Financial giants targeted by new U.S. divestment campaign; Youth challenge the Davos elites to stop investing in the fossil fuel economy immediately

stop the money pipeline targetsLaunched at Jane Fonda’s final #FireDrillFriday event in Washington D.C. on January 10, the Stop the Money Pipeline , according to a Sierra Club press release , will consolidate a number of existing divestment campaigns and target the worst climate offenders in each part of the financial sector. The first campaign round consists of three major targets: amongst banks:  JP Morgan Chase;  amongst  insurance companies: Liberty Mutual;  and amongst asset managers, BlackRock. Groups involved in Stop the Money Pipeline are: 350.org,  Rainforest Action Network (RAN), Sierra Club, Greenpeace USA, Sunrise Project, Future Coalition, Divest Ed, Divest-Invest, Native Movement, Giniw Collective, Transition U.S., Oil Change International, 350 Seattle, EarthRights International, Union of Concerned Scientists, Majority Action, The YEARS Project, and Amazon Watch.

The Stop the Money Pipeline website  has archived some of the arguments for their campaign – including Bill McKibben’s September Commentary in the New YorkerMoney Is the Oxygen on Which the Fire of Global Warming Burns”, and “Why Big Banks Are Accused Of Funding The Climate Crisis” in  HuffPost  in October 2019.  The campaign launch has been described in “Climate Movement Takes Aim at Wall Street, Because ‘Money Is Only Language Fossil Fuel Industry Speaks‘” in Common Dreams (Jan. 9);   , and  in  “Want to do something about climate change? Follow the money” in the New York Times  on Jan. 11. In that Opinion piece, Bill McKibben and Lennox Yearwood Jr.  describe their arrest at a sit- in at the Chase Bank which was part of the campaign launch. Democracy Now also covered the events in  “Stop the Money Pipeline”: 150 Arrested at Protests Exposing Wall Street’s Link to Climate Crisis  on January 13 .

Are campaigns having any effect?

Perhaps it is just coincidence, but on January 9,  BlackRock announced it is signing on to  Climate Action 100+, a global investor network formed in 2015 and which includes California Public Employees’ Retirement System (CalPERS), HSBC Global Asset Management, and Manulife Asset Management.   BlackRock also announced a new investment strategy, summarized in  “BlackRock Will Put Climate Change at Center of Investment Strategy”   in the New York Times (Jan. 14) . The NYT article emphasizes the company’s influence as the world’s largest investment fund with over $7 trillion under management, and states that “this move … could reshape how corporate America does business and put pressure on other large money managers to follow suit.”  The new strategy is outlined in two Annual Letters from BlackRock’s CEO Larry Fink:  Sustainability as BlackRock’s New Standard for Investing , the letter to corporate clients states, “Our investment conviction is that sustainability-integrated portfolios can provide better risk-adjusted returns to investors”.  The second letter, titled A Fundamental Reshaping of Finance, acknowledges that  protests have had an impact on their position: Climate change has become a defining factor in companies’ long-term prospects. Last September, when millions of people took to the streets to demand action on climate change, many of them emphasized the significant and lasting impact that it will have on economic growth and prosperity – a risk that markets to date have been slower to reflect.”   He continues: “…. awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.… climate change is almost invariably the top issue that clients around the world raise with BlackRock. ….   In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.”  However, this urgency seems somewhat at odds with another statement in the Letter to CEO’s: “…. While the low-carbon transition is well underway, the technological and economic realities mean that the transition will take decades. Global economic development, particularly in emerging markets, will continue to rely on hydrocarbons for a number of years. As a result, the portfolios we manage will continue to hold exposures to the hydrocarbon economy as the transition advances.”

