Non-state governance and climate policy: the fossil fuel divestment movement

Climate Policy

Volumn 17, Issue 2, 2017, Pages 131-149

  Ayling, Julie ^a   Gunningham, Neil ^a  

^a AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

Author keywords

climate change governance; fossil fuel divestment; institutional investors; non state governance; regime complex; transnational advocacy network

Indexed keywords

ADVOCACY; CLIMATE CHANGE; ENVIRONMENTAL POLICY; FOSSIL FUEL; GOVERNANCE APPROACH; INVESTMENT; STOCK MARKET;

EID: 84945144048     PISSN: 14693062     EISSN: 17527457     Source Type: Journal    
DOI: 10.1080/14693062.2015.1094729     Document Type: Article

References (81)

1. Abbott, K. W., (2012). The transnational regime complex for climate change. Environment and Planning C:Government and Policy, 30, 571–590. doi:10.1068/c11127
2. Abbott, K. W., (2014). Strengthening the transnational regime complex for climate change, Transnational Environmental Law, 3, 57–88. doi:10.1017/S2047102513000502
3. ABC Radio National. (2015, February 17). Rockefeller fund joins global divestment movement, RN Breakfast. Retrieved from http://www.abc.net.au/radionational/programs/breakfast/rockefeller-fund-joins-global-divestment-movement/6125112.
4. Andonova, L., Betsill, M. M., & Bulkeley, H., (2009). Transnational climate governance. Global Environmental Politics, 9(2), 52–73.
5. Ansar, A., Caldecott, B., & Tilbury, J., (2013). Stranded assets and the fossil fuel divestment campaign:What does divestment mean for the valuation of fossil fuel assets? Oxford:Smith School of Enterprise and the Environment. Retrieved from http://www.smithschool.ox.ac.uk/research/stranded-assets/SAP-divestment-report-final.pdf.
6. Ban Ki Moon. (2014, January 24). Secretary-General, at World Economic Forum, Urges Public, Private Actors to ‘Rally Around’ Concrete Action-Oriented Solution for September Climate Summit. Retrieved from http://www.un.org/News/Press/docs/2014/sgsm15612.doc.htm.
7. Bansal, R., & Kirk, S., (2015, January 19). Peak carbon before peak oil (Konzept) (pp. 19–25). Frankfurt am Main:Deutsche Bank Research House. Retrieved from http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000349119.pdf#page=21.
8. BBC News Oxford. (2014, June 1). Oxford University academics support fossil fuel divestment. BBC News. Retrieved from http://www.bbc.com/news/uk-england-hampshire-27655081
9. Becker, H. S., (1963). Outsiders:Studies in the sociology of deviance. New York, NY:The Free Press.
10. Black, J., (2008). Constructing and contesting legitimacy and accountability in polycentric regulatory regimes. Regulation & Governance, 2, 137–164. doi:10.1111/j.1748-5991.2008.00034.x
11. Braithwaite, J., & Drahos, P., (2000). Global business regulation. Cambridge:Cambridge University Press.
12. Brooks, M., (2013). Banking on divestment. Alternatives Journal, 39(6), 48–49.
13. Bulkeley, H., Andonova, L. B., Betsill, M. M., Compagnon, D., Hale, T., Hoffmann, M. J., … Vandever, S. D., (2014). Transnational climate change governance. New York, NY:Cambridge University Press.
14. Burris, S., Drahos, P., & Shearing, C., (2005). Nodal governance. Australian Journal of Legal Philosophy, 30, 30–58.
15. Burris, S., Kempa, M., & Shearing, C., (2008). Changes in governance:A cross-disciplinary review of current scholarship. Akron Law Review, 41, 1–66.
16. Carbon Tracker. (2014, May). Carbon supply cost curves:Evaluating financial risk to oil capital expenditures. London:Carbon Tracker Initiative. Retrieved from http://www.carbontracker.org/site/carbon-supply-cost-curves-evaluating-financial-risk-to-oil-capital-expenditures.
17. Carrington, D., (2015a, March 15). Climate change:UN backs fossil fuel divestment campaign. The Guardian. Retrieved from http://www.theguardian.com/environment/2015/mar/15/climate-change-un-backs-divestment-campaign-paris-summit-fossil-fuels.
18. Carrington, D., (2015b, February 6). World's biggest sovereign wealth fund dumps dozens of coal companies. The Guardian. Retrieved from http://www.theguardian.com/environment/2015/feb/05/worlds-biggest-sovereign-wealth-fund-dumps-dozens-of-coal-companies.
19. Carrington, D. (2015c, May 18). Oxford University rules out investing in coal and tar sands. The Guardian. Retrieved from http://www.theguardian.com/environment/2015/may/18/oxford-university-rules-out-investing-in-coal-and-tar-sands
