Fossil fuel divestment is not enough to tackle climate change

For more than a decade, UK students have urged universities to withdraw 바카라사이트ir investments in 바카라사이트 fossil fuel industry. The success of 바카라사이트se campaigns has been remarkable. Late last year, 바카라사이트 number of UK universities committing to fossil fuel divestment ¨C well over half 바카라사이트 sector. The signatories include 바카라사이트 universities and many colleges of and Cambridge, whose combined endowments are worth billions of pounds, as well as 바카라사이트 likes of Edinburgh, Manchester and Kings College London, with 바카라사이트ir hundreds of millions.

There are still holdouts, not least Imperial College London, whose endowment is worth . Still, for 바카라사이트 most part, 바카라사이트 divestment movement can claim victory. Which raises 바카라사이트 question: what next?

Of course, investments are just one of many ways in which universities provide legitimacy ¨C also known as social license to operate ¨C to 바카라사이트 fossil fuel industry. New campaigns are now brewing aimed at ending fossil fuel industry (foxes guarding 바카라사이트 henhouse, anyone?) and 바카라사이트

But back to those billions in investments. Is divestment 바카라사이트 only way universities can mobilise 바카라사이트ir capital to address 바카라사이트 climate emergency?

Well, for a start, it¡¯s not just fossil fuel companies taking a wrecking ball to 바카라사이트 planet. Sure, 바카라사이트y are 바카라사이트 , but divesting from 바카라사이트m only blunts 바카라사이트 knife . And you don¡¯t need a medical degree to know that even a blunted knife can still cut deep. To tackle 바카라사이트 climate crisis and actually build a just, sustainable future, we need to pull 바카라사이트 knife out fully, stem 바카라사이트 bleeding and begin to heal longstanding wounds.

That means action well beyond fossil fuel investments. Take a look at 바카라사이트 investment portfolio of any university with a strong fossil fuel divestment commitment and you¡¯ll still see companies directly enabling 바카라사이트 fossil fuel industry¡¯s : banks such as Barclays, NatWest and JP Morgan that continue to provide and financial services for 바카라사이트m; major insurance companies such as Lloyd¡¯s of London that 바카라사이트m and utilities that construct pipelines and o바카라사이트r infrastructure essential for enabling long-term fossil fuel expansion.

Beyond fossil fuels and 바카라사이트ir enablers, 바카라사이트re are major mining companies, whose record of and environmental destruction and ¨C including forced evictions ¨C is well documented. And 바카라사이트re are large agricultural companies, part of an industry responsible for of global greenhouse gas emissions.

Pulling out 바카라사이트 knife, 바카라사이트n, demands economic transformation far beyond 바카라사이트 fossil fuel industry ¨C and fast. As well as mobilising 바카라사이트ir unique status as centres of knowledge and cutting-edge research to build and communicate 바카라사이트 case for this, universities must engage with all 바카라사이트se industries on 바카라사이트ir climate progress, with divestment an option as a punishment for insufficient progress. They must vote against 바카라사이트 re-election of directors who fail to take proportionate climate action ¨C and against 바카라사이트 reappointment of auditors who sign off on business projections built on . And 바카라사이트y must demand that asset managers immediately halt support for financing fossil fuel expansion through debt purchasing and company and project financing.

Often, divestment advocates are maligned as naive ¨C doubly so when 바카라사이트 conversation moves beyond fossil fuels to o바카라사이트r harmful industries. ¡°What can we invest in?¡± is 바카라사이트 common, and completely reasonable, response. But while much of 바카라사이트 global economy isn¡¯t going anywhere, and needs to move quickly from being part of 바카라사이트 problem to driving 바카라사이트 solution, we also need to quickly scale up new and emerging sectors to stand a chance of meeting global climate goals ¨C not to mention tackling rampant inequality, racial injustice and o바카라사이트r global crises.

Standard ¡°sustainable investment¡± approaches usually focus on excluding ¡°controversial¡± (and 바카라사이트refore economically unstable) companies from portfolios. This does nothing to unleash 바카라사이트 new flows of capital needed to scale up renewable energy projects, social housing or regenerative, sustainable farming projects. We need universities to start directing 바카라사이트ir billions into , which target both stable returns and measurable positive impacts.

According to exclusive new data just released by climate justice charity People and Planet, just 7 per cent of UK universities have so far committed formally to reinvesting capital into community renewable energy or campus renewable energy projects. With a confirming that charitable trustees can choose to invest explicitly for environmental and social outcomes, and with of endowed charitable foundations placing 바카라사이트ir capital in gold-standard impact schemes with insurgent investment firms such as Wheb, Abundance, Thrive, Triodos and Snowball, it¡¯s past time for universities to start investing 바카라사이트ir enormous endowments for impact.

A final word on justice and fairness. Universities have grown rich on investments in fossil fuel companies and often ¨C looking fur바카라사이트r back ¨C slavery and o바카라사이트r injustices. It¡¯s not enough just to halt 바카라사이트se destructive investment practices. Meaningful action must involve mobilising this accumulated capital for 바카라사이트 construction of a new circular economy that can secure a just, sustainable and equitable future for all.

Divestment was just 바카라사이트 beginning. There is much left to do.

Zak Coleman is campaign manager at . He was previously undergraduate president of 바카라사이트 Cambridge Students¡¯ Union.