The City of London: The Bank of England has pioneered climate stress testing. Image:By>Fas Khan on Unsplash
If you were doubtful before, the news that British doctors are now acting to limit the climate emergency may prompt a rethink.
The doctors are worried about the climate emergency. In recent days the UK’s Royal College of Physicians (RCP) has announced it’s halting investments in climate-changing fossil fuel and mining companies.
The RCP, the British doctors’ professional body dedicated to improving the practice of medicine, which has funds in global stock markets amounting to nearly £50 million (US$65m), says it will start divesting immediately from the worst-polluting oil and gas companies, which are mainly in the US.
As part of a phased disinvestment policy the RCP – the oldest medical college in England, with more than 35,000 members – says that within the next three years all investments in fossil fuel companies
not aligned with the goals of the 2015 Paris Agreement on climate change
will be withdrawn.
“The fossil fuel industry is driving the climate crisis and is responsible for a public health emergency”, says Dr Will Stableforth of the RCP.
“As physicians we have a duty to speak out against this industry and hold it accountable for the damage it is doing to human health.”
The RCP’s action forms part of a fast-growing worldwide movement involved in withdrawing investment funds from the fossil fuel industry. A growing number of health organisations – both in the UK and elsewhere – has already announced similar divestment moves.
According to the campaign group +350, investment and pension funds managing more than $11 trillion round the globe have committed to divesting from fossil fuel companies.
BlackRock, the world’s largest fund investment management company with nearly $7tn assets under its control, has announced it will withdraw funds from firms sourcing 25% or more of revenues on thermal coal, the most polluting fossil fuel.
Larry Fink, BlackRock’s head, says investors are becoming increasingly aware of climate change in assessing various companies’ long-term prospects.
“The fossil fuel industry is driving the climate crisis and is responsible for a public health emergency”
“Awareness is rapidly changing and I believe we are on the edge of a fundamental reshaping of finance”, Fink told fund managers and chief executives this week.
“In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.”
The banking and insurance sectors are also being forced to confront the dangers posed by climate change. The Bank of England recently became the world’s first central bank to introduce a climate change “stress test”, requiring the UK’s banks and insurance companies to evaluate their exposure to the risks of a warming world.
Despite the moves on divestment and tighter finance controls on climate change-related investments, investors – along with the fossil fuel companies themselves – continue to pump millions into various projects around the world.
BlackRock and other major fund management groups talk of their commitment to sustainability and helping in the fight against climate change, but remain leading fossil fuel investors.
Although investments in the coal industry have declined, multi-million dollar investments in new projects are still being made, particularly in Asia.
Carbon Tracker, an independent financial think tank, estimates that between January 2018 and September last year oil and gas companies approved $50bn worth of new projects.
“Gas and mining companies have been furiously trying to “greenwash” their images and promote false solutions to the climate crisis”, says Dr Deidre Duff of the UK-based Medact health charity.
“But in reality, these companies are devastating human and planetary health and exacerbating health inequalities around the world.” – Climate News Network
About the Author
Kieran Cooke is co-editor of the Climate News Network. He is a former BBC and Financial Times correspondent in Ireland and Southeast Asia., http://www.climatenewsnetwork.net/
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