One simple and impactful way to help reduce carbon emissions and slow climate change, and the first of our weekly #52climatesolutions is to DIVEST your money away from fossil fuel companies. By keeping most of the fossil fuels that are left, in the ground, we stand a better chance of avoiding the increased frequency of dangerous climate change realities, such as catastrophic bushfires and floods. We don’t want to fund the twenty fossil fuel corporations that contribute one-third of all carbon emissions. So, let's act.
This week, if you have superannuation, a mortgage or loan, insurance, credit union or a bank account, take a little time to see where your money is invested on your behalf. Fortunately, Market Forces have already done a lot of the homework for you, and you can go on their website to see where your bank’s values lie. If your bank invests in fossil fuels, you can opt-out and put your money elsewhere, to banks or firms who invest in renewable energy and ethical initiatives. Together, we can delegitimise financial and industrial systems that are ruining the earth.
Divesting makes it difficult for mining companies to borrow money for new mines and operations, placing more pressure on companies to seek internal financing. It sends a message to shareholders that their product does not have ongoing support. It is worth noting that Australia’s Prime Minister sought legal mechanisms to outlaw campaigns to boycott sectors that have a large carbon footprint. He doesn’t want you to divest. So, we reckon we must be doing something right! Keep divesting!
If you've already divested your money (woohoo!), we recommend you write letters to banks, insurers superannuation companies and politicians and tell them how you feel about the way they invest (this will be the first of many opportunities to interact in this way!). Or, you could raise or donate money to initiatives and causes you think are worthwhile (e.g. bushfire relief, renewables or indigenous causes). We can make meaningful decisions about what the money we earn is used for. By talking with your kids about money and its impact, you can help them grow to be ethically responsible with the money that they'll control as adults. Have conversations with your friends and family, too.
Keep reading for other ways to divest, and your divesting action plan, checklist, reading recommendation and colouring page. Let us know how you go this week!
Other ways to divest
Of course, we also encourage you to take part in non-financial solutions that complement low-emission, climate resilient ways of living. Opting into climate positive systems, and out of harmful ones, helps create a resilient, community-based economy of support, with enough for everyone. Here are some examples…
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