Photo: Joe Bruskie via CC by NC 2.0
350 Bay Area Divestment~Investment Campaign
Divestment is the opposite of investment–it simply means getting rid of stocks, bonds or investment funds that are unethical or morally objectionable, particularly fossil fuel investments which are a risk for investors and for the planet. We are calling on institutions to divest from the 200 publicly-traded companies that hold the vast majority of listed coal, oil and gas reserves. We also support a socially just transition to a future that invests in jobs and infrastructure to build an economy based on renewable clean energy.
Here’s a great video explaining the campaign in more detail:
Bay Area Divestment News and Events
Last summer, 350Marin rallied our members to support the successful passage of California’s historic Public Banking Bill, AB 897. Fiercely opposed by Wall St. banks, adoption of public banks by California, the state with the largest economy, permits the public to manage and leverage their own public funds like private banks, but genuinely in the public interest rather than driven by private, often counter-productive agendas of greed-focused corporate banks. It’s a way we all can lower fees, and use funds strategically to provide new opportunities for underserved communities, avoid fossil fuel and other destructive investments, and to finance needed public projects at a lower cost. The bill also becomes a model for using billions in publicly managed investment across the US and around the world.
350Marin, in concert with Niklas Ugalde, a student at College of Marin (COM) in our intern program, also succeeded in getting a commitment from COM President David Coons to completely divest the college’s millions in endowment funds from fossil fuel investments. In late 2019 and currently, our divestment committee has focused on organizing a series of protests throughout Marin with the local Sunrise Movement group and other local allies to get Marinites to individually move their money out of fossil fuel investments and away from the big fossil fuel financing banks like Chase, Citibank, Bank of America and Wells Fargo.
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National and International Divestment News
- Youth Activists Call on California State Teachers Retirement System to End ‘Toxic Relationship’ With Fossil Fuel Companies
- Activists cheer BlackRock’s landmark climate move but call for vigilance
- How Reps of Sierra Club, Amazon Watch and the Sunrise Project View Blackrock’s Announcement
- Vanguard refuses to sign up to climate crisis commitment
- ‘Money is the Oxygen on Which the Fire of Global Warming Burns’ by Bill McKibben
- Banking on Climate Change 2019 – Rainforest Action Network Report of Banks Fossil Fuel Funding
To find out whether banks you use have been supporting the fossil fuel industry and financing pipeline infrastructure projects, and how to transfer your accounts away from them, check out our flyer HERE.
Find out more about the California focused divestment campaign at California Fossil Free.
Stay up to date with the international divestment campaign at 350.org.
350Marin Divestment~Investment Support
The Divest/Invest committee of local group 350Marin is serving as the information clearinghouse and consultant on Fossil Fuel Divestment and Re-Investment in Clean Energy for 350 Bay Area and its 350 local groups. Use the form at the bottom of the page to contact the 350Marin Divest~Invest team if we might be able to help:
- Establish a Divestment Campaign team within a 350 local group.
- Publicize a Divestment~Investment Event