California divestment victory

We are thrilled to share some trans-Atlantic inspiration from our allies at Fossil Free California (FFCA).

After 10 years of lobbying – supported largely by high-school students – FFCA succeeded in persuading a major college savings plan to divest its enormous $16.5 billion in assets from coal, oil, and gas companies.

The California ScholarShare 529 College Savings Plan is redirecting its investments into the Vanguard FTSE Social Index Fund, which shuns companies producing fossil fuel arms, biological weapons, tobacco, and other ethically problematic goods.

“This proves a truth we hold dear: that fiduciary duty and climate justice can and should walk hand-in-hand,” said our new finance analyst Sam Bovim, after a discussion with FFCA’s Quinn Eide.

“It’s a signal that despite geopolitical appetite for fossil fuels, especially under Trump's second administration, big wins are achieved through small milestones – and there is still willingness, even in America, to challenge the social license of fossil fuel companies.”