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Divest or desist: Are you doing the right thing?

Praise be to Nero’s Neptune

The Titanic sails at dawn

And everybody’s shouting

“Which side are you on?”

– Bob Dylan, “Desolation Row”

We each arrive at a time in our lives when we must decide between doing what’s convenient and what our conscience tells us is right. At that moment, there are a number of factors to weigh.

We must ask ourselves if we’re picking the right battle; if our intended action is likely to produce the desired effect, or might have unintended consequences; if the action (or inaction) will be taken for ourselves, for the sake of others or both.

But most important, we must consider that morning when we take a long look in the mirror and ask, “Do I know right from wrong, and am I going to do the right thing?” For only by answering that question in the affirmative can we respect ourselves, and know that any respect given us by our family and friends is truly earned.

For me, the question of divesting in any and all fossil fuel holdings is a simple one. In order to avoid disastrous, as opposed to what is now merely disruptive climate change, we must leave most of the remaining fossil fuels in the ground.

Three years ago climate activist Bill McKibben, in a Rolling Stone article based on the calculations of the scientific community, wrote that as an absolute maximum we can burn 565 gigatons more carbon. But the world’s private and state-owned fossil fuel reserves are more than 2,795 gigatons.

Those reserves, not drilling rigs, pipelines, ships and office buildings, make up by far the greater part of a large fossil fuel company’s net worth. And only if those reserves become worth less will fossil fuel companies’ ability to control the energy sector and thus the world’s economy diminish, making way for investment in a clean energy future.

There are those who disagree with me, of course. Some people think that global warming is a hoax, a socialist plot and so on, rather than the carefully deliberated conclusion of the world’s scientific community. I fully respect their right to their opinions, though I’m not sure they should be given too much power over everyone else’s future.

But if you are someone who sees rapid climate change as a clear and present danger, and you happen to have an investment portfolio, you might want to make sure it is free of any holdings in fossil energy concerns. This can take some work. Mutual funds and related investment vehicles typically spread their investors’ money across many sectors, and ferreting out exactly where your money is parked might take a few phone calls.

Then you have to go through the divestment process which could take a little work as well – but it fortunately shouldn’t hurt your fiduciary prospects, especially if fossil fuels represent a small portion of your portfolio. Reinvestment in greener technologies will likely bring you greater returns in the long run.

However, while those considerations are important, they are not fundamental. They are peripheral to the main question: Am I doing the right thing at my ecological house?

Philip S. Wenz, who grew up in Durango and Boulder, now lives in Corvallis, Ore., where he teaches and writes about environmental issues. Reach him via e-mail through his website, www.your-ecological-house.com.



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