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Fossil fuel divestment or fossil fuel divestment and investment in climate solutions is an attempt to reduce climate change by exerting social, political, and economic pressure for the institutional divestment of assets including stocks, bonds, and other financial instruments connected to companies involved in extracting fossil fuels.
Total cumulative emissions from 1870 to 2022 were 703 GtC (2575 GtCO 2), of which 484±20 GtC (1773±73 GtCO 2) from fossil fuels and industry, and 219±60 GtC (802±220 GtCO 2) from land use change. Land-use change, such as deforestation, caused about 31% of cumulative emissions over 1870–2022, coal 32%, oil 24%, and gas 10%. [3] [4]
Petroleum extraction disrupts the equilibrium of earth's carbon cycle by transporting sequestered geologic carbon into the biosphere. The carbon is used by consumers in various forms and a large fraction is combusted into the atmosphere; thus creating massive amounts of the greenhouse gas, carbon dioxide, as a waste product.
Land use change, especially in the form of deforestation, is the second largest source of carbon dioxide emissions from human activities, after the burning of fossil fuels. [ 4 ] [ 5 ] Greenhouse gases are emitted from deforestation during the burning of forest biomass and decomposition of remaining plant material and soil carbon .
According to the 2021 assessment by the Climate and Clean Air Coalition (CCAC) and the United Nations Environment Programme (UNEP) over 50% of global methane emissions are caused by human activities in fossil fuels (35%), waste (20%), and agriculture (40%). The oil and gas industry accounts for 23%, and coal mining for 12%.
The environmental effects of climate change are broad and far-reaching, affecting oceans, ice, and weather. Changes may occur gradually or rapidly. Changes may occur gradually or rapidly. Evidence for these effects comes from studying climate change in the past, from modelling, and from modern observations. [ 186 ]
[3] [4] In addition to naturally present greenhouse gases, burning of fossil fuels has increased amounts of carbon dioxide and methane in the atmosphere. [ 5 ] [ 6 ] As a result, global warming of about 1.2 °C (2.2 °F) has occurred since the Industrial Revolution , [ 7 ] with the global average surface temperature increasing at a rate of 0.18 ...
Fossil-fuel phase-out is the largest part of limiting global warming as fossil fuels account for over 70% of greenhouse gas emissions. [50] In 2020, the International Energy Agency said that to meet the goals of the Paris Agreement, the phase-out of fossil fuels would need to "move four times faster". [51]