the harm caused by smoking." Harvard has the largest university endowment in the country, worth more than $32 billion. We speak to James Anderson, professor of Chemistry and Earth and Planetary Sciences at Harvard University. He is one of the signatories to the letter urging Harvard to divest from the fossil fuel industry. He has done groundbreaking work exposing the link between climate change and ozone loss. We also speak to Jamie Henn, co-founder of the climate change-focused organization, 350.org.

Video - Why You Should Divest from Fossil Fuels

There is a powerful rational driving the movement to divest from fossil fuels. For more information about the economic reasons why fossil fuels are a bad investment and clean energy makes good investing sense click here.

Why You Should Divest from Fossil Fuels and Invest in Clean Energy

For both moral and economic reasons fossil fuels are a poor investment while clean energy investing has a bright and lucrative future.

Fossil fuel divestment is one of the fastest growing movements on Earth and it continues to gain momentum. Since the divestment movement was launched three years ago, more than 650 individuals and 180 institutions, including 50 new foundations, which hold over $50bn in total assets, have pledged to divest from fossil fuels. Whether in the form of mutual funds, stocks, hedge funds or bonds, fossil fuels are being abandoned at ever increasing rates.

Charitable Organizations and Philanthropists are Being Encouraged to Divest from Fossil Fuels

Charitable organizations are being called to divest their assets from fossil fuels. Divestment is a large and growing phenomenon. Calls to divest are coming from all quarters ranging from students to shareholders.

Charitable organizations are feeling the pressure to divest as well. In September 160 of the world's leading environmentalists called on charitable foundations and philanthropists to pull their investments out of fossil fuel companies.

The campaign was organized by Solarcentury founder, green energy entrepreneur Jeremy Leggett, who is also the chair of SolarAid and the Carbon Tracker Initiative. He has put together a declaration that was circulated by the European Environment Foundation (EEF), who is also writing to foundations directly.

Divesting from Fossil Fuels will Soon be a Fiduciary Duty

There is a powerful argument that can be made suggesting that fiduciaries for endowments will soon have a legal responsibility to divest from fossil fuels. Whether they are for universities, colleges, foundations or other institutions, they are charged with "the duty of care."

Here's how that duty is described in the American Law Institute's 1991 Restatement of Trusts, Third, Section 227:

Divestment from Coal Foreshadows the Fate of All Fossil Fuels

Coal has been steadily declining in value and this fact may foreshadow the fate of all fossil fuels. As more government regulations come online and more assets are divested, coal is becoming increasingly risky and less valuable.

As explored in a Huffington Post article, the stock prices of coal have declined by 67 percent in the past couple of years.

The burning of coal causes air pollution and climate change causing emissions. These are the primary drivers of the decline in coal.

Climate Change is a Health Problem and Divestment is the Cure

Climate change is commonly framed as an environmental issue, while this is undeniably true, it is also very much a human health issue. Hundreds of thousands of people are already dying each year from climate change and left unchecked this will get far worse.

From air pollution, to diminishing clean water supplies to food insecurity and extreme weather, climate change has a host of impacts that make it a grave threat to human health.

The Hippocratic Oath, the cornerstone of medical ethics states: "I will take care that they suffer no hurt or damage.." Bearing this in mind medical workers cannot in good conscience ignore climate change.

That is why a number of health care professionals are coming together in support of action on climate change. In particular some are showing their support for divestment from fossil fuels as an important first step towards improving human health.

Infographic - Why You Should Sell Your Fossil Fuel Stock Now (DC Divest)