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For the leaders of the divestment movement, which encourages institutional investors to sell off their shares in fossil fuel companies, winning isn’t everything. But after a decade of determined lobbying, the divest side is suddenly doing a lot of winning. That tally, they noted, is bigger than the combined GDP of the U.S.
In this weeks Corporate Knights Drill-Down, we highlight a compelling financial case for divesting from fossil fuels. The findings are clearly shown in the chart above: the additional total returns from divestment were strongly correlated with the proportion of fossil fuel holdings in each funds portfolio. billion in assets.
The post BP to abandon renewable targets, divest assets in shift back to fossil fuels appeared first on RenewEconomy. Sources say the oil and gas major is scrapping plans to ramp up renewable capacity 20-fold by 2030, returning instead to a focus on fossil fuels.
Divesting from fossil fuels isn’t just good for the planet. billion in returns over the last 10 years by not divesting from fossil fuels. And in 2018, Ireland became the first country to divest its national investment fund completely from fossil fuel companies. It can be good for financial returns, too.
Pressure on creatives: PR, advertising firms targeted by fossil fuel divestment movement. As with the financial divestment movement, there is a valid debate about whether engagement with high-carbon firms that are working to reduce their emissions is more effective than simply severing ties. Michael Holder. Mon, 11/30/2020 - 01:00.
The sale marks the third time in the last year that OMERS has divested a major fossil fuel asset. . As pension plan members, we’ve been asking OMERS to either demonstrate how its fossil fuel assets have credible decarbonization pathways or divest them. And OMERS might finally be listening. . appeared first on Corporate Knights.
But 40% of the reductions came from divesting, or selling off, dirty assets, which from the atmosphere’s perspective is akin to rearranging deck chairs on the Titanic. Divestments (8%). 0.124 Retirements and divestments (100%). Divestments (25%). 4 BP PLC Oil & Gas 35,600,000 32,600,000 -0.48 -0.583 Divestments (87%).
According to a statement from the Treasury, the divestment comes in response to reports that “BlackRock has urged companies to embrace “net zero” ESG (Environmental, Social and Governance) investment strategies,” which would harm the state’s fossil fuel industry.
UK-based financial services group NatWest has been added to a list of financial companies published by the Texas Comptroller’s office that may be subject to divestment by the state’s pension funds for “boycotting” oil and gas companies. Texas is the largest net energy supplier in the U.S., Energy Information Administration (EIA).
ClearSky Solar is a community initiative that helps businesses divest from fossil fuels by linking community investors to local solar projects that need financing. The post SwitchedOn podcast: How this community cut fossil fuels and slashed energy bills appeared first on RenewEconomy.
JPMorgan Chase, BlackRock and Citigroup were among a list of financial companies informed that they face potential divestment by Kentucky state government entities unless they stop “boycotting energy companies,” according to a statement released Tuesday by Kentucky State Treasurer Allison Ball.
Two-thirds of funds in the EU labelled with sustainable or ESG-related terms may need to sell assets or change their names to align with new anti-greenwashing rules, with stock divestments of as much as $40 billion if all were to keep their names, according to a new report released by investment research firm Morningstar.
Is it possible to fully divest from Wall Street and invest in community with hundreds of millions of dollars? The post How Kataly Foundation is divesting from Wall Street to reinvest in communities appeared first on ImpactAlpha. When I started my.
Vattenfall has signed an agreement with RWE to divest the Norfolk Offshore Wind Zone. The agreed purchase price corresponds to an enterprise value of £963 million. The deal ensures the continued.
Today (Dec 18), rsted announced it is divesting a 50 % equity stake in three US onshore projects to Energy Capital Partners (ECP), a leading energy transition-focused investor and the largest privat.
In recent years, some plan managers have trimmed portfolio holdings of fossil fuel companies (oil, gas, coal) and even divested holdings partially or in the entirety. Tweet me: Invest or Divest in Oil, Gas & Coal Companies? cover about 15 million workers and families and manage about $4.5 trillion in assets of various classes.
