What possible effect can divestment have on the industry? They still sell a valuable product everyone buys.
My thinking would be if they divest from Oil and Gas, they will invest this capital somewhere else such as Nuclear, or renewable resources.
The banks can raise the interest rate on financing. That has a huge effect on something like this where large investments and equipment and labor projects are required to get oil extraction underway, especially with commodity pricing fluctuations and the impending threats to fundamental demand from EVs and alternative energy.