LAUNCH: Divest December - Moving Our Money Away From Fossil Fuels
Updated: Nov 17, 2021
Outdoors People for Climate Action has teamed up with Surfers for Climate and For Wild Places to launch an exciting new campaign this month and we really want you to be a part of it!
Many of our banks and supers are using our hard-earned money to fund the climate crisis by investing in damaging fossil fuel projects that we simply can't afford. Worsening climate impacts are already taking a toll on the outdoors - our favourite places and activities and our lifestyles and work. By moving our money, we're taking a stand for what matters and by doing it together our impact will be amplified!
What is divestment?
Divestment is the opposite of investing, the action of moving money away from a particular investment.
Why should we divest from fossil fuels?
Since 2016, Commonwealth Bank, Westpac, NAB and ANZ collectively lent $35.5 billion to coal, oil and gas projects! [1] Likewise, four of the nation's biggest super funds have billions of dollars invested in fossil fuels. [2]
This money has helped the fossil fuel industry continue to grow right when we need it to shrink. Meeting the Paris goal of limiting global warming to less than 2°C and as close to 1.5°C as possible requires global emissions to halve by 2030, and reach net zero by 2050. [1] We need to keep fossil fuels in the ground! [3]
What does divesting achieve?
Divestment impacts the legitimacy, reputation and viability of the fossil fuel industry and erodes the social license it needs to operate, whilst sending a strong message to banks and super funds.
Who's divested?
Globally as of June 2020, institutions managing more than US$14 trillion have committed to divest, while more than 58,000 individuals have registered divestment commitments of $5.2 billion. [4]
How hard is it?
Many people are surprised by how simple and pain free it is to switch banks accounts and super funds. And the beauty is, you only have to do this climate action once, and then it's done!
Are you ready to take the next step?
Learn more and take action here!
Together, let’s see how much money we can move away from funding fossil fuels!
For the love of the outdoors,
The Outdoors People for Climate Action Team
[1] Big banks accused of climate hypocrisy. Australian Financial Review, Jul 7, 2020
[2] Super giants funnel billions into fossil fuels, vote down climate push. Sydney Morning Herald, Feb 13, 2020
[3] Fossil fuel production on track for double the safe climate limit. The Guardian, 20 Nov 2019
[4] DIVESTMENT, Market Forces
