<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span></span></div><div><br></div> <div style="font-family: times new roman, new york, times, serif; font-size: 12pt;"> <div style="font-family: times new roman, new york, times, serif; font-size: 12pt;"> <div dir="ltr"> ----- Forwarded Message -----<br> <font face="Arial" size="2"> <b><span style="font-weight: bold;">From:</span></b> Katherine Forrest <kaforrest@earthlink.net><br> <b><span style="font-weight: bold;">To:</span></b> MidPeninsula Global Coolers - 350 SV <mid-peninsula-global-coolers@googlegroups.com>; 350-SV-Chat <350-silicon-valley-chat@googlegroups.com> <br> <b><span style="font-weight: bold;">Sent:</span></b> Monday, October 14, 2013 12:51 PM<br> <b><span style="font-weight: bold;">Subject:</span></b> [350 SV Chat] Oxford study of effects of divestment campaign on fossil fuel
industry<br> </font> </div> <div class="y_msg_container"><br>
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<div>FYI, here’s a University of Oxford study of the effects of the divestment
campaign on the fossil fuel industry:</div>
<div> </div>
<div>http://www.smithschool.ox.ac.uk/research/stranded-assets/SAP-divestment-report-final.pdf</div>
<div> </div>
<div>See pp. 70 & following pages for summary of the study.</div>
<div> </div>
<div>Article in the English publication, The Guardian, which references this
study:</div>
<div> </div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><a href="http://www.theguardian.com/environment/2013/oct/08/campaign-against-fossil-fuel-growing" target="_blank" rel="nofollow"><font style="font-size: 12pt;">http://www.theguardian.com/environment/2013/oct/08/campaign-against-fossil-fuel-growing</font></a><font style="font-size: 12pt;"> </font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><b><span><font face="Times New Roman"><font style="font-size: 20pt;">Campaign against fossil
fuels growing, says study</font></font></span></b></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">Investors being persuaded
to take their money out of fossil fuel sector, according to University of Oxford
study</font></font></span></div>
<div class="yiv1781603404MsoNoSpacing" style="margin: 0in 0in 0pt;"><a href="http://www.theguardian.com/profile/damiancarrington" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Calibri"><font style="font-size: 11pt;">Damian Carrington</font></font></span></a><font face="Calibri"><font style="font-size: 11pt;"> </font></font></div>
<div class="yiv1781603404MsoNoSpacing" style="margin: 0in 0in 0pt;"><a href="http://www.guardian.co.uk/theguardian" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Calibri"><font style="font-size: 11pt;">The
Guardian</font></font></span></a><font face="Calibri"><font style="font-size: 11pt;">, Monday 7 October 2013 </font></font></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">A campaign to persuade
investors to take their money out of the fossil fuel sector is growing faster
than any previous divestment campaign and could cause significant damage to
coal, oil and gas companies, according to a </font></font><font style="font-size: 12pt;"><a title="" href="http://www.smithschool.ox.ac.uk/research/stranded-assets/SAP-divestment-report-final.pdf" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">study from the
University of Oxford</font></span></a></font><font face="Times New Roman"><font style="font-size: 12pt;">.</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">The report compares the
current </font></font><font style="font-size: 12pt;"><a title="" href="http://gofossilfree.org/" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">fossil fuel divestment
campaign</font></span></a></font><font face="Times New Roman"><font style="font-size: 12pt;">, which has attracted 41 institutions since 2010, with
those against tobacco, apartheid in South Africa, armaments, gambling and
pornography. It concludes that the direct financial impact of such campaigns on
share prices or the ability to raise funds is small but the reputational damage
can still have major financial consequences.</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">"Stigmatisation poses a
far-reaching threat to fossil fuel companies – any direct impacts of divestment
pale in comparison," said Ben Caldecott, a research fellow at the
</font></font><font style="font-size: 12pt;"><a title="More from guardian.co.uk on University of Oxford" href="http://www.theguardian.com/education/oxforduniversity" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">University of
Oxford</font></span></a></font><font face="Times New Roman"><font style="font-size: 12pt;">'s Smith School of Enterprise and the Environment, and
an author of the report. "In every case we reviewed, divestment campaigns were
