I think there's a decent case that equity divestment has very little direct impact, but the latter two are a whole different matter.
I don't really disagree with that but it depends on the fact that the equity market is broad, deep and diverse.
There's only a few dozen possible lenders out there, and unlike equity investors they're conservative and focused on the downside.
If people start dropping off that list, those who remain start asking if they're making a mistake.
All of these go to raise the cost of capital on fossil fuel investments. Given the way they're being undercut by renewables prices now, that's a serious problem.
Essentially it's the gateway drug to the far more damaging credit and customer divestment.