The support for the international divestment movement has been staggering. As of the 22nd May 2015, Axa, the global insurance giant, has committed itself to a tripling of its investments into green technologies whilst simultaneously divesting a whopping £350,000,00 of its assets from coal companies.
And, as of 5th June 2015, Norway has pledged its committment to divesting from coal investments from its sovereign wealth fund: around a whopping $8 billion! The move will affect over 122 companies worldwide and will have particular reeling ramifications on companies such as Drax, who plan to build more nuclear power stations in the UK. This comes as the largest divestment pledge yet, and with it comes hope that it will set the tone for future divestments of equal or greater measure.
After a two year struggle, students at Warwick University are celebrating as the university pledges to divest from its £14,000,000 endowment in coal, oil and gas assets, and becomes the seventh British university to divest.
The power of the students has made a resounding impact on Oxford University, too. The university's decision not to divest was met with opposing demands from students, staff and alumni; notably, some of the latter of which, including George Monbiot, were preparing to hand back their degrees if a different decision was not made. Following this however, a partial U-turn has been made on divestment pledges from a full rejection to a commitment not to invest further coal and tar sands, but no direct commitment to divest from fossil fuels entirely. Baby steps...
As of 23rd September 2016, London Borough's Waltham Forest's pension fund committee has become the first UK public authority to announce its commitment to go 100% fossil free. All £23.9 million, that was invested in fossil fuel comapnies, will be divested to invest in sustainable enery, transport and housing.
As of 2nd November 2016, Sheffield City has become the "largest of nine UK councils to pass divestment policy". Sheffield City Council passed a motion to fully commit to divesting from fossil fuels, with commitments from both the council and its universities. The commitment will also apply to the South Yorkshire Pension fund, which the Sheffield City Council contributes to.
43 British universities are divesting from fossil fuels, which is a quarter of the total number in Britain.
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