successful in lobbying for restrictive legislation."</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">The report is part of a new
research programme on stranded assets backed by Aviva Investors, HSBC, Standard
& Poor's and others. It found: "The fossil fuel campaign has achieved a lot
in the relatively short time since its inception."</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">Some major investors, such
as the $74bn Scandinavian asset manager Storebrand, have already pulled their
funds from coal stocks. But the researchers found that even if the maximum
possible capital was divested by university endowments and public pension funds,
the total was relatively small compared to the market capitalisation of traded
fossil fuel companies and the size of state-owned
enterprises.</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">However, the team
concluded: "The outcome of the stigmatisation process, which the fossil fuel
divestment campaign has now triggered, poses the most far-reaching threat to
fossil fuel companies and the vast </font></font><font style="font-size: 12pt;"><a title="More from guardian.co.uk on Energy" href="http://www.theguardian.com/environment/energy" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">energy</font></span></a></font><font face="Times New Roman"><font style="font-size: 12pt;"> value
chain."</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">Analysing previous
campaigns, the researchers found examples of stigmatised companies being shunned
by governments and being barred from public contracts or acquiring licences.
"Stigma attached to merely one small area of a large company may threaten sales
across the board," the report found, citing the examples of Motorola dumping its
defence business due to bad press and Revlon's decision to disinvest from its
South African operation after customer groups threatened a
boycott.</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">The report also found
instances when customers, suppliers and potential employees were scared off by
stigma and where stigma had led shareholders to demand changes in the management
of companies.</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">Bill McKibben, the
environmental campaigner who leads the <a href="http://350.org/" target="_blank">350.org</a> divestment campaign which is
expanding from the US into Europe this autumn, said: "This divestment campaign
is just one front in the climate fight, but of all the actions people can take
to bring about structural change, it's probably the easiest. Severing our ties
with the guys digging up the carbon won't bankrupt them--but it will start to
politically bankrupt them, and make their job of dominating the planet's
politics that much harder."</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">A </font></font><font style="font-size: 12pt;"><a title="" href="http://www.theguardian.com/environment/2013/apr/19/carbon-bubble-financial-crash-crisis" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">report in
April</font></span></a><font face="Times New Roman"> backed by climate economist
Lord Stern found that at least two-thirds of the </font><a title="More from guardian.co.uk on Fossil fuels" href="http://www.theguardian.com/environment/fossil-fuels" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">fossil
fuels</font></span></a><font face="Times New Roman"> listed as assets by the
world's fossil fuel companies would have to remain in the ground if governments
were to fulfil their pledge of keeping </font><a title="More from guardian.co.uk on Climate change" href="http://www.theguardian.com/environment/climate-change" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">climate
change</font></span></a><font face="Times New Roman"> below the danger limit of
2C. The UN's Intergovernmental Panel on Climate Change (IPCC), backed by 193
governments, </font><a title="" href="http://www.theguardian.com/environment/2013/sep/27/ipcc-world-dangerous-climate-change" target="_blank" rel="nofollow"><span><font color="#0000ff" face="Times New Roman">reached a similar
conclusion</font></span></a></font><font face="Times New Roman"><font style="font-size: 12pt;"> at the end of September.</font></font></span></div>
<div class="yiv1781603404MsoNormal" style="margin: 0in 0in 10pt; line-height: normal;"><span><font face="Times New Roman"><font style="font-size: 12pt;">David Nussbaum, chief
executive at WWF-UK, said: "With the IPCC giving us the clearest signal yet of
the threats posed by a changing climate, it's clear that we must consider the
risks to businesses and investors posed by investments in fossil fuels. Prudent
investors want to be ahead of pack, not following the herd, so they will be
preparing for a world where we leave fossil fuels in the
ground."</font></font></span></div></div></div></div>
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