The AXA decision comes just weeks after BNP Paribas broke the news that it will no longer finance new shale or tar sands projects, nor work with companies that mainly focus on those resources. Last Friday, Norway’s largest life insurer, KLP announced that it would exclude from its portfolio any firms that derive 30 percent or more of revenues from the extraction of tar sands. In the same week the World Bank announced it would cease financing upstream oil and gas after 2019.
It’s welcome news. Based on the financial risks, climate impacts and indigenous rights violations, we have seen a significant shift in financial institutions backing fossil fuels. The Bank of England now recognizes the monetary risks associated with climate change and is advising the central banks and governments to get out of highly polluting fuels due to the pending carbon bubble and the bad business associated with ‘extreme’ energy extraction. As a result BP, Shell, Exxon and others have pulled out of major tar sands projects and pipelines. [...]
The Canadian government has done little to recognise indigenous land titles. Tar sands expansion continues at an alarming rate, with even more pipelines being approved. We cannot rely on Prime Minister Trudeau’s support to join the climate action force anytime soon. [...]
All of these decisions and ‘wins’ need to be grounded in an intersectional divestment movement that takes the time to think about the reinvestment strategies, that is twinned with a just transition model and opens up the seats at the table for dialogue with those most impacted by climate change and holding the climate solutions. If we can do this, 2018 is going to be an incredible year for our movements and hope for the climate.
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