The campaign to disinvest from fossil fuels is gaining momentum. Last night Waltham Forest Council Pension Fund Committee voted to fully disinvest. They are the first UK council to do so, but it’s probable that many others will follow. In the past the main arguments were ethical, all about climate change, air pollution and trying to promote better alternatives. Renewable energy technologies, including generation, transmission and storage, are all seeing rapid increases in efficiency and decreasing costs. This will mean that many investments in fossil fuel and nuclear will become stranded assets, unable to sell the energy they generate when competing against cheaper renewables. It now makes very prudent business sense to disinvest from fossil fuels.
Waltham Forest joins 600 institutions with combined assets of over $3.4 trillion in the disinvestment movement. The powerful combination of good business sense and strong ethical foundations make this a movement set for exponential growth. We’ve seen a lot of bankruptcies in the coal industry of late, oil, gas and nuclear are all likely to see casualties over the coming year or two.
UN secretary general Ban Ki-Moon, speaking in the light of the Paris Climate Agreement and in relation to the transition from a fossil fuel economy to a renewables based economy said that “The once unthinkable has now become unstoppable”.