DC Divest

Last updated
DC Divest
FormationMarch 2013ud
Type fossil fuel divestment campaign
Purposeget the District of Columbia to remove investments in fossil fuels companies from its investment portfolios
Headquarters Washington, D.C.
Website DCDivest.org

DC Divest is an advocacy campaign that seeks to get Washington, D.C., to remove investments in fossil fuel companies from its investment portfolios, to raise awareness of local climate impacts, and support local climate activism. It is one of hundreds of locally focused campaigns worldwide taking part in the fossil fuel divestment movement, which seeks to increase the sense of urgency among elected officials, financial leaders, and the public around the need for political and social action to mitigate the worst effects of climate change.

Contents

DC Divest was founded in March 2013 by a group of Washington, D.C. residents following a call to action by the non-profit environmental advocacy group 350.org. In September 2013, it succeeded in convincing the Council of the District of Columbia to introduce the Fossil Fuel Divestment Act of 2013. [1] [2] In June 2016, advocates announced that the city's $6.4 million major pension fund had, citing financial and moral issues, sold off all direct investments in oil, coal, and gas companies listed on the Carbon Underground 200. [3]

A number of Washington, D.C.-based environmental advocacy groups have given their support of the DC Divest campaign's goal of removing fossil fuel companies from the District's investments, including the D.C. Environmental Network, the Washington DC chapter of the Sierra Club, [4] Moms Clean Air Force, [5] the Chesapeake Climate Action Network, and many others.

See also

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A fossil fuel is a hydrocarbon-containing material formed naturally in the earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. The main fossil fuels are coal, crude oil and natural gas. Fossil fuels may be burned to provide heat for use directly, to power engines, or to generate electricity. Some fossil fuels are refined into derivatives such as kerosene, gasoline and propane before burning. The origin of fossil fuels is the anaerobic decomposition of buried dead organisms, containing organic molecules created by photosynthesis. The conversion from these materials to high-carbon fossil fuels typically require a geological process of millions of years.

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Fossil fuels lobby

"Fossil fuels lobby" is a term used to label the paid representatives of corporations involved in the fossil fuel industry, as well as related industries like chemicals, plastics, aviation and other transportation. Because of their wealth and the importance of energy, transport and chemical industries to local, national and international economies, these lobbies have the capacity and money to attempt to have outsized influence governmental policy. In particular, the lobbies have been known to obstruct policy related to environmental protection, environmental health and climate action.

CalSTRS

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References

  1. "Divestment helps local governments fight climate change".
  2. "Washington DC debates ditching Exxon and Chevron investments". Archived from the original on 2015-09-21. Retrieved 2015-08-19.
  3. "Washington D.C. adds its largest public pension to the fossil fuel divestment movement". 6 June 2016. Retrieved 2016-07-07.
  4. "Support the Fossil Fuel Divestment Act of 2013 | Washington DC Chapter". Archived from the original on 2015-09-19. Retrieved 2015-08-19.
  5. "Why DC Should Divest from Fossil Fuels < MCAF". 3 December 2013.