Why It's So Difficult to Face the Frightening Climate Change Reality
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Its main job, after all, is to ensure a safe and profitable pension fund and in that sense, energy companies have, in the past, been good investments. To continue on such a path is to be “smart about the market.” The market, in the meantime, is working hard at not imagining the financial impact of climate change.
The failure of major food sources, including fishing stocks and agricultural crops, and the resultant mass hunger and instability -- see Syria -- is going to impact the market. Retirees in the beautiful Bay Area are going feel it if the global economy crashes, the region fills with climate refugees, the spectacularly productive state agricultural system runs dry or roasts, and the oceans rise on our scenic coasts. It’s a matter of scale. Your investments are not independent of nature, even if fossil-fuel companies remain, for a time, profitable while helping destroying the world as humanity has known it.
Some reliable sources now argue that fossil-fuel stocks are not good investments, that they’re volatile for a number of reasons and due to crash. The IPCC report makes it clear that we need to leave most of the planet's fossil fuel reserves in the ground in the coming decades, that the choice is either to fry the planet or freeze the assets of the carbon companies. Activists are now doing their best to undermine the value of the big carbon-energy corporations, and governments clued in to the new IPCC report will likely join them in trying to keep the oil, gas, and coal in the ground -- the fossil fuel that is also much of the worth of these corporations on paper. If we're lucky, we'll make them crash. So divesting can be fiscally sound, and there is a very strong case that it can be done without economic impact. But the crucial thing here isn’t the financial logistics of divestment; it’s the necessity of grasping the scale of things, understanding the colossal nature of the problem and the need to address it, in part, by pressuring one small group or one institution in one place.
To grasp this involves a feat of imagination and, I think, a leap of faith: a kind of conviction about what matters, about living according to principle, about understanding what is too big to be seen with your own eyes, about correlating data on a range of scales. A lot of people I know do it. If we are to pull back from the brink of catastrophe, it will be because of their vision and their faith. You might want to thank them now, and while your words are nice, so are donations. Or you might want to join them.
That there is a widespread divestment movement right now is due to the work of a few people who put forth the plan less than a year ago at 350.org. The president has already mentioned it, and hundreds of colleges are now in the midst of or considering the process of divesting, with cities, churches, and other institutions joining the movement. It takes a peculiar kind of genius to see the monster and to see that it might begin to be pushed back by small actions -- by, in fact, actions on a distinctly human scale that could still triumph over the increasingly inhuman scale of our era.
Hold up your hand. It looks puny in relation to the sun, but the other half of the equation of scale is seeing that something as small as that hand, as your own powers, as your own efforts, can matter. The cathedral is made stone by stone, and the book is written word by word.