I believe the divestment movement is gaining momentum. The more credulous and naïve may think universities, hedge funds and pension plans are actually listening to college students. Hah! Just the opposite. It is strictly financial. Even the Rockefellers are divesting. Here is what Scott Wallace, a global fund manager, said about the Rockefellers’ move to divest on Democracy Now:
“And it’s because the market is starting to understand that all the reserves that are on the books of Exxon and the major oil companies cannot be burned. Their capitalization reflects these huge reserves that are still in the ground, and we’re now realizing — the financial analysts are realizing that they can’t take them out of the ground. They can’t burn them. So the capitalization, the valuation of the companies is dropping. And over the next decade or so, the value of the stocks will continue to plummet . . . .”
So what does this have to do with the proposed coal terminal at Cherry Point? This is why I believe the coal industry is in trouble. Simply put, I believe Gateway Pacific Terminal is a game to prop up fossil fuel companies that see a drop in their share price.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.