I am part of DIVEST Loyola and the Loyola Association of Students for Sustainability and when we worked together with different on-campus and off-campus organizations to create the first ever Earth Week celebration at Loyola New Orleans this year, I wondered how great it would be if all Jesuit institutions somehow worked together under one sustainable movement to encourage, empower, and educate each other for a greater change among our greater Jesuit community.
Tag Archive for fossil fuel
The word “divestment” is nowhere to be found in the nearly 200 pages of the papal encyclical released Thursday, but by addressing the threat of climate change in such a forceful way, Pope Francis is likely to add momentum to the movement by big institutions to sell holdings tied to fossil-fuel stocks.
The Norwegian Parliament has just ordered its $A1.15 trillion Sovereign Wealth Fund to divest from coal. This represents the largest single divestment from fossil fuels in human history, and our biggest sign yet that the age of coal is over and the financial case for investing in fossil fuels is likely to disintegrate.
Georgetown University’s board of directors voted to divest the school’s endowment from coal companies Thursday, a move that fell short of students’ hopes for divestment from all fossil fuel companies.
Students staged a sit-in on campus in the lead-up to the board meeting to press the school’s board of directors to vote in favor of divesting from fossil fuels. They were disappointed by the board’s final decision — coal makes up only a small portion of the board’s total investments, they said, and as a Jesuit institution, Georgetown has a moral obligation to divest from fossil fuels.
The conference, which ran March 19-21, saw the six participant upper Midwest Jesuit universities sharing curricular ideas and resources, with an eye toward developing the best educational practices and forming a strong collaborative force for sustainability and addressing environmental issues in the years ahead. On the conference’s final day, its host Nancy Tuchman, director of Loyola-Chicago’s Institute of Environmental Sustainability, announced the schools would collectively, as Jesuit institutions that are part of a larger network, “develop a statement that gives a common voice to Jesuit concern for the planet with a call to action.”
The international movement to divest from investment in fossil fuels is gathering momentum. Investors are starting to realise the dangers associated with the problem of stranded assets; that is, as governments act to restrain fossil fuel consumption in an effort to address climate change, fossil fuel companies will find their assets being written down. It is of no value to have millions of tons of coal in the ground if carbon taxes or emission trading schemes prevent you from ever digging it up.