I remember, more than a decade ago, sitting down with a financial executive from the Church of England in a plush London office. The organization I co-founded, 350.org, had just launched its fossil fuel divestment campaign, and we were encouraging the Anglicans to join in, on the grounds that Exxon et al were helping to run Genesis in reverse. He looked at us, shook his head and explained that he had a much better route: “Engage” with the oil companies to get them to change their practices.
Ten years later the world is far hotter, the seas have risen considerably, and Big Oil is as steadfastly committed to its business model as ever. Last month, the Church of England threw in the towel on engagement. It announced it would sell off all its oil and gas investments, because, even with making its goals clear to the companies, and with the persistent application of prayer, the big companies had done “not nearly enough” to ward off the gathering climate disaster.
Scientists and environmentalists also began talking with California’s big retirement funds, CalPRS and CalSTRS, 10 years ago, and they got the same answer: We will hold on to our shares and engage with the oil companies. The funds’ efforts at changing those companies have been no more successful than the Anglicans’ : Big Oil is expanding its drilling operations and cutting back on even token efforts at renewable energy. And so the time has come for CalPRS and CalSTRS to divest as well.
