Dialogue on Divestment Discussed the Possibility for Dartmouth to Divest From Fossil Fuel
On Monday, DivestDartmouth hosted their Dialogue onDivestmentevent featuring Bill McKibben and Terry Tempest Williams. This two-hour event, open to students and faculty, was hosted to open up discussion and provide some information about the possibility of Dartmouth Collegestopping portfolio investments related to companies that support fossil fuel and other environmentally harmful substances. By the time the event was about to begin, Dartmouth Hall 105 was packed to the gills, audience members not only filled up every seat, but lined the walls.
The discussion commenced with opening remarks from a few student speakers who discussed why a dialogue ondivestmentwas important to them. One common thread throughout their remarks was the notion that we all have some obligation to make a change in the way we are living if we want to stop having a negative impact on our environment.
"I cannot accept the fate that scientists predict for us," said Leehi Yona, '16. For some,divestmentfrom fossil fuels seems to be the most effective way to make a timely impact.
After the students made their remarks, featured speaker Terry Tempest Williams — an author, activistand current visiting professor — took the podium. She spoke passionately about the importance of affecting environmental change, and noted "no school seems more perfectly poised to create this serious discussion ofdivestment than Dartmouth." Williams challenged students to stand up and ask the important questions about what we want our future to look like.
"We have made the mistake of confusing democracy with capitalism," she said.
Up next was Bill McKibben, founder of climate action organization350.org, who introduced himself by saying, "I'm not [an activist,] I'm a writer." McKibben made many arguments in support ofdivestingfrom fossil fuel. He seesdivestmentas an important political move.
"We do not think that, throughdivestment, we can bankrupt Exxon," He said. Instead, he said, perhaps the move towarddivestment will eventually spread beyond the campus, then its impact will start to become truly environmentally positive, and not just politically important.
Tuck Professor Anant Sundaram provided some economic counterpoints to both Williams' and McKibben's arguments, and questioned whether Dartmouth'sdivestmentfrom fossil fuels would truly "move demand." Unfortunately, he noted, "there are trade-offs involved."
If Dartmouth were todivestfrom fossil fuel, it would only be removing about 0.4 percent of the money invested in it, which would almost certainly not be enough to move demand for that type of energy. Additionally, he noted, poor and developing countries often rely on cheap and reliable fossil fuels in order to grow and thrive; the decision to divest could potentially harm them. Finally, even the most "troublesome" fossil fuel-based companies are currently at the forefront of developing technologies such as carbon sequestration, which could eventually move us in the right direction environmentally, he said.
Over 20 student organizations including many that are not environmentally-focused served as sponsors for this event, which was deemed a success.DivestDartmouth summed it all up on their Facebook page: "We've started a conversation, one that will grow over the coming months to hopefully shape a better future for us, our college and our community."