The Divestment Campaign: Reflections
Aaron Thierry, Sheffield Students' Union campaigns coordinator
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5-min TED-style summary talk reflecting on the the University of Sheffield Divestment Campaign.
Talk held in May 2017 at the 'Changing Systems: Not Just Changing Lightbulbs' workshop. |
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Talk summary:
Across the world, this campaign has now diverted $5 trillion from investment in fossil fuels. Why is it proving to be so effective?
The campaign began when a group of university friends in the United States got together with Bill McKibben, the renowned environmental campaigner, in 2008 to found 350.org. Bill presented the “terrifying maths” – quite simply, there are far more reserves on fossil fuel companies’ books than we can possibly burn. We cannot continue with 'business as usual' – the calculation is clear and stark: we can burn only about one fifth of these reserves.
What, then, do we do? Fossil fuel companies, the campaign argues, have been granted a social licence by our politicians, and our institutions – such as our universities. This licence allows these companies to operate, and to make demands on politicians concerning how they operate, without proper heed to the climate and environmental consequences. They have been financed by our investments to go ahead with exploiting these reserves. We need, therefore, to withdraw this social licence and these investments if we are to maintain a liveable climate.
Students in universities around the world understood this message, and began presenting the case for divestment to senior managers. The argument was two-fold; the moral imperative to act, and the financial risk of investing in assets which must not be used, and could therefore have no actual value. At first, their arguments were dismissed – and so they found more evidence to support their case, and began to mount pressure on universities through petitions and protests. The campaign gained momentum.
This campaign has not shied away from confrontation when it’s been called for. It inevitably met opposition, but gathered strength by broadening its support. We are now at a point where the case has been won in many academic institutions, and indeed others such as religious organisations, in many countries. It’s sending a strong signal to the fossil fuel industry – and to the clean energy industries, that are growing everywhere.
Across the world, this campaign has now diverted $5 trillion from investment in fossil fuels. Why is it proving to be so effective?
The campaign began when a group of university friends in the United States got together with Bill McKibben, the renowned environmental campaigner, in 2008 to found 350.org. Bill presented the “terrifying maths” – quite simply, there are far more reserves on fossil fuel companies’ books than we can possibly burn. We cannot continue with 'business as usual' – the calculation is clear and stark: we can burn only about one fifth of these reserves.
What, then, do we do? Fossil fuel companies, the campaign argues, have been granted a social licence by our politicians, and our institutions – such as our universities. This licence allows these companies to operate, and to make demands on politicians concerning how they operate, without proper heed to the climate and environmental consequences. They have been financed by our investments to go ahead with exploiting these reserves. We need, therefore, to withdraw this social licence and these investments if we are to maintain a liveable climate.
Students in universities around the world understood this message, and began presenting the case for divestment to senior managers. The argument was two-fold; the moral imperative to act, and the financial risk of investing in assets which must not be used, and could therefore have no actual value. At first, their arguments were dismissed – and so they found more evidence to support their case, and began to mount pressure on universities through petitions and protests. The campaign gained momentum.
This campaign has not shied away from confrontation when it’s been called for. It inevitably met opposition, but gathered strength by broadening its support. We are now at a point where the case has been won in many academic institutions, and indeed others such as religious organisations, in many countries. It’s sending a strong signal to the fossil fuel industry – and to the clean energy industries, that are growing everywhere.