Greta’s Generation Says Stop Digging

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Shell said last year that divestment had become a material risk to its business.’ Shell’s Brent Bravo oil rig arrives on Teesside for decommissioning, June 2019. Photograph: Ian Forsyth/Getty Images

Bill McKibben explains the movement and its best chance of success:

Divestment works – and one huge bank can lead the way

On 15 October, the European Investment Bank meets to decide its policy on fossil fuels. The hand of history is on its shoulder

Millions of people marched against climate crisis over the past two weeks, in some of the largest demonstrations of the millennium. Most people cheered the students who led the rallies – call them the Greta Generation. But now we’ll start to find out if all their earnest protest actually matters.

Perhaps the first real test will come on 15 October, when the board of the EU’s European Investment Bank – the largest public bank in the world – meets to decide whether the time has finally come to stop expanding the fossil fuel sector. This should be a no-brainer decision: the bank’s staff has put forward a cogent proposal, supported by campaigners across the continent, that would end loans to new fossil fuel projects by 2020.

That plan fits with the facts: when the world’s climate scientists declared last autumn that we would need to have fundamentally transformed our energy sector within a decade, it was clear that the first job was to stop building any new infrastructure. The first rule of holes is, when you’re in one, stop digging.

In this case that means no more digging for gas pipelines or ports or anything else that will help lock in carbon emissions for decades to come. In the past week of Guardian reporting we’ve learned that the biggest oil companies plan to increase production as much as 35% in the next decade. It’s going to be hard enough to phase out the vast existing fossil fuel infrastructure in the years ahead: adding new projects at this point is insane.

And if the EIB does act, it will send a strong signal to markets and to other lenders. For almost a decade now, observers have understood that restricting the flow of money to the fossil fuel industry is a key part of the climate fight. That’s why endowments and portfolios worth more than $11tn have begun divesting their fossil fuel stocks; last month the University of California system became the latest big player to join in, scrubbing its $80bn endowment and pension fund of fossil fuel stocks. Heck, even a major American utility announced that it was divesting its pension fund because it could see where the future lay…

Read the whole op-ed here.

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