20. Cashore, B., (2002). Legitimacy and the privatization of environmental governance:How non-state market-driven governance systems gain rule-making authority. Governance:An International Journal of Policy, Administration and Institutions, 15, 503–529. doi:10.1111/1468-0491.00199
21. Cashore, B., Auld, G., & Renckens, S., (2011). The impact of private, industry and transnational civil society regulation and their interaction with official regulation. In C., Parker & V. L., Nielsen (Eds.), Explaining compliance:Business responses to regulation (pp. 343–376). Cheltenham:Edward Elgar.
22. Clark, P., (2014, April 28). FTSE joins Blackrock to help investors avoid fossil fuels. Financial Times. Retrieved from http://www.ft.com/intl/cms/s/0/14787a44-cef6-11e3-ac8d-00144feabdc0.html#axzz30K3OE8Zf.
23. Davidson, S., (2014, June 23). A critique of the coal divestment campaign. Retrieved from http://www.minerals.org.au/news/show/category/reports.
24. Denniss, R., Pender, H., & Swann, T., (2014). Climate proofing your investments:Moving funds out of fossil fuels. Canberra:The Australia Institute. Retrieved from http://www.tai.org.au/content/climate-proofing-your-investments-moving-funds-out-fossil-fuels.
25. Dorsey, E., & Mott, R., (2014, May 6). Philanthropy rises to the fossil divest–invest challenge. Huffington Post Green. Retrieved from http://www.huffingtonpost.com/ellen-dorsey/philanthropy-rises-to-the_b_4690774.html.
26. ExxonMobil. (2014, March 31). Energy and carbon–Managing the risks. Retrieved from http://corporate.exxonmobil.com/en/environment/climate-change/managing-climate-change-risks/carbon-asset-risk.
27. The Guardian. (2014, April 2). Exxon Mobil says climate change unlikely to stop it selling fossil fuels. The Guardian. Retrieved from http://www.theguardian.com/environment/2014/apr/01/exxon-mobil-climate-change-fossil-fuels-oil.
28. Faust, D., (2013, October 3). Fossil fuel divestment statement. Retrieved from http://www.harvard.edu/president/fossil-fuels.
29. Faust, D., (2014) Confronting climate change. 7 April. Retrieved from http://www.harvard.edu/president/news/2014/confronting-climate-change.
30. Figueres, C., (2014, May 7). Faith leaders need to find their voice on climate change. The Guardian. Retrieved from http://www.theguardian.com/environment/2014/may/07/faith-leaders-voice-climate-change.
31. Fiorino, D. J., (2009). Green clubs:A new tool for government? In M., Potoski & A., Prakash, (Eds.), Voluntary programs:A club theory perspective (pp. 209–229). Cambridge, MA:The MIT Press.
32. Fullerton, J., (2014, April). Limits to investment:Finance in the Anthropocene. Great Transition Initiative. Retrieved from http://www.greattransition.org/publication/limits-to-investment.
33. Giegerich, A., (2013, June 5). WED2013:Hales calls on state to divest fossil fuel holdings. Sustainable Business Oregon. Retrieved from http://www.sustainablebusinessoregon.com/articles/2013/06/wed2013-hales-calls-for.html?page=all.
34. Gough, C., & Shackley, S., (2001). The respectable politics of climate change:the epistemic communities and NGOs. International Affairs, 77, 329–346. doi:10.1111/1468-2346.00195
35. Green, J. F., (2013). Rethinking private authority:Agents and entrepreneurs in global environmental governance. Princeton, NJ:Princeton University Press.
36. Gurria, A., (2013, October 9). The climate challenge:Achieving zero emissions [Lecture]. London. Retrieved from http://www.oecd.org/about/secretary-general/The-climate-challenge-achieving-zero-emissions.htm.
37. Hannam, P., (2014, August 26). Sydney University creates waves with investment ban on coal. The Sydney Morning Herald. Retrieved from http://www.smh.com.au/environment/climate-change/sydney-university-creates-waves-with-investment-ban-on-coal-20140826-108ecj.html.
38. 2:Where should humanity aim? Open Atmospheric Science Journal, 2, 217–231. doi:10.2174/1874282300802010217
39. Harmes, A., (2011). The limits of carbon disclosure:Theorizing the business case for investor environmentalism. Global Environmental Politics, 11, 98–119. doi:10.1162/GLEP_a_00057
40. Harvard Faculty for Divestment. (2014). Open letter. Retrieved from http://www.harvardfacultydivest.com/.
