Vector Volume 11 Issue 2 - 2017

More documents

Recommendations

Info

argument based on a concept called the ‘carbon bubble’ – named by the Carbon Tracker Initiative. Much like the US housing bubble of 2009, the ‘carbon bubble’ has its underlying roots in the fact that our financial markets maintain an extraordinary overvaluation of fossil fuel reserves that has the potential to burst.[4, 8] The problem here is that all reserves simply cannot be burned if we intend to comply with the ‘carbon budget’, or else, there’s no doubt that we will find ourselves amidst catastrophic climate change. More importantly, with increasing pressure from pollution regulations, competition from renewables and one of history’s fastest growing stigmatisation ...the fossil fuel divestment campaign is not a normal movement. There are no great leaders. There is no Gandhi or Martin Luther King Jr. of the climate movement. campaigns, the value of fossil fuels is already diminishing. [4,8] Last year, energy use emissions grew less than 1% for the third consecutive year.[9] Oxford University researchers and commercial analysts are predicting that fossil fuels are likely to become ‘stranded assets’ which cannot be used, rendering them worthless to investors. [8, 9] It follows that investors should prepare for such a scenario by selling their assets now rather than after the ‘carbon bubble’ bursts when investors are likely to lose money. Preparing accordingly, investors in Wall Street banks, such as HSBC and Chase, have demanded that fossil fuel companies discuss the risks of the bubble; while, oil companies, including Shell, are now committed to disclosing their asset portfolios and discussing the bubble.[4] Similarly, with major financial news venues such as Bloomberg and the Financial Times now backing the movement, we are beginning to achieve one of our primary aims: influencing the economy’s thinking on climate change.[4] In fact, as of September 2017, US$5.53 trillion has been divested by almost 800 institutions.[7] Renewable energy: a brave new world of investment So, you move your money away from the fossil fuel industry and then what? Many experts have shown that investing in ethical funds such as the renewable energy industry will have financial returns similar to, if not better than, the fossil fuel industry.[10] Renewable energy has made ambitious headlines around the world. For instance, China recently became home to the world’s largest solar farm at 27-squarekilometres which can produce 850 mega-watts of power - enough to supply around 200,000 households.[11] However, even though renewable technology needs to be used by all, it’s only accessible to those who can afford it. Addressing this gap, many grassroots movements are committed to providing renewable energy to developing nations. For instance, one such foundation, Liter of Light, teaches communities to recycle plastic bottles and use locally sourced materials with the aim of illuminating their homes – a strategy which has received much recognition and is often adopted for use in UNHCR camps.[12] Figure 2: the committee of the University of Newcastle’s global health group, Wake Up!, proudly put their W’s up to celebrate their divestment win. Congrats Wake Up! 19
Key messages • Fossil fuel divestment is a very simple idea: a global movement focussed on shifting money away from a problem and towards a solution. • Divestment has been shown to be historically successful • Establishing firm and expansive roots in our society, divestment now sets out to radically influence the world’s thinking on climate change The power of smaller players Speaking of smaller players making big waves, medical societies and faculties, are major targets of the fossil fuel divestment campaign. As highly regarded entities within universities, they are large enough to matter but small enough to have an influence on. Now, more than ever, we are seeing Australian medical university groups divesting (Figure 1). Most recently, the University of Newcastle’s global health group, Wake Up!, switched from the Commonwealth Bank to Newcastle Permanent – a major win in our medical scene (Figure 2). Although divestment will not cripple the fossil fuel industry overnight, this strategy can still operate effectively, conveying a loud and clear message of disapproval – an objective we are closer to achieving thanks to societies like Wake Up! One of divestment’s main jobs is to draw attention and challenge the status quo – a powerful opportunity to be noticed, and be remembered, in times of tragedy and turbulence. It’s a movement that inspires students, banks and universities alike to make ethical commitments and invest in a sustainable future. With global warming looming large, now is the time to blaze trails and boldly transform the climate debate. 