[Brakenshire]

I have had a similar reaction before. But I think the alternative you offer is too rosy. There seems very little chance that shareholder activism will be able to stop oil companies looking for oil - that is their sole purpose and to a large degree their sole expertise.

And there is a point to make that many fossil fuel assets will be stranded, and made worthless, if we do manage to limit emissions enough to stay below an increase of 2-3 degrees Celsius. The Bank of England and the IMF are both talking about this being another subprime issue. The divestment of pension funds, major charities and other similar organizations gives a better, more accurate sense of jeopardy – 'by all means, invest in these stocks, but bear in mind that you are taking a gamble, and don't be surprised if your investment goes belly up' and it also means that if such a retrenchment takes place the burden will fall on speculative private capital rather than important and structural social institutions.

I would like to read more discussion about the issue, though.