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Joint press release from Both ENDS and Fossielvrij NL - 26 March 2019

A group of 22 wealthy Dutch investors have decided to disinvest all their personal capital, worth a total of 200 million euros, from the top 200 oil, gas and coal companies. The investors have pledged to disinvest all their capital from the fossil industry within three to five years. By doing so, they are giving a clear signal that they do not want their capital to contribute to disastrous climate change.

New research by Both ENDS, Fossielvrij NL and urgewald shows that, in 2017, pension fund ABP invested 500 million euros more in coal, oil and gas than in the previous year – a total of 10.9 billion euros. These investments in fossil fuels not only stand in sharp contrast to ABP's claim that it has achieved substantial successes in its climate policy, but are also in flagrant violation of the Paris climate agreement. Unlike international forerunners among pension funds, ABP continues unabated to invest in the fossil energy sector.

Whenever I see pictures of the people in the Dutch province of Groningen whose houses are collapsing because of gas extraction and who, even if they wanted to move somewhere else, would never be able to sell them, I can't help but think of all the people worldwide who have been experiencing the same problems, sometimes for decades. Every time I see the anger and powerlessness of the people of Groningen, the comparison to the many people we have been working with for many years in many parts of the world comes to my mind.

Last September, together with our Brazilian partner FASE, Marius Troost of Both ENDS visited Guanabara Bay (near Rio de Janeiro) to map the impacts of the fossil fuel sector there. During the trip, he was struck by the braveness and fearlessness of the local fisherfolk who protest the injustices faced by the people who live around Guanabara Bay and about the damage done to the environment.

Plans to open a second nuclear power plant in Bulgaria have been cancelled. On March 28, Minister for finance Vladislav Goranov announced that instead of a nuclear plant, a gas plant will be built in the small town of Belene. This is good news: In the past years, Both ENDS and other civil society organisations have strongly resisted the possible construction of the power plant.