Divest Pittsburgh

“To serve as custodians of creation is not an empty title; it requires that we act, and with all the urgency this dire situation demands!”-Former Bishop Desmond Tutu

In 2013 Bill McKibben was in Pittsburgh being honored by the Thomas Merton Center for his achievements on action against climate change. He spoke of things many of us are familiar with when it comes to this issue, the visible effects of climate change, the corporate and political powers that drive the energy industries…etc. Though there was one subject that he spoke of that was still on the ground level of taking off across the country, that was fossil fuel divestment.

Divestment is simply the opposite of investment, to take previous financial assets and pull them out of their holdings. Divestment can be both socially and financially driven. The aim of a divestment movement is not to necessarily bankrupt an entity, but to put public pressure on a organization that is acting against a moral code. For instance one of the largest and most successful campaigns that the 1980’s divestment movement against South Africa, where the United States along with many other nations chose to divest assets and boycott further financial interactions with the country until they ended the apartheid (racial segregation and discrimination.) This particular campaign started in small interfaith organizations. It spread to colleges and universities, states and local governments, and then to federal laws and regulations. Fossil fuel divestment has already begun to build great momentum, with over 479 institutions divesting and over 2.6 trillion dollars taken out of the energy industry. Recently the states of both California and New York chose to divest from the coal industry, and the city of Rhode Island divested from coal, natural gas and oil. The Rockefeller Institution, whose wealth was built on the oil industry, has already taken it’s 879 million dollar organization out of the fossil fuel industry. Many leaders have called for divestment including former Archbishop Desmond Tutu, UN Secretary General Ban Ki-moon, former Irish president Mary Robinson, and just recently Leonardo DiCaprio divested his charity and personal portfolio. This has become a worldwide movement from small institutions to major cities and nations choosing to no longer financially support an industry that is damaging our planet beyond repair. In early 2014, after being energized by Mr. McKibben’s message, a small group of TMC members started the City of Pittsburgh’s divestment campaign. Their message was simple, immediately freeze any new investments in fossil fuels and by 5 years be completely out of any coal, oil, or natural gas investments. They called upon Mayor Bill Peduto, City Council, and the Pension Board to take the ethical stand take action by withdrawing the cities 580 million dollar pension fund from this dangerous industry. The campaign started with in depth research into the history of divestment and its financial implications. Recently a webinar was held with the organizers, former Mayor of Seattle, Michael McGinn (who presented divestment legislation), CEO of Trillium Assets Management Matt Paski, and members of City Council. During this discussion Mr. Patski, whose company has been a leader on responsible and sustainable investments, gave reasons why divestment is not only the ethical action, but a wise financial decision. “These companies wealth is based mostly on resources that are still in the ground, with the regulations and laws that are being passed we could see most of their wealth becoming stranded assets.” What that means is energy companies base most of their wealth in recourse in the ground, and with laws like the new EPA regulations restricting ways and methods of extraction, they have seen a decline in production. Coal is down 34% in the last ten years and 46% in the last year making it a dangerous financial investment. Oil, as predicted by Goldman Sachs could reach 20 dollars a barrel in 20 years making it a weak and risky investment. These financial reasons are out-shined by the ethical stand divestment takes. We are at the global tipping point, where if immediate action is not taken to drastically change our behavior when it comes to burning fossil fuels, we will see horrible climate disasters across the earth (if this isn’t happening already.) Divestment is a call to action. This campaign urges the cities leaders and residents to make a stand against corporations that have recklessly harmed the environment and all living things that encompass it. Pittsburgh was the third city to divest from South Africa during the 80’s. Let us be a global leader again and show these companies we will not stand by and allow them to continue to destroy the earth. To join the campaign, sign the petition to the Mayor, or find more information on divestment go to divestpittsburgh.com or follow the campaign on Facebook by searching Pittsburgh: Divest from Fossil Fuels.

Raphael Cardamone is...

#article