Climate change is described by The Lancet medical journal as the biggest health threat of the 21st century, and the burning of coal, oil and gas (fossil fuels) is the greatest contributor to climate change2. The impacts are being felt today. Already, millions of people worldwide are feeling the impacts of climate change – from droughts, extreme weather events, heatwaves, spreading patterns of infectious disease and rising sea levels. We need to urgently phase out fossil fuels to limit climate change to a ‘safe’ level, which the latest science tells us means no new fossil fuel projects- no new coal mines, no new gas wells or pipelines, anywhere. For young people, climate change is a fight for our very survival. For the world we are inheriting, climate change is wreaking damage to the ecosystems, species and life-sustaining systems that ensure a prosperous and functioning human civilization. Given that a 2 degree rise in temperature would spell the end of many island nations such as our neighbours in the Pacific Islands, countries signing the Paris Agreement agreed to aim for only 1.5 degrees of warming3. This means unequivocally that we must keep all new fossil fuels in the ground4,5.
A transition to renewable energy is inevitable and is rapidly accelerating globally6. In order for this transition to happen in the timeframe that climate science demands, we need to all work together to create a rapid and just transition away from fossil fuels.2 A transition to renewable energy is inevitable and is rapidly accelerating globally6. In order for this transition to happen in the timeframe that climate science demands, we need to all work together to create a rapid and just transition away from fossil fuels.
+ Climate change and health: Climate change is already responsible for an estimated 400,000 deaths annually7. Here are some of the ways in which climate change impacts on health8:
+ Increase in frequency and severity of heatwaves and fires: for Australia, this will mean more heatwaves like the 2009 Victorian heatwave, which resulted in 173 people dying in the Black Saturday Bushfires and 374 excess deaths associated with the extreme heat9.
+ Increase in frequency and severity of storms and floods: these events result in injury, drowning, hypothermia and risk of infectious disease as well as damage to infrastructure, including health services.
+ Change in geographical distribution of vector-borne disease: a greater number of people may be at risk of malaria, dengue fever and tick-borne diseases, including increased risk of dengue fever and Ross River virus in Australia.
+ Increased rates of food- and water-borne infections: this includes cholera and other bacteria, parasites and viruses. + Malnourishment and malnutrition: projected to increase greatly with the effects of climate change on water supplies and agriculture and also increased risk of infection.
+ Effects on mental health: extreme weather events can result in post-traumatic stress disorder as well as longer-term impacts such as anxiety and depression. Slow developing events, such as droughts can result in distress and increase the incidence of suicide.
+ Fossil fuels and health Fossil fuel usage also directly damages human health, contributing to air pollution that causes 7 million deaths per year worldwide10.
+ Coal pollution is a significant cause of air pollution in Australia and globally, which contributes to asthma, the development of cardiac and respiratory disease, lung cancer and neurological conditions such as stroke. It also affects foetal growth and development, and children’s lung development11.
+ Unconventional gas mining (coal seam gas (CSG), shale and tight gas) has serious health concerns including the contamination of water, soil and air with carcinogenic and harmful chemical substances12. Concerns about the health effects of unconventional gas were one of the factors leading to the Victorian governments’ ban of all unconventional gas exploration in 201613.
+ The role of medical students and health professionals Health professionals have a responsibility to ‘first, do no harm’. The importance of this guiding principle extends beyond the clinic, and has implications for the broader health system. Investment in the fossil fuel industry provides support for businesses that are fundamentally damaging to human health15.
Australian health professionals are leaders in tobacco control – pushing their institutions to divest from tobacco and driving policy reform. Tobacco case study: The health profession has a proud record of public health advocacy and divestment from harmful substances such as tobacco, arms, gambling and alcohol. In 1985 the British Medical Association published a report disclosing prominent health institutions’ investments in tobacco – the same organisations that were campaigning for tobacco control. Embarrassed into action, many of these organisations announced that they would sell all their tobacco stocks. The AMA, the Heart Foundation and many other health bodies have been strong advocates encouraging Australian State governments to divest from the tobacco industry. Today, the health profession has unambiguously stated that public investment in the tobacco industry is unacceptable as an industry hazardous to human health. – Investing in Health report, 20161
+ The money – a healthy investment portfolio
It’s pretty clear that making money off the key driver of climate change doesn’t make moral or ethical sense. It also doesn’t make economic sense to invest in fossil fuels, as fossil fuels will become stranded assets as the world moves towards renewable energy to tackle climate change. As countries take action to limit warming to 2 degrees, that means that 80% of fossil fuels need to remain in the ground – translating to over $20 trillion worth of fossil fuel reserves16,17. This ‘carbon bubble’ is the threat of devaluation of these reserves that comes with climate action, and turns these fossil fuel reserves into stranded assets. There is growing recognition amongst investors that continuing to invest in fossil fuels is breaching their fiduciary duty, due to the significant risk of these stranded assets. Reports also show that fossil fuel free investment portfolios do just as well (if not better) than continued investment in fossil fuels18
+ Does it work?
Divestment is one of the most powerful statements an institution can make with its money. The Paris Agreement has set the world on course to tackling climate change, however the election of Donald Trump and Australia’s continued unnecessary reliance on fossil fuels means that divestment becomes an even more important tool to speed up the transition to clean energy. Divestment works in 2 main ways:
+ By putting economic pressure on fossil fuel companies – over $7 trillion AUD divested so far (by 706 institutions and over 58,000 individuals across 76 countries, see https://gofossilfree.org/ commitments/ for the complete list of institutions)
+ Removing the social licence of these companies and pushing for tighter regulation. It is this step that medical students and health 7 professionals have the greatest impact in – as respected members of society, health professionals can set the moral and ethical compass firmly away from fossil fuels and influence broader society. Medical associations have shown some leadership, but more needs to be done. The British Medical Association, World Medical Association, Canadian Medical Association and Royal Australasian College of Physicians have committed to divestment from fossil fuels. Arabella advisors, 201619
The fossil fuel divestment movement has doubled over the past 15 months, with the value of assets held by divesting institutions and individuals now exceeding $5 trillion USD