I remember well the first institution to announce it was divesting from fossil fuel. It was 2012 and I was on the second week of a gruelling tour across the US trying to spark a movement. Our roadshow had been playing to packed houses down the west coast, and we’d crossed the continent to Portland, Maine. As a raucous crowd jammed the biggest theatre in town, a physicist named Stephen Mulkey took the mic. He was at the time president of the tiny Unity College in the state’s rural interior, and he announced that over the weekend its trustees had voted to sell their shares in coal, oil and gas companies. “The time is long overdue for all investors to take a hard look at the consequences of supporting an industry that persists in destructive practices,” he said.
Six years later, we have marked the 1,000th divestment in what has become by far the largest anti-corporate campaign of its kind. The latest to sell their shares – major French and Australian pension funds, and Brandeis University in Massachusetts – bring the total size of portfolios and endowments in the campaign to just under $8 trillion (£6.4tn).
The list of institutions that have cut their ties with this most destructive of industries encompasses religious institutions large and small (the World Council of Churches, the Unitarians, the Lutherans, the Islamic Society of North America, Japanese Buddhist temples, the diocese of Assisi); philanthropic foundations (even the Rockefeller family, heir to the first great oil fortune, divested its family charities); and colleges and universities from Edinburgh to Sydney to Honolulu are on board, with more joining each week. Forty big Catholic institutions have already divested; now a campaign is urging the Vatican bank itself to follow suit. Ditto with the Nobel Foundation, the world’s great art museums, and every other iconic institution that works for a better world. [Continue reading…]