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Dumbo Feather Climate Challenge Week Seven
Pass it on
Pass it on
I'm reading
Dumbo Feather Climate Challenge Week Seven
Pass it on
Pass it on
I'm reading
Dumbo Feather Climate Challenge Week Seven
Pass it on
Pass it on
Articles
22 September 2017

Dumbo Feather Climate Challenge Week Seven

Use your Consumer Power

This story originally ran in issue #52 of Dumbo Feather

Divestment is the opposite of investment. It means making sure our money isn’ t invested in things that clash with what we care about—like the environment. It’s up to us to remove the “social licence” of the coal, gas and oil industries. So far $3.6 trillion of funds under management have been pledged to fossil fuel-free investment strategies globally. The big four Australian banks are huge lenders to the fossil fuel industry, but they do take notice of consumer concerns. For example, all four recently ruled out lending to the Adani coal mine. That was a great victory for people power, yet the big four banks continue to lend billions of dollars to other fossil fuel projects—so it’s worth switching to a fossil-free bank.

Superannuation is another way to make a big impact. Over half of the world’s superannuation is invested in fossil fuels and other high-carbon sectors whilst less than 2% is invested in climate solutions like renewable energy. If super funds switched even a fraction of their investments to renewables, it would completely transform the energy industry. In Australia, nearly all super funds contain investments in fossil fuel companies and companies that enable the fossil fuel industry. However, there are some great alternatives. When the superannuation industry moves, it sends a strong message to the rest of the investment community that there’s no long-term future in fossil fuels.

ACT NOW

Move your money:

  • Go to Super Switch to check whether your superannuation fund invests in fossil fuels. If they do—switch, and let your old fund know why.
  • Go to Market Forces to check whether your bank lends to fossil fuels, or your insurance company invests in them. If they do—switch, and let them know why.

To register for the Dumbo Feather Climate Challenge, and to receive week eight straight to your inbox, sign up here. Find all content for week one-six here.

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