Divesting from Big Oil Is an Empty Gesture
The University of California divested from fossil fuel companies in the wake of student protests (above). Now lawmakers are targeting state pensions. (Alex Milan Tracy via AP Images)
California lawmakers want the state’s public pensions to get rid of fossil fuel stocks, claiming that will help save the planet. Who are they trying to kid?
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Eleven years ago, the prominent climate activist Bill McKibben wrote an article for Rolling Stone magazine in which he acknowledged that decades of effort to slow global warming had been largely ineffective, and proposed a new tactic: divestment.
Taking his inspiration from the divestment campaign that preceded the abolition of apartheid in South Africa,…
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