Don’t feel sorry for the fossil fuel energy giants as their energy bubble bursts. Oil prices rise and fall. People suffer at the pumps and economies take a hit, but the multinationals have a good day. In 2011, the top five oil companies made $137 billion in profits or $375 million each day.
The International Energy Agency (IEA) has calculated the fossil fuel industry has to leave about 80% of its known reserves of oil, gas and coal unburned to stay below the internationally agreed upon levels to avoid catastrophic consequences. Even with this knowledge, they spend about $647 billion each year finding more reserves.
Profit over all is the mantra. The divestment movement is intended to slow them down. Follow the example of 181 institutions and local governments that have divested $50 billion in investments from fossil fuel. Don’t be left holding the bag when the energy bubble bursts.
Source: Green American, Winter 2014
Divest from the old fossils and reinvest in modern clean energy:
www.GreenAmerica.org/fossilfree
http://gofossilfree.org