Divestment webinar: 'We cannot be people who profit from the wreckage of this planet'

Religious institutions have been thanked for their "remarkable response" to the campaign to divest from fossil fuels by one of the world's leading climate campaigners. Bill McKibben was the first speaker at a webinar on 16 February, 'The Climate Emergency, CO26 and Fossil Fuel Divestment', organised by the Methodist Zero Carbon Group, Operation Noah, and Christian Aid. Nearly 400 people participated.

Speaking from the United States, the founder of the 350.org environmental campaign applauded people of faith for sending "a powerful moral signal" that greenhouse gases must be reduced. "People are still able to take a moral stance on things that matter, he reflected, and it was "beautiful to watch that happen". He expressed gratitude to faith groups in the UK, such as Operation Noah and the Methodist divestment campaigners, "who have been making this case for a decade". The leadership of Pope Francis in calling for fossil fuel divestment was praised.

He pointed out that there is now also a, "profound financial argument for divesting" even though the fossil fuel giants, "are trying to extend their model for another few decades, by which time we would have a broken planet". The fossil fuel industry is not producing lucrative returns for people and the huge drop in solar and wind power prices have made these investments attractive. He noted that more than half the colleges and universities in the UK have divested from fossil fuels and thanked young climate campaigners. "We must continue to reduce the power of the fossil fuel industry" he reported and said that the Exxon corporation has reduced in power because of the campaigning work. He lamented that the fossil fuel companies' sponsorship of climate disinformation long kept people from taking action. "We are behind" he said; "we can't stop global warming but we may stop it cutting off our civilisation at the knees!"

McKibben felt a renewed ethical solidarity would emerge from the Covid pandemic, and some variation on a Green New Deal with emphasis on clean and renewable energy. The Glasgow climate meeting in November, "will be the most important since Paris in 2015" and "could be a moment of great hope and great power". He described the growing power of the climate movement to seeing "the Holy Spirit at work".

Mark Campanale, Founder and Executive Chair of Carbon Tracker, agreed that "divestment is not just a moral imperative, but clearly a financial one." The return on capital from fossil fuel investments is reducing and the divestment campaign in the UK is very important because, "from a financial markets point of view London is very important." He reported that despite the Paris Agreement and the green claims of the big players in the fossil fuel industry, such as Shell, these fossil fuel companies, "are not diverting from business as usual". However, "the arrival of cheaper clean technology has wiped out the value off dirty investments" and investors are "jumping into" solar and wind stocks.

James Buchanan, Bright Now Campaign Manager at Operation Noah, reported there is clear evidence that fossil fuel companies are concerned about divestment campaigning. Church divestment announcements are made regularly by Operation Noah, in partnership with the Global Catholic Climate Movement, World Council of Churches and Green Faith. Information on how to 'Divest your Church' is available on the Bright Now website. Bokani Tshidzu of Bright Now explained that the next global divestment announcement will be made on 17 May. At the last one in November 2020, 47 faith institutions from 21 countries, including nine institutions from the UK, announced their divestment from fossil fuels as a practical response to the climate emergency.

A Scottish Churches webinar on 3 March will focus on a green recovery. Eco-Congregation Scotland, in partnership with Operation Noah, Christian Aid and Friends of the Earth Scotland, has launched a Scottish Churches COP26 Pledge which can be signed by individuals, churches, regional Church bodies (e.g. dioceses) and national Churches. The pledge aims to demonstrate the support of the Scottish Churches for urgent climate action and the need for a just and green recovery from Covid-19.

LINKS

Bright Now: www.brightnow.org.uk

350.org: https://350.org/