Time to coincide with COP26, Divest Invest 2021: A Decade of Progress towards a Just Climate Future was released by Stand.earth on October 26. It reports that “there are now 1,485 institutions publicly committed to at least some form of fossil fuel divestment, representing an enormous $39.2 trillion of assets under management.” The report provides a timeline and summary of the major institutions which have divested, and includes brief case studies of South Africa and Harvard University. It argues that divestment is more impactful than shareholder engagement, and summarizes the impact of the shift of capital on the fossil fuel industry. Finally, the report discusses how that capital can be directed to renewables and to Just Transition, highlighting the cases of the Navajo Power in the U.S. and Frontier Markets in India. Accompanying the report is a database with much more information about individual institutions.
The report states: “Major new divestment commitments from iconic institutions have arrived in a rush over just a few months in late 2021, including Harvard University, Dutch and Canadian pension fund giants PME and CDPQ, French public bank La Banque Postale, the U.S. city of Baltimore, and the Ford and MacArthur Foundations.” Add to that list, Canada’s largest university, the University of Toronto, which announced on October 27 that the University of Toronto Asset Management Corporation (UTAM) – which manages $4.0-billion – “will divest from all direct investments in fossil fuel companies within the next 12 months, and divest from indirect investments, typically held through pooled and commingled investment vehicles, by no later than 2030, and sooner if possible. UTAM will also allocate 10 per cent of its endowment portfolio to sustainable and low-carbon investments by 2025, representing an initial commitment of $400 million, and is committing to achieve net zero carbon emissions associated with U of T’s endowment by no later than 2050.” Many of the same details were provided in the U of T President’s Letter to “the University of Toronto Community”, here, which also describes the newly-announced goal of a “climate-positive” St. George campus by 2050 , and defends why it has taken the U of T so long to act after the 2015 report of the President’s Advisory Committee on Divestment from Fossil Fuels .