Fossil fuel divestment has ‘zero’ climate impact, says Bill Gates
Divestment also results in less shareholder oversight of emission heavy companies because environmentally conscious investors are selling their shares to investors with less scruples.This isn't just theoretical.According to Fossil Free, asset managers with about 10 trillion under management have committed to divesting.If you assume 10% of that is tracking something like the S&P 500, then these investors have sold about 80 million shares of Chevron.In 2018, shareholders introduced a proposal asking Chevron to limit its methane emissions. That proposal failed with 46% of the vote.80 million shares would have been enough to swing the vote to 54% in favor.I quit my job a couple of months ago to fix this problem. You can learn more at greengovernance.org or by emailing me at (hn username)@greengovernance.org(typed this from my phone on a plane but I will add citations later when I get to my computer)