Other divestment developments:

Urgency is a key theme in a new public call by Greta Thunberg and other youth leaders.  “At Davos we will tell world leaders to abandon the fossil fuel economy” – an Opinion piece carried by The Guardian on January 10,  directed to the world’s economic elite scheduled to gather at the World Economic Forum in Davos at the end of January. The core message is urgent:  “We call upon the world’s leaders to stop investing in the fossil fuel economy that is at the very heart of this planetary crisis. Instead, they should invest their money in existing sustainable technologies, research and in restoring nature.. …Anything less than immediately ceasing these investments in the fossil fuel industry would be a betrayal of life itself. Today’s business as usual is turning into a crime against humanity. We demand that leaders play their part in putting an end to this madness. Our future is at stake, let that be their investment. An article in Common Dreams on January 10 highlights the youth campaign and notes that it aligns with Stop the Money Pipeline .

C40 Cities released a new toolkit on January 7:  Divesting from Fossil Fuels, Investing in Our Future: A Toolkit for Cities.   The toolkit is directed at city officials, outlining steps required to divest their pension funds from fossil fuels. It includes eight successful case studies –  from Auckland, Berlin, Copenhagen, London, MelbourneNew York City, Oslo, and Stockholm – all of whom have divestment experience and none of whose city pension funds were negatively impacted by divestment.  C40 Cities is a network of 94 municipalities with a population of over 700 million people, active in promoting climate change action at the municipal level.

Psychologists pledge to expand their role in combating climate change

Summit on Psychology and Global Health Karen signing proclamationJoining professionals from many other disciplines who are directing their skills and knowledge to the climate crisis, the leader of  the Canadian  Psychological Association, along with those from more than 40 other countries, signed a proclamation which pledges to use their expertise to take urgent action to combat climate change and its impacts – not only at the individual level to help people cope with the mental health aspects such as eco-anxiety, but also at the societal level, as a proactive force to encourage communication, research, and to spark behaviour change and action.

Excerpts from the Proclamation on Collaboration, reproduced at the website of the Canadian Psychological Association , and signed at the International Summit on Psychology and Global Health in Lisbon on November 14 – 16, 2019.

WHEREAS climate crisis has a disproportionate impact on already vulnerable groups with fewer resources, including low-income individuals or those who live in rural areas, people of color, women, children, older adults, and individuals with disabilities;

​WHEREAS research shows that climate change-related events can result in major acute and chronic adverse mental health outcomes, including stress, trauma, and shock; post-traumatic stress disorder and other forms of anxiety; depression; and substance use disorder, which have been a secondary consideration in climate change communication and action;
THEREFORE, BE IT RESOLVED that our psychology organizations will advocate for and support international and cross-disciplinary collaboration to mitigate and facilitate adaptation to climate crisis.

We will inform our respective members and the public about climate crisis, emphasizing scientific research and consensus on its causes and short- and long-term harms, and the need for immediate personal and societal action;

​We will encourage our members and other mental health leaders to be vocal advocates concerning the necessary preparatory and responsive adaptations to climate crisis and to invest more in research and practice is this area;

​We will advocate for Universities and other entities could include formation on societal challenges and, particularly, climate crisis for psychologists and other mental health professionals;

​We will increase the availability of services and supportive interventions to help minimize harm to mental health and well-being, especially among vulnerable populations, and increase community resilience;

​We will advocate for the rights of those most susceptible to the negative health, and mainly, mental health impacts of climate crisis, for example, by encouraging policymakers to fully fund programs to aid those who suffer harm from severe climate crisis-related events;

​We will support the development of a public awareness campaign to encourage individuals and communities to adopt behaviors to help prepare for and recover from gradual climate change and acute climate crisis events;

We will encourage governmental, educational, health, and corporate leaders to use more psychological science in police designs as well as to adopt norms, values, and policy to promote sustainable preventive and corrective behaviors in individuals, groups and communities”.

