It's is now clear that the incoming Trump government will be the most environment-hostile, and fossil fuel-friendly US administration in history. As this perceptive post points out, this is no incidental feature,
it is the defining feature of Trump and his plans:
Trump has surrounded himself with more oil industry and oil industry connected people than any president in history (even George W. Bush). You can’t understand what’s going on with Trump unless you understand the oil industry… and you can’t understand the oil industry without understanding climate change.
That's the bad news. The good news is that we can fight this in a way that neither Trump nor the fossil fuel industry can block. Given that it is unlikely that any progress in tackling climate change will be made on the political front, with the US blocking thwarting everything it can, we must turn to economics using divestment from fossil fuels as our main approach.
This is already happening on a massive scale, even if most people are unaware of that fact:
The value of investment funds committed to selling off fossil fuel assets has jumped to $5.2tn, doubling in just over a year.
The new total, published on Monday, was welcomed by the UN secretary general, Ban Ki-moon, who said: “It’s clear the transition to a clean energy future is inevitable, beneficial and well underway, and that investors have a key role to play.”
We must do everything in our power to accelerate that move away from fossil fuels. Once the business world gets the message that investing in fossil fuels is not just a bad idea, but potentially disastrous, the shift to renewable energy will happen rapidly, regardless of what Trump does.
Here in the UK, there's an opportunity to encourage a key group of decision makers to tell their pension fund to divest from fossil fuels: MPs. In fact, there's
an entire campaign to encourage them. If you are a UK citizen, I would like to urge you to contact your MP asking them to support this campaign.
You can either do this using the link above, or directly using the indispensable
WriteToThem site. Here's what I've just sent my MP:
The first is that it
is clear that climate change is the greatest threat we face – not
just because of its direct effects on the environment, but also
because of the knock-on effects – for example in creating millions
of climate refugees, or threatening the world's food supplies.
Confronted by an
incoming US administration that is the most environmentally-hostile
ever, it is clear we cannot expect the US to lead here – indeed, it
seems likely actively to obstruct efforts to address climate change
through international agreements.
Divestment from
fossil fuels is the most effective way to counter that threat, since
it is something we can all do, both as individuals and as groups.
The net effect is to divert investment away from the technologies
that are exacerbating the problem of global warming, towards those
that help solve it, creating new jobs in the process.
The other reason why
I would urge you to support divestment is that the "carbon
bubble" is likely to burst soon, and will take with it any
pensions that still have large-scale investments in fossil fuels. No
less a person than Mark Carney warned of this last year
(https://www.ft.com/content/622de3da-66e6-11e5-97d0-1456a776a4f5),
so this is by no means some fringe idea, but mainstream and
increasingly accepted.
I hope you agree
that for the sake of this and future generations, we must move as
rapidly as possible to embrace renewable energy, and that an
effective way of accelerating that shift is to divest from fossil
fuels.
Thank you for your
help in this important matter.