Why fossil free is a movement - VPRO documentary
279Why is fossil free a movement? Why are people coming together to create a fossil free movement and think of the fossil fuel industry as overvalued? A documentary that shows a movement that believes in a fossil free future.
After the climate summit in Paris there will be long and difficult negotiations about how to deal with the problems of climate change. A growing group of people has lost confidence in the political system coming up with sufficient measures in time. They target the financial sector and organize campaigns towards pension funds, churches, university and governments to withdraw their investments in oil, coal, and gas producing companies. In other words, they want to divest from companies that profit from climate change.
This divestment movement no longer trusts politicians to tackle climate change. They now focus on the financial sector and receive help from unexpected sources. Big banks like HSBC, Citibank and the regulating Bank of England recently started to warn against the so-called ‘carbon bubble’. Investing in coal, oil and gas not only causes temperatures to rise, but it also involves substantial financial risks, for pensions for example.
The trust that politicians will come up with a solution for climate change is waning. A rapidly growing group of concerned citizens is looking for other ways to tackle climate change. They now focus on the financial world, because they believe that there is at least as much influence to be found here as in governments. Pension funds, churches and universities are called on to withdraw their investments in fossil fuels.
Including: Corien Wortmann-Kool (CEO ABP), Vatan Hüzeir (co-initiator of ABP Fossil Free), Ella Lagé (campaigner for Fossil Free Berlin) and Bob Litterman (hedge fund manager and former Head of Quantitative Trading at Goldman Sachs).
Original title: Fossielvrij
Originally broadcasted by VPRO in 2015.
© VPRO Backlight November 2015
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Credits:
Director: Martijn Kieft
Research: Robert Kosters
Producer: Jeroen Beumer
Commissioning editors: Marije Meerman/Doke Romeijn
English, French and Spanish subtitles: Ericsson.
French and Spanish subtitles are co-funded by European Union.