Social workers urged to advocate for a Green New Deal and climate justice

environmental justice social workersThe  November issue of the journal Environmental Justice includes “Time is Up: Social workers take your place at the climate change table” ( free access only until November 22, 2019). The authors maintain that “Social workers are uniquely situated to be involved, with their training in social policy, legislative advocacy, and community organizing, in combating the negative effects of climate change and the inherent social justice issues associated with this issue. However, …. they must be trained on topics such as disaster-specific trauma, bereavement, and resource disruption.

The article begins with a broad overview of policies related to climate change – including the Kyoto Protocol and the Paris Climate Agreement, but the main focus is on social workers in the United States as actors in climate change.  Based on reviews of the social work literature between 2008 and 2019, the authors conclude that what little has been written has focused on consequences and/or coping strategies after a natural disaster. They  also conclude that  most of the climate-related training of social workers is occurring outside of the United States in countries such as Australia and New Zealand.

The article reveals how the professional organization,  the American Academy of Social Work and Social Welfare, has viewed the climate emergency.  The AASWSW issued its  12 Grand Challenges for Social Work in 2016, and it included a goal to “Create social responses to a changing environment”. A separate Policy Briefing outlines amibitious goals, including: (1) adopt and implement evidence-based approaches to disaster risk reduction, (2) develop policies targeting environmentally induced migration and population displacement, and (3) strengthen equity-oriented urban resilience policies and proactively engage marginalized communities in adaptation planning.  A 2015 background paper preceded the goal statement:  Strengthening the Social Response to the Human Impacts of Environmental Change .

The latest issue of the Association’s journal Social Work Today  is a progress report on the Grand Challenges. Regarding the changing environment, it reports that the Association has been advocating for the Green New Deal, and will “examine the social work implications of the proposed Green New Deal and to call social workers to action around environmental justice policies.”  It concludes:

“One of the greatest challenges toward continued progress is in making social workers aware of their role and responsibility in addressing both the causes and consequences of climate change,” …. Many social workers feel there are more immediate issues to deal with, even if they acknowledge the seriousness of the problem.”

Scientists, engineers, doctors protest the climate emergency

Scientists captured global attention with dire climate warnings in November when the mainstream media amplified their message contained in an article published in the academic  journal BioScience.  The article itself is clear and direct, beginning with:

“Scientists have a moral obligation to clearly warn humanity of any catastrophic threat and to “tell it like it is.” On the basis of this obligation and the graphical indicators presented below, we declare, with more than 11,000 scientist signatories from around the world, clearly and unequivocally that planet Earth is facing a climate emergency.”

On the issue of The Economy, the article states: “Excessive extraction of materials and overexploitation of ecosystems, driven by economic growth, must be quickly curtailed to maintain long-term sustainability of the biosphere. We need a carbon-free economy that explicitly addresses human dependence on the biosphere and policies that guide economic decisions accordingly. Our goals need to shift from GDP growth and the pursuit of affluence toward sustaining ecosystems and improving human well-being by prioritizing basic needs and reducing inequality.”

The Alliance of World Scientists invites scientists from around the world to sign on to the message. Summaries about the warnings appeared in The Guardian here  and in Common DreamsWarning of ‘Untold Human Suffering,’ Over 11,000 Scientists From Around the World Declare Climate Emergency” .   A Canadian viewpoint  appears in an article in the  Edmonton edition of the Toronto Star ,“5 Alberta scientists tell us why they joined 11,000 scientific colleagues in declaring a climate emergency” .

