However, with pension funds this is slightly different. Funds have a huge voice and customers switching investments can influence how they use their votes. It's very easy to do, so why not do this in addition to all the other things?
It's also less about removing funds from fossil fuels and more about putting your retirement savings to better work. If you move your fund to a "future world" style one then this provides capital to clean energy projects etc. The ethical funds I looked at even performed better historically than the standard ones, so it's win-win.
If they divest, they have no voice at all.
Also, does that mean that one has to pay to be heard? Isn’t that census all over again? (Not so /s)
I said no such thing. Voting with your wallet means changing who you do business with. Selling your stock in a company does exactly zero to their bottom line, you are not voting at all.
Divesting just shifts profits away from ethical people towards unethical people. It is a bad strategy.
And the banks know that. If they stop investing in something it is because an actuary somewhere has worked out that it is risky and unprofitable.