'As it hits its 10th year, the divestment movement claims many moral victories, yet fossil fuel companies keep booming and carbon keeps rising,' writes Ted Franklin. 'Divestment fails to turn off the taps.'
, like Iglesias, that divestment campaigns might accomplish something, but not necessarily the kind of financial damage to the fossil fuel industry that activists unversed in industry economics often imagine:
In April of 2018, the distinguished economist Robert Pollin and his coauthor Tyler Hansen of the Political Economy Research Institute, University of Massachusetts Amherst, published"How Well Does Fossil Fuel Divestment Combat Climate Change?"was the first major scholarly study to evaluate the effectiveness of the divestment movement. Their conclusion:
A nonprofit-industrial complex thrives on this campaign, but it's time to go back and review what Parenti presciently explained years ago in his response to McKibben. By focusing on pressure campaigns against private actors with no direct effect on the fossil fuel industry, well-intentioned people inadvertently delay the necessary struggle to win and engage state power to phase out the extraction and production of fossil fuels.government can shut down the fossil fuel industry.
This is not to say that all strategies focused on blocking investment are a misallocation of movement energies. We should fight tooth and nail against every specific attempt to finance the expansion of fossil fuel infrastructure.
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