GLOBAL — At COP23 today, UN Chief Antonio Guterres warned that investments in fossil fuels means “an unsustainable future” and that time is running out to prevent calamitous climate change caused by atmosphere-fouling emissions.
In response, Yossi Cadan, 350.org Global Divestment Senior Campaigner, issued the following statement:
“The Secretary General’s statement should make it crystal clear to investors and financial institutions around the world: if you’re still funding fossil fuels, you’re part of the problem. Guterres’ statement, along with today’s announcement from Norway that they’re looking at ditching oil and gas, is a clear sign that momentum is on our side.
This December, French President Macron will host a climate summit focused on mobilizing finance for climate solutions. We call on him, and all would-be climate leaders, to commit to not put one penny more into fossil fuels.
Now, the United Nations must also walk the talk and divest its pension fund from fossil fuels. If Secretary General Guterres doesn’t want to retire on a dead planet, he should tell his pension fund managers to follow his own advice.”
What began as a moral campaign is now a mainstream and responsible financial tactic. To date, over 800 institutions representing more than $5.4 trillion in assets have committed to some level of divestment. Recent reports have found the fossil fuel divestment movement successfully changed the conversation around climate change and the responsibility of all decision-makers and institutions to take action..