Pages tagged "divestment"


Divestment Movement Escalates

This week, the national fossil fuel divestment movement escalated, as student blockades popped up at Harvard and Washington University in St. Louis. By the end of the week, 8 students had been arrested across the two campuses, the first arrests since the fossil fuel divestment campaign launched nearly two years ago.

Harvard 1The skirmish at Harvard touched off Wednesday, where students organized as Divest Harvard have been pushing the university to get rid of  the oil, gas, and coal holdings in its $33 billion endowment. Harvard’s president, Drew Faust, has dug in against Divest Harvard’s demands, even denying that the fossil fuel industry is blocking meaningful action to address climate change.  Facing an administration that refuses to distance itself from the fossil fuel corporations driving climate crisis, Divest Harvard launched a blockade of President Faust’s office that lasted more than 24 hours. On Thursday morning, Harvard University police arrested undergraduate Brett Roche -- the first arrest in the national divestment movement. Roche’s arrest marks an increasingly hardline response from Harvard’s administrators, as the university demonstrates a willingness to use police force to defend investment in fossil fuel corporations.

Brett Roche may have been the first divestment activist arrested on campus this week, but he certainly wasn’t the last. This morning, Washington University in St. Louis joined Harvard in infamy: seven students were arrested as they attempted to deliver a letter to the university’s board of trustees. Just days before, WashU Students Against Peabody ended a historic 17-day sit-in which demanded that Greg Boyce, notorious CEO of Peabody Energy, the world’s largest private coal company, be removed from the university’s board. During negotiations, Washington University chancellor Mark Wrighton flatly refused to respond to students demands. When asked to exercise leadership, he replied “I can, but I won’t.” Faced with an administration content to cozy up to fossil fuel interests, more than 100 students staged a peaceful sat-in outside Washington University’s board meeting under the watchful eyes of police, some of whom carried shields and riot gear. When a delegation of students attempted to enter the building to deliver a letter to Washington University’s board, they were arrested. All seven were charged with trespassing on their own campus.

wustlThe implications of this week of action are both scary and heartening. Novelist Margaret Atwood spoke to the scary, criticizing the administration's response as she received an award at Harvard yesterday: “Any society where arrest is preferable to open dialogue is a scary place.” Indeed, university administrators at both Harvard and Washington University appear to be so committed to the fossil fuel industry that they'll arrest their own students for speaking out.

On the hopeful side, the student divestment movement is finding its power. After two years of power-building and by-the-book advocacy, campus climate activists are proving that they have the courage to stand up to their administrators and the fossil fuel industry. Earlier in the school year, students at Harvard, Washington University, and dozens of other campuses worked with Rainforest Action Network to disrupt campus recruitment sessions organized by Bank of America and Citi, two of the largest financiers of the U.S. coal industry. Those actions, and the arrests this week, point to a rising tide of resistance that won’t be cowed by police response. A longer, deeper struggle is opening on campuses across the country, and administrators at the more than 300 universities with active divestment campaigns need to know that their chickens are coming home to roost. It's time to divest or expect resistance.

To support the Washington University in St. Louis students arrested this morning, call Chancellor Mark Wrighton at (314) 935-5100.

Tell him universities are for students, not for coal CEOs. Washington University needs to drop Peabody Energy so the school can get back to educating students, not arresting them.


Why We Are Blocking the Office of Harvard's President

Co-authored by Sima Atri, Benjamin Franta, Sidni Frederick, Ted Hamilton, Jacob Lipton, Chloe Maxmin, Brett Roche, Kelsey Skaggs, Henney Sullivan, Tyler VanValkenburg, Jacob Lipton, Zoë Onion, Olivia Kivel, and Canyon Woodward on behalf of Divest Harvard. This op-ed originally appeared on Stacy Clark's blog on Huffington Post.

This morning we began blocking the main entrance to Massachusetts Hall, which houses the office of Harvard University President Drew Faust and other top administrators. We are here to demand an open and transparent dialogue with the Harvard Corporation—Harvard's main governing body—on fossil fuel divestment. To date, President Faust and Harvard University have rejected the case for divestment and refused to engage in public dialogue about divestment and climate change. Alongside the 72% of Harvard undergraduates and 67% of Harvard Law students, as well as the students, faculty, and alumni of Divest Harvard, we refuse to accept our university's unwillingness to hold a public meeting on this critical issue. Photo by @DivestHarvard on Twitter.

We are here today because we believe in a better Harvard. We are here because it is our duty to act. We are here today because it is our moral responsibility as students to ensure that Harvard does not contribute to and profit from the problem but instead aligns its institutional actions and policies with the shared interests of society.

We take this action with the conviction that Harvard can, must, and will be a leader in responding to the climate crisis. We owe it to the world's less fortunate and future generations to lead the way to a livable planet.

