Call for Divestment

May 13, 2019 by OceansNotOilUncategorized

We need to freeze all fossil fuel development if we are to stall global temperature increase. Now that we understand the risks, what are we going to do about it?

Follow the money. Many oil companies have known about climate change risks for decades (Exxon since 1977^[1]), but spent millions to promote misinformation instead^[2]. Increasingly lawsuits and investment analysts are pushing the biggest corporate polluters to tackle climate change, spearheading campaigns to cut carbon emissions, boosting disclosure on climate risk and holding managers accountable. “Only the investors can make them change^[3]”says Mark van Baal, of Follow This, who is pushing oil giants Shell, BP, ExxonMobil, Chevron and Equinor to set hard long-term emissions targets.

Last Friday Durban youth and concerned organisations handed over a memorandum to the Honourary Consul of Italy, Mr Costi Buccimazza. The memorandum highlighted the existential threat oil corporation ENI poses not only to our oceans and coastline if they pursue their application to drill, but also by its reported externalized costs of pollution, forced dislocation and corruption.

On Friday the 24^ththe youth will focus on Sasol’s shareholders. Sasol are collaborating on the same ENI application to drill off the KZN coastline. Sasol are the biggest ghg emitters on the JSE. The environmental ramifications of their existing business model affects us all, with longer term economic disaster an inevitability.

Collective action shifts us from passively accepting the massive risks to all species, to forcing polluters to change. Join us on this peaceful march. Details avaliable at https://www.facebook.com/events/419292172217736/

The convening organisations helping facilitate this march are: Oceans Not Oil, South African Youth Climate Change Coalition, South Durban Community Environmental Alliance, FrackFreeSA and Greenpeace local group Durban.