Polluters Unite to Fight Carbon Regulations, Foundations Unite to Divest

A coalition of polluting industries have formed The Partnership for a Better Energy Future, calling it a "do-or-die campaign" to put the cabash on EPA greenhouse gas regulations, even before they are out of the gate. 

75 big business groups from manufacturing, agriculture, refining, and mining will be led by the National Association of Manufacturers and US Chamber of Commerce’s Institute for 21st Century Energy.

As usual, they say they are concerned that greenhouse gas (GHG) regulatory actions will harm American jobs and the economy.

While EPA’s rules only apply to power plants, members "know" their industries will be next. Natural gas is already being targeted for regulation, they say, and manufacturers can’t be far down the list.

Dave McCurdy, president of the American Gas Association, says he believes climate change is a real threat, buy we have to protect ourselves from Obama’s "single-minded push toward renewable energy," he told The Hill. "Unfortunately, this Administration seems to believe the only way to reduce GHG emissions is to eliminate fossil fuels from our economy," says Jay Timmons, CEO of National Association of Manufacturers.

Since
natural gas production is through the roof, with extremely loose national regulations proposed last year, one has to wonder where their fear comes from.

West Virginia Senator Joe Manchin is the sole Democrat in the coalition. 

They will use all available tactics from litigation to lobbying and educating the public and state lawmakers. The Supreme Court heard its case this week. 

Foundations Do Want to Get off Fossil Fuels

Of course, much of the rest of the economy sees the value of getting off fossil fuels ASAP and the clean energy economy can’t come fast enough.  

17 philanthropic foundations organized their own group, Divest-Invest Philanthropy. They are taking their $2 billion in assets out of fossil fuels and investing that money in clean energy.

We can no longer stay invested in the fossil fuel economy "when the climate science is clear that the window to preserve a livable climate is closing fast."

Divestment Campaign

"If we own fossil fuels, we own climate change," Ellen Dorsey, Executive Director of the Wallace Global Fund and founder of Divest-Invest, told InsideClimate News. "We certainly can’t have our investments undermining our grantmaking," she says referring to grants they have awarded to 350.org and other environmental groups.

"Starting today, we pledge to use all our assets – not just the usual 5% yearly payment of grants – to advance our goals, values and beliefs," says Dorsey.

"By building a movement that defines the fossil fuel industry as a moral pariah, Divest-Invest seeks to break the industry’s grip on our political process and help catalyze the global energy transition that the climate crisis demands," says Dorsey and college Richard Mott in an editorial on Huffington Post.

It’s not about doing harm to the fossil fuel industry, it’s about using a tool to "confront the corporate powers that have taken our political system hostage," referring to the hundreds of millions of dollars poured into stoking climate denial among the populace.

"Prudent investors seeking to avoid future losses will act now. Studies show negligible-to-no near-term risk in divesting from fossil fuels, coupled with a growing range of opportunities to build assets by investing in vehicles with low-carbon impacts. There is a wide range of profitable investment products available across all asset classes for renewables, clean tech, and energy efficiency," the Divest-Invest website says. We need to demand the same accountability from our investment advisors as do from our grant recipients.

Foundations join a growing list of cities, universities, banks and churches that are divesting from fossil fuels.  

Visit Divest-Invest:

Website: http://divestinvest.org     
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