Oxford City Council’s decision to preclude direct investment in fossil fuel companies is a very welcome development. Following earlier announcements by, among others, the World Council of Churches, the University of Stanford and the British Medical Association, this signals that there is a growing momentum towards disinvestment.
The council’s decision reflects a recognition, both that fossil fuels threaten our future and that fossil fuel companies are not the safe investment they have hitherto been. This latter fact was recently dramatically confirmed by the news that the Rockefeller Brothers Foundation would also be disinvesting from fossil fuels and re-investing in clean energy. In the words of a friend and parishioner of mine: ‘… when smart money gets out, we need to follow before there is a crush at the door’. Read more