By Theresa Ficazzola

Global Divestment Day, held in mid-February, is another day to call attention to the world’s climate crisis. However, this one is a little bit different.  It asks governments, universities, and financial and religious institutions to stop investing in industries, like coal, that are destroying our planet.

The greatest source of manmade carbon dioxide emissions heating up our planet – 44% of global emissions from fossil fuels – comes from coal.  Global Divestment Day encourages people to rally around these institutions, demanding that they divest from such industries, and instead invest in new, clean technologies, such as wind and solar.

Trillions Divested So Far

It’s estimated that trillions of dollars have been divested from fossil fuels to date.  Here’s just a sample of what the Global Divestment Day movement has been able to influence:

  • In December of 2020, the New York State Pension Fund, valued at over $226 billion, announced that the Fund will divest from the riskiest oil and gas companies within four years and decarbonize its entire portfolio by 2040.  The New York State Pension Fund was the biggest in the world to take such comprehensive climate action at that time.
  • The faculty of Arts & Sciences at Harvard voted to divest Harvard’s $40 billion endowment from fossil fuels in 2020.
  • Georgetown University, with its $1.8 billion endowment, divested after eight years of student activism on their campus.
  • According to Stand.earth, as of February 2022, over 1,500 institutions globally, representing over $40 trillion in assets, have committed to some level of fossil fuel divestment.

Bill McKibben, one of the founders of 350.org that organized the first Global Divestment Day, said, “It’s hard to imagine that we’ve reached this milestone [of $40 trillion in assets divested]–it’s because hundreds of thousands of people around the world have joined in, finding a way to make a real difference in the climate fight on their campus, in their church, or through their pension fund,” as reported by Stand.earth.

The Paris Agreement

We all know that greenhouse gas emissions from human activities are driving climate change and climate change affects every country on every continent. According to the United Nations, climate change includes changing weather patterns, rising sea levels, and more extreme weather events. Without action, the world’s average surface temperature is projected to rise and is likely to surpass 3°C this century. That’s why the Paris Agreement, which strives for a below 2°C temperature, is so critical.

The Paris Agreement on climate change, introduced at the COP21 in December of 2015, stated that participating countries agreed to work to limit global temperatures. In November of 2016, when the Agreement was entered into force, 55 countries that account for 55% of the world’s total greenhouse gas emissions participated. As of June 2020, that number increased to 189 countries.

According to the UN, climate change is a global challenge that does not respect national borders. Emissions anywhere affect people everywhere, and it requires international cooperation to help all countries move toward a low-carbon economy.

Switching energy systems from fossil fuels to renewables like solar will reduce the emissions driving climate change. And there is good news there.  According to the UN, more than 80% of all new electricity capacity added in 2020 was renewable with solar and wind accounting for 91%. Investment in offshore wind hit its highest level ever at $29.9 billion.

How You Can Help

You don’t have to wait until the next Global Divestment Day to act.  You can do your part today to help the planet by encouraging your local government, pension fund, school, or religious organization to divest from industries that are contributing to global warming.

You can also proactively help the planet by installing solar panels on your roof.  By harnessing the power of the sun, you’ll save money and help reduce greenhouse gas emissions, which will positively impact the effects of global warming. Call SI Solar today for your free, no obligation solar assessment…or click here to see if you qualify right now.

You have nothing to lose and the planet has a lot to gain.