Five years ago, when 350.org helped kick off the global fossil fuel divestment movement, one of the slogans the team came up with was “We > Fossil Fuels.”
The T-shirts and stickers were nice, but I have to admit that I never really felt it. Bigger than fossil fuels? With their bottomless budgets? Their endless capacity to blanket the airwaves and bankroll political parties? The slogan always made me kind of sad.
Well, yesterday in New York City, listening to Mayor Bill de Blasio announce that the city had just filed a lawsuit against five oil majors and intended to divest $5 billion from fossil fuel companies, I actually felt it. After being outgunned by the power and wealth of this industry for so many years, the balance of power seemed to physically tilt. It’s still not equal — not by a long shot — but something big changed nonetheless. Regular humans may not be more powerful than the fossil fuel companies now — but we might be soon.
New York City is seeking to lead the assault on climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the world’s most powerful oil companies over their contribution to dangerous global warming.
City officials have set a goal of divesting New York’s $189bn pension funds from fossil fuel companies within five years in what they say would be “among the most significant divestment efforts in the world to date”. Currently, New York City’s five pension funds have about $5bn in fossil fuel investments. New York state has already announced it is exploring how to divest from fossil fuels.