Philly.com - The Philadelphia Inquirer/Daily News
A big chunk of money coming out of Pennsylvania is financing the dog siccers and the pepper sprayers -- including tax dollars. It turns out that one of the major investors in Energy Transfer Partners is...the Commonwealth of Pennsylvania. Records show that as of this June, the commonwealth -- through its pension funds -- owned some 5 million shares of ETP -- valued at some $192 million. That's more than any other governmental or quasi-governmental agency.
The financial infrastructure of the new economy is under-developed. Waiting for Wall Street to deliver the financial instruments we need for a sustainable economy is like waiting for Exxon to build the renewable energy system we need to avert climate catastrophe. It is not going to happen. The movement needs to be equally focused on moving capital out of fossil fuels and into the new economy as it is readying the economy to absorb this new flow of capital.
In recent months -- and it’s the curse of an author that sometimes you change your mind after your book is in type -- I’ve come to like the idea of capital L leaders less and less. It seems to me to miss the particular promise of this moment: that we could conceive of, and pursue, movements in new ways.
Subscribe to Fossil Fuel Divestment
Massachusetts Conference United Church of Christ