41. Hedegaard, C., (2013). Foreword. In South East Europe sustainable energy policy programme, invest in haste, repent at leisure:Are IFIs behaving as if EU accession criteria and extreme energy losses do not exist in South East Europe? Retrieved from http://seechangenetwork.org/wp-content/uploads/2014/11/SEE-IFI-energy.pdf.
42. Heede, R., (2014). Tracing anthropogenic carbon dioxide and methane emissions to fossil fuel and cement producers, 1854–2010. Climatic Change, 122, 229–241. doi:10.1007/s10584-013-0986-y
43. Hulme. M. (2015). Why fossil fuel divestment is a misguided tactic. The Guardian. Retrieved from http://theguardian.com/environment/2015/april/17/why-fossil-fuel-divestment-is-a-misguided-tactic
44. Humphreys, J., (2013). Institutional pathways to fossil-free investing:Endowment management in a warming world. Boston, MA:Tellus Institute. Retrieved from http://www.tellus.org/publications/files/fossilfree.pdf
45. International Energy Agency. (2009). World Energy Outlook 2009. Paris:OECD/IEA. Retrieved from http://www.iea.org/textbase/npsum/weo2009sum.pdf
46. Jotzo, F., (2014, October 12). Outrage at ANU divestment shows the power of its idea. The Conversation. Retrieved from https://theconversation.com/outrage-at-anu-divestment-shows-the-power-of-its-idea-32736.
47. Keck, M. E., & Sikkink, K., (1998). Activists beyond borders:Advocacy networks in international politics. Ithaca, NY:Cornell University Press.
48. Keohane, R. O., Haas, P. M., & Levy, M. A., (1993). The effectiveness of international environmental institutions. In P. M., Haas, R. O., Keohane, & M. A., Levy (Eds.), Institutions for the Earth:Sources of effective international environmental protection (pp. 3–24). Cambridge, MA:Massachusetts Institute of Technology.
49. Ker, P., (2014, May 30). Minerals Council chief blasts ‘ethical’ investment style. Financial Review. Retrieved from http://www.afr.com/p/business/companies/minerals_council_chief_blasts_ethical_1GdzufBfK7M5eNQoot8bnJ.
50. King, E., (2014, January 23). World Bank chief backs fossil fuel divestment drive. RTCC News. Retrieved from http://www.rtcc.org/2014/01/27/world-bank-chief-backs-fossil-fuel-divestment-drive/.
51. Klein, N., (2013a, May 2). Why aren't environmental groups divesting from fossil fuels? The Nation. Retrieved from http://www.thenation.com/article/why-arent-environmental-groups-divesting-fossil-fuels/.
52. Klein, N., (2013b, May 20). Time for big green to go fossil free. The Nation. Retrieved from http://www.thenation.com/article/174143/time-big-green-go-fossil-free.
53. Leggett, J., (1993). Climate change and the insurance industry:Solidarity among the risk community? Amsterdam:Greenpeace. Retrieved from http://www.greenpeace.org/international/Global/international/planet-2/report/2006/3/leggett-insurance-climate.pdf.
54. Macdonald, E., (2013, October 7). ANU students lukewarm on ‘gold standard’ policy. Canberra Times. Retrieved from http://www.canberratimes.com.au/act-news/anu-students-lukewarm-on-gold-standard-policy-20131007-2v3e4.html.
55. MacLeod, M., & Park, J., (2011). Financial activism and global climate change:The rise of investor-driven governance networks. Global Environmental Politics, 11(2), 54–74.
56. Mathiesen, K., (2015, March 16). Oxford University defers fossil fuel divestment decision. The Guardian. Retrieved from http://www.theguardian.com/environment/2015/mar/16/oxford-university-defers-fossil-fuel-divestment-decision.
57. McGrath, M., (2014, January 15). Get your cash out of fossil fuel backed funds says UN climate chief. BBC News. Retrieved from http://www.bbc.com/news/science-environment-25743457.
58. McKibben, B., (2012, July 19). Global warming's terrifying new math. Rolling Stone. Retrieved from http://www.rollingstone.com/politics/news/global-warmings-terrifying-new-math-20120719.
59. McKibben, B., (2013). Oil and honey:The education of an unlikely activist. Collingwood:Black Inc.
60. Ministry of Finance Norway. (n.d.). Government Pension Fund Global (GPFG). Retrieved from https://www.regjeringen.no/en/topics/the-economy/the-government-pension-fund/government-pension-fund-global-gpfg/id697027/.
61. Oreskes, N., & Conway, E. M., (2010). Merchants of doubt:How a handful of scientists obscured the truth on issues from tobacco smoke to global warming. New York, NY:Bloomsbury Press.
