The fossil economy keeps going and growing, because money is being invested into continued extraction of fossil fuels. This is one important front of the struggle for the great transition. Investing in fossil fuels today is not only unethical, it is economically unviable in the long term – unless we keep doing business as usual for many more years and consequently lose the battle against the climate crisis, totally wrecking our planet. Betting money on that possibility means making profits on the back of human suffering and ecological destruction! We should dry up the flow of money into the fossil fuel industry now.
There are several things that you can do:
- Invest your own money in ethical companies and banks, or simply keep it in your own community!
- Lobby governments, universities, companies etc. to drop unethical investments, such as fossil fuel companies stocks, as promotes 350.org’s Divestment campaign (see also this report on the Norwegian Pension Fund).
- Actively use shares in fossil companies to voice concerns at shareholder meetings (see the Association of Ethical Shareholders Germany for a group that uses this strategy).
Here are some resources to understand the issues:
- The Carbon Tracker Initiative is pushing for redrawing the rules of the financial “games” so that the risk of the Carbon Bubble is factored in.
- The International Energy Agency’s World Energy Investment Outlook, 2014 shows that a trillion dollars per year are still getting invested in fossil fuels, but renewables are catching up, in 2013 to a third of that figure.
- For news on energy investments, check Energy Investing News and Bloomberg New Energy Finance News.
- The Shale Bubble is an example of how billions are wasted in a dangerous way that makes global warming worse.