Probably one of the more revered pieces of paper out there: an Oxford degree. But if Oxford University vetoes the divestment plea and does not move its investments into cleaner energy sources at least one Oxford graduate will relinquish his highly-coveted Oxford doctorate degree. Many more have occupied the Clarendon building in defense of divestment. Jermey Legget, doctor of Earth Sciences, is standing with the divestment campaign and those that occupied Oxford this Monday.
The ‘Fossil Free’ campaign stresses that money must move out of financing fossil fuel exploration and extraction. Coal, oil, and gas needs to stay underground to stabilise temperatures and regulate the greenhouse gases in the atmosphere to healthy levels. That’s the moral argument.
There is also a financial argument to divest. As the uptake of solar increases it makes financial sense to follow market trends and move into solar and other non-renewables. Also in the long-term to avoid financial risk better to move out of industries that have no future.
Still need convincing? Well, the president of the World Bank, used his stage at Davos to speak of divestments urgency. Jim Yong Kim urged investors to “Be the first mover. Use smart due diligence. Rethink what fiduciary responsibility means in this changing world. It’s simple self-interest. Every company, investor and bank that screens new and existing investments for climate risk is simply being pragmatic”?
Come on, get with the times. Save the planet!
with every month that goes by, the university risks being on the wrong side of history. Thirty-five years ago, I hammered out my DPhil thesis on a typewriter. I hand-drew my diagrams and annotated them with stencils. And where will we be 35 years from now, where energy is concerned, in a digital age? Not relying on the fuels that give the energy incumbency its current power. Google has already passed the billion-dollar mark in its renewable-energy investments. The Bank of Abu Dhabi, no less, has already said that the majority of future energy investment in that time frame will be in renewables. The Bank of England is currently investigating whether or not the fossil fuel industries today pose a threat to the stability of the global capital markets.