Divestment is a socially responsible investing tactic to remove assets from a sector or industry based on moral objections to its business practices. It has historical roots in the anti-apartheid movement in South Africa. The early-21st-century fossil fuel divestment movement began with climate activist and 350.org co-founder Bill McKibben’s Rolling Stone article, “Global Warming’s Terrifying New Math.” McKibben’s argument centers on three numbers. The first is 2°C, the international target for limiting global warming that was agreed upon at the United Nations Framework Convention on Climate Change 2009 Copenhagen conference of parties (COP). The second is 565 Gigatons, the estimated upper limit of carbon dioxide that the world population can put into the atmosphere and reasonably expect to stay below 2°C. The third number is 2,795 Gigatons, which is the amount of proven fossil fuel reserves. That the amount of proven reserves is five times that which is allowable within the 2°C limit forms the basis for calls to divest. The aggregation of individual divestment campaigns constitutes a movement with shared goals. Divestment can also function as “tactic” to indirectly apply pressure to targets of a movement, such as in the case of the movement to stop the Dakota Access Pipeline in the United States. Since 2012, the fossil fuel divestment movement has been gaining traction, first in the United States and United Kingdom, with student-led organizing focused on pressuring universities to divest endowment assets on moral grounds. In partnership with 350.org, The Guardian launched its Keep it in the Ground campaign in March 2015 at the behest of outgoing editor-in-chief Alan Rusbridger. Within its first year, the digital campaign garnered support from more than a quarter-million online petitioners and won a “campaign of the year” award in the Press Gazette’s British Journalism Awards. Since the launch of The Guardian’s campaign, “keep it in the ground” has become a dominant frame used by fossil fuel divestment activists. Divestment campaigns seek to stigmatize the fossil fuel industry. The rationale for divestment rests on the idea that fossil fuel companies are financially valued based on their resource reserves and will not be able to extract these reserves with a 2°C or lower climate target. Thus, their valuation will be reduced and the financial holdings become “stranded assets.” Critics of divestment have cited the costs and risks to institutional endowments that divestment would entail, arguing that to divest would go against their fiduciary responsibility. Critics have also argued that divesting from fossil fuel assets would have little or no impact on the industry. Some higher education institutions, including Princeton and Harvard, have objected to divestment as a politicization of their endowments. Divestment advocates have responded to this concern by pointing out that not divesting is not a politically neutral act—it is, in fact, choosing the side of fossil fuel corporations.
Jill E. Hopke and Luis E. Hestres
Hans von Storch, Katja Fennel, Jürgen Jensen, Kristy A. Lewis, Beate Ratter, Torsten Schlurmann, Thomas Wahl, and Wenyan Zhang
Coasts are those regions of the world where the land has an impact on the state of the sea, and that part of the land is in turn affected by the sea. This land–sea interaction may take various forms—geophysical, biological, chemical, sociocultural, and economic. Coasts are conditioned by specific regional conditions. These unique characteristics result, in heavily fragmented regional and disciplinary research agendas, among them geographers, meteorologists, oceanographers, coastal engineers, and a variety of social and cultural sciences. Coasts are regions where the effects and risks of climate impact societal and ecological life. Such occurrences as coastal flooding, storms, saltwater intrusion, invasive species, declining fish stocks, and coastal retreat and morphological change are challenging natural resource managers and local governments to mitigate these impacts. Societies are confronted with the challenge of dealing with these changes and hazards by developing appropriate cultural practices and technical measures. Key aspects and concepts of these dimensions are presented here and will be examined in more detail in the future to expand on their characteristics and significance.
Philipp Pattberg and Oscar Widerberg
In 1992, when the international community agreed on the United Nations Framework Convention on Climate Change (UNFCCC), the science of climate change was under development, global greenhouse gas (GHG) emissions were by and large produced by developed countries, and the concentrations of CO2 in the atmosphere had just surpassed 350 ppm. Some 25 years later, climate change is scientifically uncontested, China has overtaken the United States as the world’s biggest emitter of CO2, and concentrations are now measured above 400 ppm. Against this background, states have successfully concluded a new global agreement under the UNFCCC, the 2015 Paris Agreement. Prior to the Paris Agreement, the climate regime focused on allocating emission reduction commitments among (a group of) countries. However, the new agreement has turned the climate regime on its feet by introducing an approach based on Nationally Determined Contributions (NDCs). Under this approach, states decide their ambition levels independently instead of engaging in negotiations about “who does what.” The result is a more flexible system that for the first time includes all countries in the quest to reduce GHG emissions to keep temperature increase below 2°C compared to preindustrial levels. Moreover, the international climate regime has transformed into a regime complex, denoting the broad activities of smaller groups of states as well as non-party actors, such as cities, regions, companies, and non-governmental organizations along with United Nations agencies.
Joana Castro Pereira and Eduardo Viola
The signing of the United Nations Framework Convention on Climate Change (UNFCCC) by 154 nations at the Rio “Earth Summit” in 1992 marked the beginning of multilateral climate negotiations. Aiming for the “stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system,” the Convention divided parties according to different commitments and established the common but differentiated responsibilities and respective capabilities (CBDRRC) principle. In 1997, parties to the Convention adopted the Kyoto Protocol, which entered into force in 2005. The Protocol set internationally binding emission reduction targets based on a rigid interpretation of the CBDRRC principle. Different perceptions on a fair distribution of climate change mitigation costs hindered multilateral efforts to tackle the problem. Climate change proved a “super wicked” challenge (intricately linked to security, development, trade, water, energy, food, land use, transportation, etc.) and this fact led to a lack of consensus on the distribution of rights and responsibilities among countries. Indeed, since 1992, greenhouse gas concentrations in the atmosphere have increased significantly and the Kyoto Protocol did not reverse the trend. In 2009, a new political framework, the Copenhagen Accord, was signed. Although parties recognized the need to limit global warming to < 2°C to prevent dangerous climate change, they did not agree on a clear path toward a legally-binding treaty to succeed the Kyoto Protocol, whose first commitment period would end in 2012. A consensus would only be reached in 2015, when a new, partially legally-binding treaty—the Paris Climate Agreement—committing all parties to limit global warming to “well below 2°C” was finally signed. It came into force in November 2016. Described in many political, public, and academic contexts as a diplomatic success, the agreement suffers, however, from several limitations to its effectiveness. The nationally determined contributions that parties have presented thus far under the agreement would limit warming to approximately 3°C by 2100, placing the Earth at a potentially catastrophic level of climate change. Forces that resist the profound transformations necessary to stabilize the Earth’s climate dominate climate change governance. Throughout almost three decades of international negotiations, global greenhouse gas (GHG) emissions have increased substantially and at a rapid pace, and climate change has worsened significantly.