November 12, 2014

China and US Take Step Forward on Climate, Strengthening Case for Divestment and Rejecting Keystone XL

New York City — China and the Unites States announced a new agreement on climate change tonight. The following is a statement from May Boeve, Executive Director of

“It’s no coincidence that after the biggest climate mobilization in history, world leaders are stepping up their ambition on climate action. This announcement is a sign that President Obama is taking his climate legacy seriously and is willing to stand up to big polluters. But the real proof will be in the pudding. There’s no way approving the Keystone XL pipeline and additional fossil fuel development is compatible with this pathway. President Obama needs to build on this announcement and continue to take on climate deniers in the oil industry and Congress to ensure a clean future.

Today’s announcement also strengthens the case for fossil fuel divestment. The US and China reaffirming their commitment to limiting global warming to 2°C should send shockwaves through the financial markets, because the only way to meet that target is by leaving 80% of fossil fuel reserves underground. The industry’s business plan is simply incompatible with the pathways laid out today. It’s time to get out of fossil fuels and invest in climate solutions.”