Fossil Fuels. They have become the redheaded stepchild for Progressives, like President Obama, who have sworn to destroy them. And while the President has been utilizing the EPA to drive fossil fuels, such as coal, from the face of the earth, some of his fellow radicals in the United Nations have come up with a new twist on how to drive the fossil fuel industry out of business. Divestment.
By forcing companies, pension funds, and government entities to remove their money from fossil fuel investments Progressives hope to eradicate the fossil fuel industry. But because their influence has been limited to those groups and companies who agree with their agenda, the process of divesting from fossil fuels has been a slow one. But no longer.
During a recent press conference at the United Nations Conference on Climate Change in Paris, Pascal Canfin (pictured above), a former Development Minister under French President Francois Hollande and now Senior Climate Adviser with the World Institute, stated that now they can look at suing those organizations who don’t take the Climate crisis seriously in order to force them to divest from fossil fuels:
“So it means that it’s (divestment) not only anymore at all something which is focused only on cities, or non-profit sector, or philanthropy even if it started in this community. It’s now spreading to mainstream financial actors. For two reasons. Or let’s say three reasons.
The first one is the ethical one.
The second one is the financial rational. As you might know the share values of coal producers in Australia for instance, lost more than 95% of its value the last three years. So the trend is quite clear. And same for German shares in coal producers and if I take a quote from the Indonesian coal producers association chairman, “We are in a panic mode.” So it means something is really happening globally and the divestment campaign has its part. So the second reason is the financial rational to divest. It’s not a good deal anymore to be stuck with 10% of your portfolio in oil, gas, and coal.
And the third one is the regulatory framework which is happening and the reform of the regulatory framework. Which I want to conclude on this, is very new. That the Governor of The Bank of England, which is the Chairman of the Financial Stability Board, so the head of the G20 central bankers, is saying that there are three risks in front of you, as asset managers, insurance bankers. The first risk is the Climate exposure risk. The second risk is the transition risk, being stuck in business models that are dying, like coal. And the third one is the liability risk. And we are starting to see lawyers that could use a notion, a concept, which is the legal responsibility of investors which is called the fiduciary duty. In order to sue in the coming months and the coming years pension funds, asset managers, bankers, insurance companies that will not take seriously the Climate risk at stake. It’s not only anymore an ethical view. it’s not only anymore a financial issue. It’s becoming more and more, and it will become something for the judiciary issue.
Which when you add the three it’s a huge incentive to move and to divest.”
So as you can see, Progressives are the same all over the world. If you don’t willingly conform to their wishes, then they’ll force you to conform. Even if it means they have to sue you.. into submission.
You can watch the entire press conference Here.