Human-made climate change is already severely disrupting weather patterns and causing misery to those most vulnerable to the effects of droughtflooding, and famine. Despite the universal acknowledgment by scientists and world governments that drastic action is needed to address this problem, we continue to extract and burn carbon energy sources at an accelerating rate.

Unless we act swiftly to restructure our economy and to end our consumption of fossil fuels, the planet faces catastrophic disturbances in the very near future. The latest report from the United Nations Intergovernmental Panel on Climate Change, which warns that we have less than 15 years to overhaul our energy economy, is the latest recognition that the time for bold and courageous action is upon us.

Harvard enjoys a privileged position. It is a global leader in research, thought, and policy, and its alumni, faculty, and administrators enjoy tremendous influence over our economy and political culture. Harvard has the moral authority to break the stranglehold of passivity when our governments are unable or unwilling to address climate change's impending menace. And even if Harvard were not a prominent institution, the moral imperative still exists to stop profiting from damage done to others. The fact that Harvard chooses to calculate profit from corporate activities that push damages onto others—including ourselves and our children—is intolerable, ultimately unsustainable, and must stop.

Harvard's divestment from the fossil fuel industry will accomplish two important goals. First, it will allow Harvard to retain the moral integrity of an institution purporting to care about a livable future. Today the Harvard community profits from fossil fuel investments because the true costs of oil, coal, and gas are borne by other communities. Communities close to extraction sites are being robbed of their health and communities on the frontlines of climate disasters are being robbed of their lives and cultures. Younger generations, including Harvard's own students, are being robbed of a chance at a livable future. It is unconscionable and illogical for us to continue supporting an industry that violates basic human values and the fundamental purpose of our own institution.

Second, divestment will send a strong message that our society can no longer tolerate business as usual with the fossil fuel industry. The corrupt political practices and shameful climate denial peddled by gas, oil, and coal companies have stood in the way of proactive energy policies for far too long. Harvard's wealth and influence bring with them a special responsibility to act, and this is an opportunity that we cannot afford to miss.

As the university demonstrated when it divested from tobacco and partially divested from Apartheid, Harvard's endowment can be put into alignment with shared values. We are not asking our university to inject politics into its finances: we are asking it to stop sponsoring and profiting from climate change. By investing in fossil fuel companies, Harvard itself is responsible for their behavior. President Faust's recent announcement that Harvard will sign onto the non-binding Principles for Responsible Investment and the Carbon Disclosure Project implicitly recognizes that the university cannot ignore its social responsibility when it comes to its investments and climate change.

As over one hundred Harvard faculty argued in their letter to President Faust earlier this month, it is far too late for business as usual and statements to continue that do not commit the university to action. The governing Corporation's refusal to hold an open meeting on the issue of divestment—as well as the President's recent denial that fossil fuel companies prevent political action on global warming and a Corporation member's suggestion that Harvard students thank BP for its energy practices—betray a disconcerting lack of understanding and urgency with respect to the impending risk of climate disaster.

We stand in solidarity with students and activists around the world who are raising their voices to demand that our institutions and leaders reject the carbon economy and begin aggressive action toward a greener future. We welcome members of the Harvard community and the public to our peaceful gathering in front of Massachusetts Hall. And we invite President Faust and the Harvard Corporation to join us in an open and transparent meeting to discuss the divestment of Harvard's endowment from the fossil fuel industry.

The world, and Harvard as part of it, cannot wait any longer.


