Musicians sign on to amplify fossil fuel divestment!

What do the British Medical Association, Stanford University and the Uniting Church of Australia have in common with Missy Higgins, John Butler and Ash Grunwald?

divestmentThe fossil fuel divestment movement that has taken the world by storm has featured in these pages quite frequently, as new institutions come on board and the evidence stacks up that investing in coal is not just an environmental disaster but also a fundamentally myopic investment decision.

It is, of course, important to engage in the detailed debate about coal’s future. The disconnect between the expansion push and the clear evidence that markets are rapidly drying up needs to be exposed.

Investment is, at least in part, guided by the accumulation of evidence. Contributing to that evidence by showing that new mines, rail lines and ports will become multi-billion dollar white elephants as China and India ratchet up their limits on coal use and their roll-out of solar and wind power, is vital to shifting investment priorities.

But investment is based on more than evidence. It is also based on social and cultural factors, a weighing up of how broadly acceptable it is to put money behind certain products, and, undeniably, an aspect of herd mentality. Why else would we see terms like “bull market” so widely used?

The magic of the divestment campaign is that it combines these two aspects to create a heady mix of evidence that coal is a poor investment and growing social and cultural pressure to recognise that, as Bill McKibben says, “if it’s wrong to wreck the climate, it’s wrong to profit from that wreckage.”

The Amplify Divestment campaign, a partnership between Green Music Australia and divestment groups Market Forces and 350.org, takes on the cultural side of the mix directly, working to involve some of our most culturally influential people – musicians.

Musicians influence the clothes we wear and the food we eat. With their lyrics, they literally put words in our mouths. And, for generations, musicians have been at the forefront of social change battles, from civil rights in the USA to Indigenous justice in Australia, from nuclear disarmament to feminist and queer equality movements.

Musicians who sign up to Amplify Divestment have pledged to move their money out of banks and/or superannuation funds that are financially supporting the fossil fuel industry. They have also committed to promoting the campaign to their fans and encouraging them to get their money out of fossil fuels.

While musicians instinctively know that fans won’t appreciate being lectured to, they also understand the impact of heart-felt, honest statements about their feelings. That’s their stock in trade. And it’s why their involvement in campaigns should never be shrugged off.

Have a read, for example, of the letter Rob Hirst, drummer from Midnight Oil, wrote to ANZ explaining his reasons for putting them on notice and threatening to divest:

“Dear ANZ

I’ve been a loyal customer since 1978, when you gave our young band a loan to get started. Thank you for that. Most banks wouldn’t have taken the risk.

Thanks also for refusing to bankroll Gunns Ltd’s proposed Bell Bay pulp mill in Tasmania in 2008. That was a bold decision and sent a powerful message to polluters.

Now I’m asking for one more thing. Please discontinue the funding of all fossil-fuel mining companies, by allowing existing contracts to lapse, and by denying assistance to future parties who seek your help. In the face of a reckless disregard for the earth’s future by the current Australian Government, it is up to the rest of us to take a stand.

Thank you ANZ. Investment in clean energy will be a win for everyone.

Best regards

Rob Hirst”

And here’s what Missy Higgins wrote to her fans on Facebook, explaining what she is doing and asking them to follow suit:

“Hey Guys, I just found out that my bank has loaned over $6.5 billion to dirty fossil fuels since 2008. I don’t know about you but I don’t like my money being used to accelerate climate change, it seems insane in this day and age. I’d much prefer my money to be funding renewable energy projects and development, things that might actually save our planet rather than destroy it. So I’ve written to my bank and told them that if they keep funding fossil fuels I am going to leave. It’s our money, we should be able to decide what it’s invested in, don’t you think?”

As more and more musicians – rock, pop, blues, classical – join up and spread the word, they will amplify the message being sent by individuals, experts and civil society institutions to the point where investors won’t be able to put their fingers in their ears and ignore it any longer.

“Coal is wrong. We want no part of it.”

Sing it, brothers and sisters!

Comments

5 responses to “Musicians sign on to amplify fossil fuel divestment!”

  1. Keith Avatar
    Keith

    Movements that change the world need music, so another way for musicians to contribute is by making music. I think this has been missing from much of the fossil fuel protest activities. People like to sing and show they are engaged.

    So let’s have more music. Sing the future of renewable energy and demise of fossil fuels!

    1. Rob G Avatar
      Rob G

      If John Lennon was alive today he may very well be singing “imagine there’s no fossil fuels…”

  2. Rob G Avatar
    Rob G

    The pressure must remain on Australia’s big banks. They have been very quiet, hoping the matter of fossil fuel investments will continue unnoticed. A bank like Bendigo bank is in a good position to be the green and smart bank, they already back the green super fund – future super.

    It’s a big ask for a bank to put greed and morals to one side and do what I right, but if they wait to long to tow the line their credibility will be lost.

  3. Doug Hendren MD Avatar
    Doug Hendren MD

    I am a member of the DivestHarvard alumni group. Here are a couple of musical pieces I have done on divestment. Feel free to share. http://musicalscalpel.com/2014/03/that-is-not-the-case/ , http://musicalscalpel.com/2013/09/youve-got-to-bend/

  4. Pedro Avatar
    Pedro

    I divested about a year ago and got my super out of AMP. I went with Ethical investments and was very happy with the results with a growth of 16.9%. I know you should average returns over a longer time frame, but the best I ever got from AMP was 8% and a few years of negative growth!! It appears making ethical financial choices is making me money, at least in the first year.

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