Blog Archive: carbon bubble Archives - Bright Now

11

Oct

2018

985 institutions and counting: the divestment movement is gaining momentum and giving cause for hope

You could be forgiven for feeling more than a little depressed about climate change at the moment. The latest major UN report on the issue, released earlier this week, calls for ‘rapid, far-reaching and unprecedented changes in all aspects of society’ to meet the challenge. Its warning is stark: humanity has just 12 years left to keep warming below the ‘safe limit’ of 1.5°C.

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8

Jul

2018

91 Anglican bishops and clergy support call for divestment at General Synod

13 Anglican bishops and 78 clergy have signed a letter calling on the Church of England’s General Synod to support an amendment on fossil fuel divestment set to be tabled by the Diocese of Oxford today during a debate on the Church’s approach to tackling climate change.

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4

Nov

2014

Aligned!

Decision by Swedish Pension fund to drop fossil fuel companies shows financial and ethical considerations are now aligned and puts onus on Churches to demonstrate prudence.

Nearly 50 Churches and faith-based organisations around the world have now decided to disinvest from fossil fuel companies. They have done so for compelling theological, moral and scientific reasons. They are aware that climate change is already here and will intensify rapidly, hurting in particular poor communities in geographically vulnerable regions.

Maybe these organisations have also been aware of the financial reasons for disinvestment – that the fossil fuel companies are continuing to invest heavily in finding new reserves, despite the evidence that, if we are going to keep the increase in global warming below 2 degrees centigrade, over half of the world’s known reserves will have to be left untouched in the earth. This evidence has recently been endorsed by Mark Carney, the Governor of the Bank of England.

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15

Jul

2014

Irrational investors

Leonard Beighton wonders why Churches haven't divested from fossil fuels already given the financial risks and poor returns.

Operation Noah very rightly concentrates on drawing attention to the reasons from faith and science for promoting disinvestment by the Churches from fossil fuels. But it is arguably surprising that it should be necessary for it to do so. Sophisticated institutional investors – and it is to be hoped that the financial assets of the Churches are looked after by sophisticated people – should already be disinvesting from fossil fuels for financial reasons before the bubble bursts and the market crashes spectacularly when it takes on board the extent of the likely changes in the energy markets over the next decade. Read more

17

Mar

2014

Deflating the carbon bubble

‘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.’ Jim Yong Kim, President, World Bank

Our financial system has gone through a variety of bubbles: the real estate bubble, the commodity bubble, the dot-com bubble. There’s a new one, one that is more or less literally hanging over our heads. The carbon bubble. Read more