Heads Up, Big Banks: The Divestment Movement is Coming for You

This post is cross-posted from WeArePowerShift, and was authored by Harry Alper, a 2011 graduate of Washington University in St. Louis and organizer with Rainforest Action Network. It’s May 2013, and Bank of America CEO Brian Moynihan is having a bad day. Moynihan is presiding over his bank’s annual shareholder meeting in Charlotte, North Carolina, a gathering he’d hoped would go according to plan after Bank of America’s 2012 shareholder meeting was besieged by thousands of protestors. But where Moynihan expected to find a crowd of obedient shareholders, he’s met by outraged doctors, faith leaders, frontline community members, and students who have come to demand that Bank of America stop bankrolling coal, climate change, and mountaintop removal. Exasperated, Moynihan pleads, “Is there anyone out there who has a question that isn't about climate change?” Poor Brian Moynihan is going to have to hear about climate change for a long time, and while he may not have realized back in May, he was addressing representatives of the fastest growing segment of the U.S. climate movement: student divestment campaigners. Minutes after Moynihan asked to shut climate out of his shareholder meeting, a delegation of student climate activists delivered a stunning announcement: “We and students at 80 other colleges and universities have pledged to disrupt your recruitment sessions on our campuses until you commit to phasing out your loans to the coal industry.” Incredulous, Bank of America’s board members began to talk nervously amongst themselves; several turned around in their seats to stare down the students. [caption id="attachment_22233" align="alignleft" width="518"]Cal UC Berkeley students outside Bank of America interviews[/caption] Flash forward to October 2013, and it’s clear that the students weren’t kidding around; Bank of America has developed a major problem in on-campus recruitment across the country.  Over the course of this fall semester, student climate activists and divestment campaigners have relentlessly targeted career fairs, interviews, and informational sessions organized by Bank of America and Citi, the two largest funders of the U.S. coal industry. It’s hardly surprising that a movement focused on eliminating financial support for the fossil fuel industry would find an adversary in Wall Street; Bank of America and Citi pumped a combined $263 billion into fossil fuel companies since 2010. Student opposition to this lending is off to a ferocious start: at the time of this writing, students on more than twenty campuses have mobilized to bring the climate crises to the banks, and the divestment movement has made its power felt at nearly thirty campus recruitment events since September. This effort represents a significant expansion in the power and sophistication of student divestment networks. By coordinating sustained action across campuses and over several weeks, divestment activists are exploring new avenues to power, and uniting their local brush fires into a formidable blaze that is licking at Wall Street’s credibility. Sign up here to join the effort and put Bank of America and Citi on notice. On the eve of Power Shift 2013, where 10,000 student climate activists will gather in Pittsburgh to strategize and compare notes, Bank of America and Citi would be wise to move quickly to sever their financial relationships with big coal. Campus outrage over fossil fuel funding is growing, and banks ignore or underestimate the divestment movement at their own peril. Take heed fossil fuel funding banks: you’ve been warned.

//www.youtube.com/embed/Q09yCvs5-XA


Divestors Take Their Fight to Big Banks

Cross-posted from Fossil Free blog. This post was written by Hannah Jones, Swarthmore Mountain Justice alumna. If you’re reading this, you already know: we’re living in a time of unprecedented climate activism. Yet even as student divestment campaigns command the attention of the president and major newspapers, many campuses are hearing disappointing noises from their campus administrations: “no.” In this moment where some may feel uncertain, I’m more excited than ever to see how the campus divestment movement will build. [caption id="attachment_22212" align="alignleft" width="300"]Hannah Jones Hannah Jones[/caption] I’ve spent the past three years pouring my heart and soul into working on fossil fuel divestment. As a student, I joined fellow students to visit organizers in West Virginia who were fighting mountaintop removal coal mining. When we heard about their struggle, we knew we had to take action, and launched one of the earliest fossil fuel divestment campaigns. Over two years, our campaign organized street theater, banner drops, petition drives, and negotiated with the Board of Managers. Since graduating in 2012, I have continued to support divestment nationally because I see tremendous potential in this movement. I see its potential to build strong leaders who are in this fight for the long haul, its potential to escalate on our campuses to win on divestment, and its potential to pool our power and make change beyond campus. Now our movement is developing the power to challenge corporate interests on new fronts. In fact, we are uniquely suited to challenge another pillar of the dirty energy economy: big banks. Students on campuses all over the country are taking action to tell big banks the same thing they are telling their Boards: students will not allow these institutions to bankroll climate destruction. I’m working with Rainforest Action Network this fall to leverage student power and build pressure on Bank of America and Citibank, the largest funders of the U.S. coal industry. We are demanding that these banks stop funding coal and mountaintop removal, and begin to include reduce the carbon emissions associated with their lending. Students are uniquely positioned to make banks move. Banks pour huge amounts of resources and energy into cultivating a good image with students. Over the course of their banking life, a single young person can be worth close to $2 million to a bank. Additionally, banks want to recruit the “best and the brightest” to work for them. When it comes down to it, banks can’t work without us, which gives us power. Students are also using bank-targeted action to strengthen campus divestment campaigns. In confronting banks, students are practicing taking direct action, and sending a message to university Boards that students are capable of mobilizing and taking action. Some students are using these actions to recruit new members through high-impact actions that help new activists feel their power. [caption id="attachment_22213" align="alignleft" width="398"]Washington University in St. Louis confronts Bank of America Washington University in St. Louis confronts Bank of America[/caption] By wielding the divestment movement’s power against the worst coal funders in the world, we can build and strengthen our local campaigns while cutting the financial legs out from under the fossil fuel industry. That is why I am asking the divestment movement to join me and call on Bank of America and Citi to stop financing climate chaos. The divestment movement has accomplished so much in the past year. We have gotten national news coverage, we have gotten the attention of policy-makers and industry executives, we have built up a mass of students who are taking actions on their campuses. As we take action to hold our Boards and banks accountable, we can keep challenging ourselves to think about what else we can do with this power. What other struggles can we ally with? Where else can we make change? Our power is in the possibilities.