Is capital raising relevant? When was the last time a fossil fuel company raised capital? How is that the way to hurt a company?

Also, markets price in these sorts of things. If divestment was a real threat, that would already be factored into the price. It is partly why the P/E ratio of BHP is 13.94, whereas it is 75.56 for Amazon.

Lastly, with a lot of money in index funds (~50%), divestment seems close to impossible. Unless index funds specifically were pegged to non-fossil fuel indexes, they will alway be investing in those companies.

This seems likes the investment version of the plastic straws ban: ineffectual at best.