Lifeline: Fossil Fuel Divestment
Summary
Divestment from fossil fuels is crucial to combat climate change by bringing economic pressure on Big Oil & Gas and encouraging investors to align with a just transition to renewable energy.
Overview
The extraction and burning of fossil fuels is the primary cause of climate change, leading to rising temperatures, extreme weather events, and ecological disruptions. Global CO2 emissions reached a record high in 2022 of 36.6 billion tons. According to the IPCC, if there’s no significant action to reduce emissions, the world will exceed the remaining carbon budget for 1.5°C (50%). Fossil fuel companies wield immense power, hindering renewable energy adoption and endangering human health and biodiversity. As communities around the world face climate whiplash, fossil fuel companies bargain with our lives and livelihoods in the name of profit. The IPCC urgently warns that “there is a rapidly closing window of opportunity to secure a liveable and sustainable future for all,” with UN Secretary General Antonio Guterres stating, “new funding for fossil fuel exploration and production infrastructure is delusional.” Divesting can accelerate the global transition to clean energy and sustainable practices.
Data
The Global Fossil Fuel Divestment Commitments Database — originated in 2012 by 350.org; now managed by Stand.earth — showcases the incredible success of the fossil fuel divestment movement, with 1591 institutions representing over $40.51 trillion in assets committed to divest. The database is updated every time a new commitment is made public.
“The only thing more powerful than data is creative art that helps communicate it — and that’s exactly what the new Climate Clock Divestment Lifeline does. Fossil fuel divestment is a key tool in our collective toolbox not only to tackle the climate crisis but also to reinvest in climate-safe solutions like renewable energy, Indigenous land back, and public housing. Today, we celebrate the incredible people power behind the Fossil Fuel Divestment movement through this new lifeline.”
How to use this lifeline
Use this Lifeline to celebrate the already impressive achievements of the divestment movement, urge more institutions to divest their holdings from fossil fuels and invest in renewable energy and other climate-safe solutions towards a just transition.