62. Paterson, M., (2001). Risky business:Insurance companies in global warming politics. Global Environmental Politics, 1(4), 18–42. doi:10.1162/152638001317146354
63. Potoski, M., & Prakash, A., (2013). Green clubs:Collective action and voluntary environmental programs. Annual Review of Political Science, 16, 399–419. doi:10.1146/annurev-polisci-032211-211224
64. Richardson, B. J., (2013). Socially responsible investing for sustainability:Overcoming its incomplete and conflicting rationales. Transnational Environmental Law, 2, 311–338. doi:10.1017/S2047102513000150
65. Rogner, H. H., Zhou, D., Bradley, R., Crabbé, P., Edenhofer, O., Hare, B., … Yamaguchi, M., (2007). Introduction. In B., Metz, O. R., Davidson, P. R., Bosch, R., Dave, & L. A., Meyer (Eds.), Climate change 2007:Mitigation. Contribution of Working Group III to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change (pp. 99–116). Cambridge:Cambridge University Press.
66. Royal Dutch Shell. (2014, May 16). Letter to shareholders. Retrieved from http://s02.static-shell.com/content/dam/shell-new/local/corporate/corporate/downloads/pdf/investor/presentations/2014/sri-web-response-climate-change-may14.pdf.
67. Saunders, A., (2014, June 23). Coal-mining lobby says anti-investment campaign may be illegal. Financial Review. Retrieved from http://www.afr.com/p/business/companies/coal_mining_lobby_says_anti_investment_xPZH4eZbTQIhuBV7vrH4aM.
68. Saunders, H., (2015, January 27). Divestment will not keep carbon in the ground. The Energy Collective. Retrieved from http://theenergycollective.com/harry-saunders/2187446/divestment-will-not-keep-carbon-ground.
69. Shankleman, J., (2014, October 13). Mark Carney:Most fossil fuel reserves can't be burned. The Guardian. Retrieved from http://www.theguardian.com/environment/2014/oct/13/mark-carney-fossil-fuel-reserves-burned-carbon-bubble.
70. Stanford Report. (2014, May 6). Stanford to divest from coal companies. Stanford Report. Retrieved from http://news.stanford.edu/news/2014/may/divest-coal-trustees-050714.html.
71. Stavins, R. N., (2014, January/February). Fossil divestment:Warranted & wise? The Environmental Forum, 14. Retrieved from http://www.hks.harvard.edu/fs/rstavins/Forum/Column_58.pdf.
72. Stephenson, W., (2014, March 19). Why we must divest from fossil fuels:A student's open letter to Harvard president drew Faust. The Nation. Retrieved from http://www.thenation.com/blog/178927/why-we-must-divest-fossil-fuels-students-open-letter-harvard-president-drew-faust.
73. Streib, L., (2014, November 15). Stanford adds fracking investments in 3rd Quarter. Bloomberg Business. Retrieved from http://www.bloomberg.com/news/articles/2014-11-14/stanford-endowment-adds-fracking-investments-in-third-quarter.
74. Sullivan, R., (2012, April 1). Managers ‘talk more than walk’ on SRI. The Financial Times. Retrieved from http://www.ft.com/intl/cms/s/0/74b27aa4-799e-11e1-b87e-00144feab49a.html#axzz3gUwP6Ar8.
75. Sunstein, C. R., (1996). Social norms and social roles. Columbia Law Review, 96, 903–968. doi:10.2307/1123430
76. Thamotheram, R., (2014, April 23). What impact could divestment have on share price and the energy sector? Part 2. Responsible Investor. Retrieved from https://www.responsible-investor.com/home/article/rt_ff/.
77. 2 levels above 400 ppm. Climate Central. Retrieved from http://www.climatecentral.org/news/april-becomes-first-month-with-co2-levels-above-400-ppm-17367.
78. Tutu, D., (2014, April 11). We need an apartheid-style boycott to save the planet. The Guardian. Retrieved from http://www.theguardian.com/commentisfree/2014/apr/10/divest-fossil-fuels-climate-change-keystone-xl.
79. Union of Concerned Scientists. (2015). The climate deception dossiers. Retrieved from http://www.ucsusa.org/sites/default/files/attach/2015/07/The-Climate-Deception-Dossiers.pdf.
80. Vidal, J., (2014, June 3). Oxford University urged to purge its £3.3bn fund of fossil fuel investments. The Guardian. Retrieved from http://www.theguardian.com/environment/2014/jun/02/oxford-university-fund-fossil-fuel-climate-crisis.
81. Vorrath, S., (2015, February 9). Sydney Uni to divest from fossil fuels, as global momentum builds. Reneweconomy. Retrieved from http://reneweconomy.com.au/2015/sydney-uni-to-divest-from-fossil-fuels-as-global-momentum-builds-79951.