Some climate activists have called for fossil fuel divestment. But anything that is sold is also bought. Is divestment then even possible?
For example, suppose that all businesses, pension funds, governments, private individuals, and others, would all decide to get rid of their investments in the oil industry (ignoring, for the moment, the practical difficulties that some oil companies also invest in renewable energy). With a tangible asset such as a Hummer, I can decide to have it destroyed rather than sold. Is it possible to get rid of an investment if nobody wants to buy it — or even get it for free?