MALVERN — Midday today, drivers on busy Route 202 read “Vanguard invests in climate destruction” on large banners as they passed the Cedar Hollow Road overpass. The banners were visible from both directions of traffic on the highway, less than 1,000 feet away from Vanguard’s main campus in Malvern. Vanguard invests a staggering $444 billion dollars of its customers’ savings in coal, oil, and gas, making it the world’s largest investor in fossil fuels.
In the past month and a half, thousands of people have brought three requests to Vanguard decision makers. About 3,000 people have emailed Vanguard CEO Salim Ramji, asking him to meet with climate campaigners, adopt a comprehensive Indigenous rights policy for Vanguard investments, and create a fossil fuel-free version of a standard retirement savings product at Vanguard. Some of those people also called other Vanguard executives and board members, making the same three requests as the emailed messages.
In addition, on June 11, a group of former Vanguard customers, concerned citizens, and people of faith went to Vanguard headquarters in Malvern to deliver a letter with the three requests to Vanguard CEO Ramji. As the messages have so far gone unanswered, yesterday, two people hand delivered the letter to Ramji’s Philadelphia home.
“We call on Vanguard to make it possible for customers to save for retirement in ways that don’t jeopardize the future,” said Lina Blount, Director of Strategy and Partnerships at Earth Quaker Action Team. “Now is the time for Vanguard leadership to do what they can – for their customers, and for all of us.”
This is just the newest phase of a years-long, international campaign called Vanguard S.O.S., which is urging Vanguard to invest for a safe and healthy future. The Vanguard S.O.S. campaign formed as an alliance of local, national, and international groups concerned about the impact of Vanguard’s investment decisions in driving climate change.
For several years, Vanguard’s own clients have demanded it take action on climate change, pointing out that Vanguard’s investments exacerbating climate change are a breach of fiduciary duty. Vanguard’s investments stand to lose at least $3 trillion by 2050 if it fails to act on the climate crisis, according to Danu Insight. Swiss Re, one of the world’s leading re-insurance companies has calculated the world as a whole stands to lose close to 10% of total economic value by mid-century if climate change stays on the currently-anticipated trajectory.
Resources:
- The text of the message emailed and delivered to Vanguard CEO Salim Ramji can be found here.
- A detailed explanation of what the Vanguard S.O.S. campaign is asking of Vanguard can be found here.
EQAT was founded in 2010 by Delaware Valley Quakers who felt a moral imperative to address the climate crisis through nonviolent direct action, including tactics like civil disobedience. It now includes people of diverse beliefs, united in a commitment to creating a just and sustainable economy for all.
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