As of last year, close to one thousand institutions with three per cent of global savings under management have engaged in some form of divestment from fossil fuels.
In June 2019, Norway’s parliament unanimously voted in favour of directing its $1.06 trillion Government Pension Global Fund (GPGF), the Norges Bank, to divest more than $13 billion from fossil fuels while dedicating more investments to clean technologies.
The caveat is that this will apply only to companies that are exclusively in the business of upstream oil and gas production and some coal sector investments. The GPGF is Norway’s sovereign fund derived from oil industry revenues to assure Norway has a steady source of revenues in the post-oil world.
Shell has expressed concern that the growing fossil fuel divestment movement could impact on the company’s performance.
With so many Canadians eagerly awaiting the end of the anti-democratic, unaccountable Harper regime, some seem to be inclined to support any alternative that may stand a chance for replacing the Cons in 2015, after the next federal election. But maybe we should take a pause to think this through just a little more. Canadian Idol Trudeau, though he hasn’t said that much so far, has already shown that he shares many of the policy positions of Harper. This is where things get scary.
Justin Trudeau announced another of his Liberal government’s green plans in December. I have lost track of how many green plans we have had, but not a single one has met its targets. With the prime minister set to officially meet with the new U.S. president Tuesday, the Liberals’ environmental agenda looks embarrassingly unambitious by comparison.
Raising the price of carbon is one of the pillars of the government’s latest plan to reduce greenhouse gas emissions. But there are no magic bullets and piecemeal measures don’t work.
In other regions that have carbon pricing mechanisms, such as the European Union and China (with its pilot schemes), climate change abatement plans consist of many complementary measures, including stringent legislation.
The business model of Big Oil has already started to collapse. The model is premised on strong growth to fuel high prices and render economically viable the exploitation of expensive-to-develop, non-conventional fossil fuels, including the tar sands and shale oil and gas.
Putin’s war has created an electroshock for Europe because it depends on fossil fuel imports for 60% of its energy, one-third of which comes from Russia. Organically evolving European Union (EU) plans target 2027 for a massive and rapid transition to a green economy and energy independence. Renewables, electric vehicles, clean technologies and energy efficiency will all play major roles in the creation of fast-forward paradigms for global emulation. For the immediate, by the end of 2022, EU plans entail cutting Russia gas imports by two-thirds, substitution fuel sources plus ramping up renewables and energy efficiency. These EU plans will be devastating for the Russian economy. Russia needs European oil and gas revenues more than Europe needs these fuels.