Graham’s speech also included dubious statements about divestment and the pace of transition away from fossil fuels, claiming that the “global investment community has also changed its tune when it comes to fossil fuel divestment.” This “consensus” is imaginary.
Ørsted has signed a transaction with Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, whereby Ørsted will divest to Stonepeak an equity ownership stak.
Scatec ASA, a renewable energy frontrunner in emerging markets, today (June 1) closed the previously announced transaction to divest the Upington solar plants in South Africa.The gross considera.
Further to the press release issued on 24 July 2023, Ørsted has completed the divestment of 25 % of the London Array Offshore Wind Farm to funds managed by Schroders Greencoat.For fur.
MAS Managing Director Ravi Menon said: “Indiscriminate divestment from carbon-intensive activities will not get us to a net-zero world. According to MAS, withdrawing financing, insurance or investment from higher climate risk-exposed companies with credible transition plans could deprive them of the financing needed to decarbonize.
While anti-ESG initiatives have picked up pace over the last few years, several analysts have warned that the divestment actions could come at significant cost to investors. who have accused the firm of following a social agenda, or of “boycotting” and working to harm energy companies.
Divestment from fossil fuels is accelerating around the world. Besides dozens of universities (including Harvard and the University of Toronto), the divestment list now includes France’s Banque Postale, the State of New York, and Europe’s largest pension, ABP.
Aviva has divested almost all its £2.5 billion ($3 billion) exposure to fossil fuel companies on its "Stoplist" of firms with weak ambitions to reduce their climate impact.
EE: The debate about divestment versus engagement in fossil fuels is probably more heated now than ever. MH: Choosing among responsible investment tools – positive and negative screening, divestment and engagement – is complicated. The “clean hands” approach of divestment best expressed the moral outrage of activists over apartheid.
Divest now for tomorrow For insurance companies that are big institutional investors, that has also meant divesting their holdings in oil, gas and coal projects. In 2015, France’s AXA became the first insurance company to start divesting from coal. In the U.S.,
We also began a fossil-fuel divestment initiative. In the mid-2010s, our Board and Investment Committee piloted multiple small-scale initiatives, including one Program Related Investment, several Mission-Related Investments, and a shareholder activism program.
From 2021 to May this year, 22 investors, including banks and pension funds, have divested from JBS or its subsidiaries, citing its links to biodiversity loss and governance issues, according to the Financial Exclusion Tracker project. JBS is widely regarded as an ESG pariah.
Nearly all of these major investors say that they are “engaging” with high-carbon investees in their portfolios in order to advance net-zero, setting this up as a binary choice against divestment. In this way, engagement and divestment are not binary choices but complementary steps along a continuum, designed to be effective.
In a blog post announcing the divestments, PFZW described the remaining companies as “fully committed to the transition from fossil energy to renewable energy or are currently already producing mainly energy with a low carbon footprint.”
The denomination’s General Assembly, meeting online, voted overwhelmingly this week for a resolution targeting Chevron, ExxonMobil, … Continue reading Largest Presbyterian church body divesting from fossil fuel companies, citing climate concerns.
It excludes carbon laggards in the cement industry, oil and gas companies and those found on the Global Oil & Gas Exit List, coal companies found on the Global Coal Exit List, all utilities that generate less than 50% of their power from green sources, the top 200 carbon reserve owners in the Carbon Underground 200 list, fossil-fuel financers found (..)
It excludes carbon laggards in the cement industry, oil and gas companies and those found on the Global Oil & Gas Exit List, coal companies found on the Global Coal Exit List, all utilities that generate less than 50% of their power from green sources, the top 200 carbon reserve owners in the Carbon Underground 200 list, fossil-fuel financers found (..)
Claims ESG investors “push a social and political agenda shrouded in secrecy” Investment and finance giants BlackRock, Credit Suisse and UBS are among a list of ten financial companies published by Texas as subject to potential divestment for boycotting energy companies.
Voice Through Divestment The other Honorable Mention paper examines how divestment of stock holdings and pledges to disinvest affect target companies and industries, given past skepticism about this link. The research underscores the significant financial impact of environmental advocacy and public sentiment,” says judge Lilian Ng. “It
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