New York state divests from fossil fuels in historic move
The massive pension fund’s financial portfolio is worth $226 billion. The new plan is to sell off the riskiest gas and oil stocks and be completely divested from fossil fuels by 2025.
Oil, natural gas & divestment
Denmark announces end to oil & gas exploration in North Sea
According to the Washington Post, the Danish Parliament voted on December 3 to end offshore gas and oil extraction, which had started in 1972 and made the country the largest producer in the European Union. The Danish government says it is “now putting an end to the fossil fuel era.”
San Francisco, Oakland, and Seattle ban natural gas in new buildings
In November, San Francisco’s Board of Supervisors voted to ban natural gas in new buildings. On December 2, Oakland’s city council did the same. Now Seattle Mayor Durkan announced a proposal to ban natural gas in new commercial and large multi-family construction for space and most water heating.
Bank of America promises to not fund Arctic drilling
After ongoing pressure from environmental groups and Indigenous communities, Bank of America has said it will not finance any oil and gas exploration in the Arctic, making it the last major U.S. financial institution to do so.
47 faith institutions from 21 countries to divest from fossil fuels
The institutions which announced their divestment include the Commission of the Bishops’ Conferences of the European Union, Irish religious order the Sisters of Our Lady Apostles, the American Jewish World Service, and the Claretian Missionaries in Sri Lanka. Catholic, Protestant, and Jewish organizations joined the coalition.
University of Cambridge drops its $4.5 billion endowments from fossil fuels
The university will divest from conventional energy by the end of the year, build “significant investments” in renewable energy by 2025, divest from remaining fossil fuels by 2035, and become net-zero across its portfolio by 2038.
Mayors from 12 major cities commit to divesting from fossil fuels
The declaration was initially signed by the mayors of Berlin, Bristol, Cape Town, Durban, London, Los Angeles, Milan, New Orleans, New York City, Oslo, Pittsburgh, and Vancouver. Together the cities represent more than 36 million residents.
Charleston sues 24 fossil fuel companies for costs of surviving climate change
As Charleston approaches Friday’s third anniversary of Hurricane Irma’s extreme surge and flooding that devastated the city, officials today filed a lawsuit in South Carolina state court to hold fossil fuel companies accountable for the costs of adapting to the harmful impacts of climate change.
The Dow Jones just dropped its oldest member: Exxon Mobil
Exxon Mobil is an iconic blue-chip stock and the longest-tenured member of the index. Exxon’s exclusion represents a big drop from the days where oil companies were kings of the stock market.
Major hedge fund dumps oil companies for lobbying against climate action
Storebrand, a Norwegian asset manager, divested from miner Rio Tinto, as well as US oil giants ExxonMobil and Chevron, as part of a new climate policy targeting companies that use their political clout to block green policies.