Posted by: ericgrimsrud | September 21, 2016

Another reason why St. Olaf College should divest

Those of you who have followed this web site know that I have used my own alma mater, St. Olaf College, as an example of American Colleges and Universities that continue to invest in companies and corporations whose operations depend on the continued extraction and use of fossil fuels for energy production (see previous posts on April and May of 2016 and June of 2015). Up to now, the argument I put to them was essentially one of a moral nature. That is, the science associated with global warming is now as clear as any complex scientific issue can be. Our continued extraction and combustion of fossil fuels is increasing the thermal insulating properties of our atmosphere to a point well beyond environmentally safe levels. We are nearing an onset of temperature instability thereby risking future catastrophic changes that would be in compatible with existing forms of human civilization. Thus, we must divest from fossil-fuel related corporations for the sake of our planet, all of its inhabitants, and all future generations.

To my knowledge, however, this argument has failed to change the attitude of St. Olaf College concerning its fossil fuel investments. When asked if St. Olaf has any intentions of divesting, its President simply told me “no” about one year ago and I have heard of no changes since then. Therefore, in this post I would like to provide the leadership of St. Olaf College with another reason for divesting, as explained below.

The campaign to hold Exxon accountable for their climate cover-up just took a big step forward. The federal Securities and Exchange Commission (SEC) just announced that they’re opening an investigation into whether Exxon has failed to account for the risk that climate change and climate regulations could pose to the future financial success of their company. This investigation, which has now moved up from state to federal level, could fundamentally reshape how Exxon and the entire fossil fuel industry does business. If the SEC finds that Exxon has lied to its shareholders, the company could face major penalties. Moreover, a ruling that forces Exxon to account for its climate risks in the future could help shut down new fossil fuel development and industry expansion.

So while it appears to me that St. Olaf College has not so far been sufficiently bothered by the moral implications of their investments in fossil fuels, my hope is that the additional reason for divestment related here will provide them with the bit of additional courage needed to do the right thing.


Responses

  1. You are absolutely right on. As a farmer, I have noticed vast changes in temps since we began farming here in north central MT since the late 40’s. Getting into politics, the Trumpster doesn’t recognize CC while Hillary does. WE no longer see the Clark’s Nutcracker, a black & white bird which feeds off and stores the seeds of both he White Bark Pine and the Green Needle Pine in the Sweetgrass Hills. The reason is that the winters no longer gets cold sufficient to kill the fungus which kills these trees. I have been climbing the “Hills” for 30 years so can verify this fact.
    Arloi Skari


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