Alaskans have been calling for divestment of the Permanent Fund from fossil fuels for more than 25 years. Fund managers have rejected citizen appeals on the grounds that the Fund is strictly mandated to maximize return on investment.
Explosive growth in renewable energy, volatile but downward trending oil and natural gas prices and Paris Accord commitments are strong indicators that the era of fossil energy is coming to a close; investing in fossil fuels is increasingly high risk and already costing Alaskan’s millions in lost Fund revenue annually.
The world’s largest sovereign wealth fund - the $1 trillion Norway Fund – is currently exploring divestment of its $37 billion oil and gas holdings, based “exclusively on financial arguments”. The Bank of France and other major financial institutions are doing the same. It’s time for Alaska to follow suit.
Tell Alaska’s Permanent Fund Corporation managers it’s time to divest Alaska’s Permanent Fund from high-risk fossil fuel investments. This petition will be presented to the Board of Trustees at their Dec. 12, 20117 meeting in Anchorage.
Click HERE to read the full letter and sign the petition, thanks!