February 12, 2015
The following letter was written by Leslie Samuelrich, President of Green Century Capital Management, and subsequently signed by additional fund managers in the United States and Australia.
An Open Letter to Investors and International Policy Leaders,
For decades, the fossil fuel industry has opposed and undermined the policy solutions our world needed to stop climate change. As a result, carbon pollution has increased and businesses and people from across the globe are seeing, feeling and suffering from the effects of climate change.
Although the fossil fuel industry’s influence in the political process in national, regional and local governments and processes is well documented, it continues to be a central challenge to achieving the solutions we need now.
Therefore, on Global Divestment Day 2015, we issue an urgent and renewed call for fossil fuel divestment and fossil fuel free investing. As early and strong leaders in the call in support of the fossil fuel divestment, we support the 350.org’s and the broader public’s work to promote divestment by public funds, educational institutions, foundations and other asset owners.
In addition to building the case and support for strong international agreements and national regulations and policies, fossil fuel-free investing may help investors avoid potentially devalued and stranded assets. Divesting now can allow investors to reduce their exposure to a “carbon bubble,” while freeing up investment capital to invest in clean and sustainable companies, mutual funds, and other investment vehicles focused on energy efficiency, renewable sources of energy, clean tech, and sustainable agriculture.
If the world is to avoid catastrophic global warming, fossil fuel reserves need to stay in the ground. While divestment from the coal, oil and gas industry is not a panacea to curbing climate change, it is an important part of an overall movement to stop the industry’s influence on sensible policies and to tackle climate change.
On Global Divestment Day, we pledge to promote fossil fuel divestment and call on others to do the same. Together, we will begin to make fossil fuels history.
Eric Becker, Chief Investment Officer, Clean Yield Asset Management, Vermont, USA
John Harrington, President/CEO, Harrington Investments, California, USA
Michael Kramer, Managing Partner, Natural Investments, Hawaii, USA
Matthew Patsky, CEO, Trillium Asset Management, Massachusetts, USA
Leslie Samuelrich, President, Green Century Capital Management, Massachusetts, USA
Simon Sheikh, Managing Director, Future Super, Canberra Australia