Local agencies move to sell from fossil fuels as world leaders meet about climate | Chicago News

World leaders, especially not Chinese President Xi Jinping or Russian Vladimir Putin, are meeting in Scotland to discuss ways to avoid a global climate catastrophe.

The COP26 meeting is being claimed as the last chance for humankind to tackle climate change before it is too late.

“We are at an inflection point in world history,” President Joe Biden told a leaders’ rally on Monday. “We invest in ourselves to build a fair clean energy future, in the process of millions of high-paying jobs around the world, cleaner air for children, richer oceans, and the planet. Has the ability to create healthier forests and ecosystems for. “

Last month, the $ 8.2 billion MacArthur Foundation announced a decision to sell from fossil fuels.

In a statement announcing the decision, President MacArthur John Parfrey described climate change as “probably the greatest existential threat to the well-being of our planet and our population.”

“The climate crisis affects everyone in the world, but it’s not equal,” Palfrey said in a statement. “From wildfires that consume precious forests and prey on communities. To superstorms that flood homes with floods and destructive infrastructure. Water scarcity and drought that destroy crops and livelihoods — many communities already estranged But you can see that they are suffering from climate change more than other communities. “

In line with the Foundation’s goal of “creating a fairer, greener and more peaceful world,” Palfrey said investing in the fund and making it more consistent with the program’s goals, mission and values. He said he promised. We are on the road to divestment from fossil fuels. “

Earlier this month, Loyola University Chicago announced that it would also sell it from fossil fuels.

But making an announcement is one thing, and the implementation is a completely different thing.

Catherine Wyatt, Chief Investment Officer at Loyola University in Chicago, oversees assets of approximately $ 1.5 billion. Identifying and rewinding fossil fuel investments can be a complex and time-consuming process, Wyatt said.

“We promised to sell the securities we hold directly,” Wyatt said. “That is, anything in the account that Loyola holds in particular will terminate their investment … and we will terminate a fund that has specific authority over fossil fuels. I promised, so in some cases I closed the entire fund. “

Loyola is also working to eliminate potentially problematic private investment partnerships “in accordance with the terms of the partnership agreement,” Wyatt said.

At the University of Wisconsin-Madison, law professor Steph Tai has been promoting the sale of fossil fuels to the university and its foundations for many years. In March, university faculty passed a resolution calling on the University of Wisconsin Foundation to disclose fossil fuel holdings and develop plans to withdraw from those investments.

However, faculty members have taken their demands further.

“It’s unusual for our sale resolution to include procurement,” Thai said. “Some critics of the divestment effort say it’s just part of the puzzle. Our focus is on both the transparency and procurement of divestment.”

The University of Wisconsin has already set up a Sustainable Purchasing Working Group to identify and calculate the environmental impact of university purchases, but Tai said the University of Wisconsin Foundation “has not yet worked with us.” “.

Formerly a lawyer for appeals in the Environment and Natural Resources Division of the U.S. Department of Justice, Tai said analysts and investors are now beginning to assess the risk of maintaining an investment in fossil fuels due to liability concerns. I am. Just last week, the CEO of a major oil company was accused of lying at a parliamentary hearing about knowing about the environmental impact of fossil fuel burning.

US Congressman Carolyn Maloney in New York likened the CEO’s response to the tobacco industry’s response.

“For (currently) good risk management, support for divestment has increased significantly,” says Tai. “In reality, it is more risky to continue investing in fossil fuels.”

Local agencies move to sell from fossil fuels as world leaders meet about climate | Chicago News

Source link Local agencies move to sell from fossil fuels as world leaders meet about climate | Chicago News

Related Articles

Back to top button