And at this point, the transition beyond colleges and universities has expanded. Announced that it will sell shares of the pension fund that serves New York City and state employees; Earlier this year, the Maine Legislature ordered the relocation of the state pension fund; And just last month, Quebec’s largest pension fund joined the storm. We have seen all religious groups – bishops, unitary unions, US Lutherans – join the call. The pope became an outspoken supporter (and announced the resignation of many prominent Catholic institutions). Mayors of major cities, including Los Angeles, New York, Berlin, and London, have expressed support. And the whole country, even the Netherlands, has announced that it will spend its public money.
And some of the world’s most important investors have joined in. Just last week, the Ford Foundation went into action, adding to its huge automotive wealth. The first major bank this month – French Bank Postal – announced that it would end its lending to oil companies before the end of the decade.
Since many people do not have oil wells or coal mines in their backyards, relocation is a way to allow more people to engage in climate change because they are associated with a pension fund, mutual fund, endowment or other pot. Money. Our immediate goal when we launched the relocation campaign was, as we put it, Big Oil’s “social license” to occupy. Earlier this week, executives of major oil companies testified before Congress that their company had misled the public about global warming and wanted to take action.
Climate, and the world, are changing. What challenges does the future hold? How should we respond to them?
The activity is so large that it is now trying to increase the capital of some companies. A.D. In early 2017, Peabody listed the transfer as a major concern. The following year, Shell warned shareholders that the campaign could “negatively affect our ability to access capital markets and equity capital markets.
Early abductions have received excellent rewards; Over the past five years, the market has grown by 16 percent but the oil and gas sector has fallen by 3 percent year-on-year. Many investors are now investing in clean energy, with returns increasing by 22 percent annually over the same period. And another sweet result was the formation of a group of young climate activists called the Sun Rice Movement, who ratified the proposed new green agreement. This was a training ground for activists around the world.