Engineers:

Like the scientists, other professionals recently spoke up about their “moral obligation” to do what they can to fight the climate emergency.  “Leading Australian engineers turn their backs on new fossil fuel projects” in The Guardian reports: “About 1,000 Australian engineers and 90 organisations – including large firms and respected industry figures who have worked with fossil fuel companies – have signed a declaration to “evaluate all new projects against the environmental necessity to mitigate climate change”.  The article focuses on  a new group, Australian Engineers Declare  , which issued an Open Letter in September 2019,  acknowledging that their professional organization, Engineers Australia, has a strong policy regarding climate change, but calling for faster action to address climate breakdown and biodiversity loss.  Engineers Declare states that engineers are connected to 65% of Australia’s greenhouse gas emissions, and that “engineering teams have a responsibility to actively support the transition of our economy towards a low carbon future. This begins with honestly and loudly declaring a climate and biodiversity emergency…we commit to strengthening our work practices to create systems, infrastructure, technology and products that have a positive impact on the world around us.” The declaration continues to list specific actions, including: “Learn from and collaborate with First Nations to adopt work practices that are respectful, culturally sensitive and regenerative.”

Physicians:

doctors DXR-logo-webOn November 1, the editor-in-chief of The Lancet, one of the world’s most prestigious  medical journals which has published a Countdown Report on Climate Change and Health since 2016.  As reported in “Protesting climate change is a doctor’s duty” ,  the most recent remarks were made in a video  which calls for health professionals to engage in nonviolent social protest to address climate change. The video cites the British professional standard, Duties of a Doctor, and lauds  Doctors for Extinction Rebellion , four of whom have been arrested in London. The website of Doctors for Extinction Rebellion chronicles recent activities including that on October 17th 2019, the Royal College of Physicians committed to Divest from Fossil Fuels.

Canadian youth continue climate strikes and join the political push for a Canadian Green New Deal

fridays may 3Students in approximately 95 towns and cities across Canada went on strike from school on May 3, continuing their Fridays for Future campaign .  As was the case after the huge March 15 demonstrations ,  mainstream press coverage was limited, but included a front-page story in the Sudbury Star . Other coverage:  Corner Brook Newfoundland ; Regina Saskatchewan , Edmonton , and Vancouver, where an article in The Straight (May 3) summarizes the strike in Vancouver and notes others across Canada and the world.  In Halifax, CBC News reported that 400 students marched, despite threats of suspension from at least one high school .  In “Thousands march for action on climate change in Montreal as city braces for flooding”, the CBC reports that intergenerational demonstrations were held in Quebec on April 27, and states “Quebec’s largest unions took part in similar marches in Sherbrooke, Trois-Rivières, Rimouski, Rouyn-Noranda, Alma, Gaspé, Mont-Laurier and Ottawa.”

Youth are driven by fear:  The National Observer has launched a new series on Youth, Parents and the Climate Crisis with “Climate strikes and the youth mental health crisis” (May 2).  Similarly,  “Meet the millennials grieving for the future of planet Earth” describes ecological grief circles in Montreal .  The words of a sampling of youth leaders are revealing in the interviews from  “Canadian Teens Told Us Why They’re Striking Over Climate Change” (May 2) in  Vice . 

What’s Next?  The Federal Election and a Green New Deal: Students say they will continue their school strikes, and in addition, some are now joining the political fight, despite being too young to vote in many cases.   Climate Strike Canada has posted an Open Letter and online petition which lists their demands:

“We, as citizens, therefore call upon all political parties and politicians to create and commit to a science-based and human rights focused Emergency Plan for Climate Justice that limits global warming to 1.5 degrees Celsius.

We, as citizens, pledge to vote only for political parties and politicians that include the following demands in their Emergency Plan for Climate Justice.

  • Bold Emissions Reductions Targets
  • Separation of Oil and State
  • A Just Transition
  • Environmental rights
  • Indigenous rights
  • Conservation of Biodiversity
  • Protection for Vulnerable Groups

SUZUKI green new dealSeveral youth organizations are among the 67 groups who announced for a Green New Deal for Canada  on May 6, launching another political movement to fight for  climate change action in the coming election.  The Energy Mix provides a summary of these new political campaigns  in “Canadian Coalitions’ Election Platforms Call For Faster Action On Climate” (May 7).  Common Dreams also describes the new group in “‘The Pact for a Green New Deal’: Visionary Roadmap From Canadian Coalition Launched”  (May 6).