2015; 82:913-37. 5. Carroll R. Major University Divests $18 Billion Endowment From Coal Companies [Internet]. HuffPost. 2017 [cited 15 September 2017]. Available from: http://www.huffingtonpost. com/2014/05/07/stanford-university-divesting_n_5276899. html 6. Rowe JK, Dempsey J, Gibbs P. The Power of Fossil Fuel Divestment (And its Secret). The University of California eScholarship. 2016. 7. Go Fossil Free. Divestment Commitment [Internet]. Go Fossil Free. 2017 [cited 15 September 2017]. Available from: http://gofossilfree.org/commitments 8. Ansar A, Caldecott B, Tilbury J. Stranded assets and the fossil fuel divestment campaign: what does divestment mean for the valuation of fossil fuel assets?. Smith School of Enterprise and the Environment. 2013. 9. Brahic C. Living with climate change: Have we reached peak emissions? New Scientist. 2017; 234: 32-4. 10. De George R. Ethics, corruption, and doing business in Asia. Asia Pacific Journal of Economics and Business. 1997; 1: 39–52. 11. Phillips T. China builds world’s biggest solar farm in journey to become green superpower #GlobalWarning [Internet]. The Guardian. 2017 [cited 15 September 2017]. Available from: https://www.theguardian.com/environment/2017/jan/19/chinabuilds-worlds-biggest-solar-farm-in-journey-to-become-greensuperpower 12. Liter of Light. Liter of Light - About Us [Internet]. Liter of Light. 2017 [cited 15 September 2017]. Available from: http:// literoflight.org/about-us/ Conflicts of interest None declared Correspondance taranikita@hotmail.com References 1. United Nations Framework Convention on Climate Change: Adoption of the Paris Agreement. 21st Conference of the Parties, 2015: Paris, France: United Nations. 2. 350.org. Do the Math [Internet]. Math.350.org. 2017 [cited 15 September 2017]. Available from: http://math.350.org/ 3. Perera F. Multiple Threats to Child Health from Fossil Fuel Combustion: Impacts of Air Pollution and Climate Change. Environmental Health Perspectives. 2017; 125: 141-8. Doi:10.1289/EHP299 4. Apfel DC. Exploring Divestment as a Strategy for Change: An Evaluation of the History, Success, and Challenges of Fossil Fuel Divestment. New School for Social Research. 20
Page 1 and 2: 1
Page 3 and 4: Contents Editor’s Note: Turning U
Page 5 and 6: Non-Health for Non-Persons: Rohingy
Page 7 and 8: Rohingyan regions of Myanmar. Force
Page 9 and 10: Individual and interpersonal While
Page 11 and 12: LGBTQIA+ individuals is topical. LG
Page 13 and 14: Commercial surrogacy in Australia:
Page 15 and 16: with an uncertain future.[11] Anoth
Page 17 and 18: school, were from middle income ear
Page 19 and 20: foreign policy motives has undermin
Page 21: Western institutions including Brow
Page 25 and 26: Coal combustion affects the water a
Page 27 and 28: is questionable. The Northern Austr
Page 29 and 30: Paddling upstream: Experiences from
Page 31 and 32: Similar to the obstetric department
Page 33 and 34: iced tea and coffee, and lemonade.
Page 35 and 36: eformulation targets, health star r
Page 37 and 38: Drug Control in Australia: Where to
Page 39 and 40: and substance use programs).[9] Cri
Page 41 and 42: Dengue in the Pacific Islands [Revi
Page 43 and 44: public health problem, showed that
Page 45 and 46: et al. Concurrent outbreaks of deng
Page 47 and 48: Family, Unity and Success - Austral
Page 49 and 50: should start talking about the idea
Page 51 and 52: Ultimately, the conference epitomis
Page 53 and 54: Welfare cuts to refugees, AMSA Glob
Page 55 and 56: Start where you are, use what you h
Page 57 and 58: Where to now? - Vector Journal & GH
Page 59 and 60: major hurdle. As detainee 982 (name

Vector Volume 11 Issue 2 - 2017

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?