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On Divestment

When that thing that people may be afraid might happen is already happening, only change the ‘thing’ to ‘investing in dirty energy’ and the fear to ‘you can still make money on your money if you stop.’ The world’s largest investment house reports on tomorrow, today – pulling your money out of fossil fuels already turns a profit:

In places, BlackRock’s findings are redacted, so as not to show the size of particular holdings, but the conclusions are clear: after examining “divestment actions by hundreds of funds worldwide,” the BlackRock analysts concluded that the portfolios “experienced no negative financial impacts from divesting from fossil fuels. In fact, they found evidence of modest improvement in fund return.” The report’s executive summary states that “no investors found negative performance from divestment; rather, neutral to positive results.” In the conclusion to the report, the BlackRock team used a phrase beloved by investors: divested portfolios “outperformed their benchmarks.”

In a statement, the investment firm downplayed that language, saying, “BlackRock did not make a recommendation for TRS to divest from fossil fuel reserves. The research was meant to help TRS determine a path forward to meet their stated divestment goals.” But Tom Sanzillo—I.E.E.F.A.’s director of financial analysis, and a former New York State first deputy comptroller who oversaw a hundred-and-fifty-billion-dollar pension fund—said in an interview that BlackRock’s findings were clear. “Any investment fund looking to protect itself against losses from coal, oil, and gas companies now has the largest investment house in the world showing them why, how, and when to protect themselves, the economy, and the planet.” In short, the financial debate about divestment is as settled as the ethical one—you shouldn’t try to profit off the end of the world and, in any event, you won’t.

If the ‘masters of the Universe’ are already running for cover, the debate basically devolves to ‘you’re not the boss of me.’ Rising tides and disappearing oysters beg to differ.

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2012, R.I.P.

Look back, look ahead. It proves difficult to do with much accuracy, or honesty. We reach for the rose-tinted glasses first, and in this way have learned well.

Humans are fragile, vulnerable, to wreckage of the physical body but vulnerable also to flattery, then to the higher beliefs in our better selves (let’s call them b.s. for short). In part we owe our fellows at least that, and it smoothes the way for beauty, when and wherever it may arise. But it also lays us low for the wiles of corporate propaganda and short-term myth, professionally designed to appeal not to our better selves but the rosier view of our b.s.

When, in the course of human events (love the poetry of that assumption), the consequences of which we now must absolutely extend to the planet, this rosy view becomes the prime facilitator to the shattering – of our environment as well as our human decency – wait: have you ever experienced the horrifying if inconvenient search for glasses that were simply and already perched upon your head? Glasses you may be already wearing can be similarly [mis]placed.

The point is, and it is here somewhere, that we must first realize that we’re wearing the glasses. That is, most of what we see, we view through this filter. Hence appall waits beyond our grasp for a host of terrific insults on our way to the store. How far we had to drive, what we bought, how much it costs, what we do with it, the packaging it came in and what we do with that… the list goes on and on from that one simple trip and much is required to secure the lid that keeps all these questions from ruining our trip. If you cut down on any aspect of the errand, the insults change somewhat. There; we felt the glasses for a moment. Maybe it was enough, maybe I’ll let them slip, even take them off for a while, and re-adjust my vision toward my own, actual b.s.

All the best to you in the New Year, including a sustained view in the direction of your better self.