Divest in a Better Future
The movement to divest from oil and coal companies is growing fast. Though it takes courage to confront the fossil-fuel industry, divestment has been a popular move wherever it has been carried out, especially among young people, who will face the consequences of global warming.
SEATTLE – Sometimes the best measure of a movement’s momentum is the reaction of its critics. When, in early October, the Australian National University (ANU) announced that it would sell its shares in seven fossil-fuel and mining companies, it triggered a chorus of criticism from the country’s conservative politicians.
These nominal champions of the free market were quick to tell the university what it should do with its money. The Treasurer of Australia, Joe Hockey, disparaged the ANU’s decision as being “removed from reality.” Others chimed in, calling it “a disgrace,” “very strange,” and “narrow-minded and irresponsible.” Never mind that the sums involved were relatively small – making up less than 2% of the university’s estimated $1 billion portfolio.
As the drive to divest from fossil fuels picks up speed, such panicky responses are becoming increasingly common. The outrage of Australia’s conservatives reminds me of the reaction I received when I testified before the US Congress in 2013 that we should “keep our coal in the ground where it belongs.” David McKinley, a Republican congressman from West Virginia, in the heart of America’s coal country, replied that my words “sent a shiver up [his] spine,” then changed the subject to the crime rate in Seattle, where I was Mayor.