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Economics and climate justice activism: assessing the financial impact of the fossil fuel divestment movement

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  • Tyler Hansen
  • Robert Pollin

Abstract

Since 2011, climate activists have advanced divestment campaigns against private fossil fuel corporations that aim to inflict damage on fossil fuel corporations through two channels: stigmatizing them and undermining their financial operations. We focus in this paper on this second purpose, considering the extent to which divestment campaigns have succeeded in inflicting financial damage on fossil fuel corporations. We present descriptive data on the level of divested fossil fuel stocks and bonds as well as econometric analysis of the impact of divestment events on the stock market prices of fossil fuel companies. We find that divestment campaigns have not been successful in inflicting significant economic damage on fossil fuel corporations, even though the movement has been successful in mobilizing public opinion against the fossil fuel corporations.

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  • Tyler Hansen & Robert Pollin, 2022. "Economics and climate justice activism: assessing the financial impact of the fossil fuel divestment movement," Review of Social Economy, Taylor & Francis Journals, vol. 80(4), pages 423-460, October.
    • Handle: RePEc:taf:rsocec:v:80:y:2022:i:4:p:423-460
    DOI: 10.1080/00346764.2020.1785539
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    Cited by:

    1. Camila Yamahaki & Catherine Marchewitz, 2023. "Collaborative Investor Engagement with Policymakers: Changing the Rules of the Game?," Discussion Papers of DIW Berlin 2051, DIW Berlin, German Institute for Economic Research.

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