Is a transformational shift just around the corner?
We won’t know until we have the luxury of hindsight which campaigns, conversations and activities were the ones to place us on the path to a safe climate future. We won’t know for years, perhaps even decades where the turning points were and whether our actions contributed. However sitting right here, where our Prime Minister is having to qualify exactly what he means by ‘coal is good for humanity’ and Senior Conservative Government Ministers are arguing hard against a Public institution having the right to make their own investment decisions I have to wonder if we are in the middle of one of those turns right now.
As the IPCC shares it’s latest summary report (which although alarming is out of date and perhaps not alarming enough) I see this article in my email.
“Every day for the past 13-and-a-half years, Norway’s oil fund has grown by an average of $165m. This has been good news for the country’s 5m residents, who have all become krone millionaires, at least on paper.
Its rapid growth has confounded almost everybody, with few expecting its hot streak to last very long when it started in 1996. But it has quintupled its assets in the past decade to $860bn and transformed itself into the world’s biggest sovereign wealth fund, with a 100-year plus horizon. Today, it owns the equivalent of 1.3 per cent of every listed company in the world….
As it closes in on reaching $1tn in assets by the end of the decade, Norway’s oil fund is in the midst of another transformation. It is beginning to flex its muscles by taking a more active stance on corporate governance issues. Its investment strategy is also changing, with the fund buying more real assets such as equities and property while investing less in Europe and more in emerging markets.
Proposed changes could make even more of a wave. A proposal to pull it out of all oil, gas and coal companies would create a sensation if passed, and make an investor funded by petroleum the biggest to divest itself of fossil fuel. And if it heeds calls to invest in private equity and infrastructure, it could alter the investing landscape in both sectors due to its sheer size.’
There is much to do in addressing the social and environmental crisis we find ourselves in, and there are solutions in every action we take. We won’t know which ones are the critical ones, but what we do know is that It’s Up 2 Us and doing nothing has a very predictable outcome.
Here’s to each and every one of us being able to look back on those moments that turned this around and being able to say – I was there!
To a safe and just world.
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