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Impacts of the Fossil Fuel Divestment Movement: Effects on Finance, Policy and Public Discourse

SPRU–Science Policy Research Unit, University of Sussex, Brighton BN1 9SL, UK
Sustainability 2018, 10(7), 2529; https://doi.org/10.3390/su10072529
Received: 29 May 2018 / Revised: 9 July 2018 / Accepted: 17 July 2018 / Published: 19 July 2018
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Abstract

The fossil fuel divestment movement campaigns for removing investments from fossil fuel companies as a strategy to combat climate change. It is a bottom-up movement, largely based in university student groups, although it has rapidly spread to other institutions. Divestment has been criticised for its naiveté and hard-line stance and dismissed as having little impact on fossil fuel finance. I analyse the impact of divestment through reviewing academic and grey literature, complemented by interviews with activists and financial actors, using a theoretical framework that draws on social movement theory. While the direct impacts of divestment are small, the indirect impacts, in terms of public discourse shift, are significant. Divestment has put questions of finance and climate change on the agenda and played a part in changing discourse around the legitimacy, reputation and viability of the fossil fuel industry. This cultural impact contributed to changes in the finance industry through new demands by shareholders and investors and to changes in political discourse, such as rethinking the notion of ‘fiduciary duty.’ Finally, divestment had significant impact on its participants in terms of empowerment and played a part in the revitalisation of the environmental movement in the UK and elsewhere. View Full-Text
Keywords: divestment; fossil fuels; impact; social movements; environmental movements; stranded assets; activism; climate action divestment; fossil fuels; impact; social movements; environmental movements; stranded assets; activism; climate action
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Bergman, N. Impacts of the Fossil Fuel Divestment Movement: Effects on Finance, Policy and Public Discourse. Sustainability 2018, 10, 2529.

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