As environmentalist Bill McKibben lays out the case for divesting from coal, oil and gas companies, we examine some of the popular myths around fossil fuel divestment
1. Divestment from fossil fuels will result in the end of modern civilisation
It is true that most of today’s energy, and many useful things such as plastics and fertilisers, come from fossil fuels. But the divestment campaign is not arguing for an end of all fossil fuel use starting tomorrow, with everyone heading back to caves to light a campfire. Instead it is arguing that the burning of fossil fuels at increasing rates is driving global warming, which is the actual threat to modern civilisation. Despite already having at least three times more proven reserves than the world’s governments agree can be safely burned, fossil fuel companies are spending huge sums exploring for more. Looked at in that way, pulling investments from companies committed to throwing more fuel on the climate change fire makes sense.
2. We all use fossil fuels everyday, so divestment is hypocritical
Again, no-one is arguing for an overnight end of all fossil fuel use. Instead, the 350.org group which is leading the divestment campaign calls for investors to commit to selling off their coal, oil and gas investments over five years. Fossil fuel burning will continue after that too, but the point is to reverse today’s upward trend of ever more carbon emissions into a downward trend of ever less carbon emissions. Furthermore, some of those backing a “divest-invest” strategy move money into the clean energy and energy efficiency sectors which have already begun driving the transition to a low-carbon world.