May 1, 2015
by Jay Taber
Above: Tom Steyer (left) and Bill McKibben (center). Peoples Climate March, September 21, 2014
As investigative journalist Cory Morningstar reports, fossil fuel divestment is a farce. Fossil fuel divestment — promoted by 350 — targets only publicly traded stocks; but pension funds targeted by the 350 divestment campaign invest hundreds of billions in privately traded securities, such as hedge funds and private equity, that are heavily invested in fossil fuel production–including fracking.
Compromising the 350 divestment campaign is the fact it has received hundreds of thousands of dollars from hedge fund managers like Jeremy Grantham and billionaire Tom Steyer, who has major investments in fossil fuels. Steyer’s Farallon Capital was, in fact, a target of 350, until he bought their silence.
Grantham, meanwhile, donated millions to buy the support of Sierra Club, Nature Conservancy, Environmental Defense Fund and Greenpeace. As usual, the 350 Climateers are clueless about how they are being used by fossil fuel investors to undermine democracy and the environmental movement.
[Jay Taber is an associate scholar of the Center for World Indigenous Studies, a correspondent to Forum for Global Exchange, and a contributing editor of Fourth World Journal. Since 1994, he has served as communications director at Public Good Project, a volunteer network of researchers, analysts and activists engaged in defending democracy. As a consultant, he has assisted indigenous peoples in the European Court of Human Rights and at the United Nations. Email: tbarj [at] yahoo.com Website: www.jaytaber.com]