Skip to main content

Climate Change: disinvestment news on fossil fuels

US climate change envoy acknowledges stranded assets

Todd Stern said on Monday that the world’s fossil fuels will "obviously" have to stay in the ground in order to solve global warming. This is the clearest sign that  the administration sees no long-range future for fossil fuel.

This means that governments including the US will have to pass legislation to forgo developing reserves of oil, coal and gas. This will impact on certain southern and mid-western states considerably.

He said:
"It is going to have to be a solution that leaves a lot of fossil fuel assets in the ground,…..We are not going to get rid of fossil fuel overnight but we are not going to solve climate change on the basis of all the fossil fuels that are in the ground are going to have to come out. That’s pretty obvious."

He went on to say:
"Companies and investors all over are going to be starting at some point to be factoring in what the future is longer range for fossil fuel,"
Again I repeat my concern that the cost of this should eb felt by the companies and not the tax payer.

Divestment news

The group of Harvard students, who have to date been frustrated by the university's refusal to shed fossil fuel stocks from its investment portfolios, are  now moving the pressure to the courts.
A lawsuit on was filed in Suffolk County Superior Court in Massachusetts against the president and fellows of Harvard College, among others, for what they call "mismanagement of charitable funds." The recent comments by Todd Stern may have an impact on their argument which is detailed in an 11-page complaint, with 167 pages of supporting exhibits, they ask the court to compel divestment on behalf of the students and "future generations."

China to set up Carbon Market

Again showing leadership China has announced that as  the world’s largest greenhouse gas emitter, it plans to start a nationwide carbon market in the next two years following a pledge to cap emissions by 2030.

German Energy Company to spin off fossil fuel division

Finally another indicator of where the wind is blowing. Germany's biggest utility firm, E.ON, has announced plans to split in two and spin off most of its power generation, energy trading and upstream businesses.


E.ON has decided to focus on its renewable activities,

The pace of change continues to grow on the issue of fossil fuel disinvestment. 

Comments

  1. This comment has been removed by a blog administrator.

    ReplyDelete

Post a Comment

Popular posts from this blog

New Executive Director of UNEP announced

Erik Solheim according to Norwegian newspapers is to be announced today as the new Executive Director of UNEP. And later today Monday the 2nd of May ABC News confirm too.

He faced stiff competition for the number one job on the environment in the UN system. In the 6 Executive Directors of UNEP it will mean that developed countries will have had 5 of them with two Canadians (Strong and Dowdeswell) and Germany (Toepfer and Steiner). The only Executive Director to come from a developing country was Dr. Mostafa Kamal Tolba who died recently.

Erik brings considerable experience to the position having held been from 2007 to 2012  the combined portfolio of Norway’s Minister of the Environment and International Development; he also served as Minister of International Development from 2005 to 2007. During his time as minister Norwegian aid reached 1%, the highest in the world.

Since January 2013 he has been the Chair of the OECD Development Assistance Committee (DAC). In the DAC he has emphasi…

Guest Blog Mike Barry: 5 things we learnt on Marks and Spencer Plan A journey over last 12 months

Guest Blog by Mike Barry:  Director of Sustainable Business (Plan A) at Marks and Spencer

It’s that time of year, publication of our annual sustainability (Plan A) report. After the harum scarum dash to gather, collate, assure, sign-off and publish a wealth of data we can breathe (for a moment!) and reflect on what it all means.
Here are some quick insights into what we’ve learnt at M&S in the last 12 months on our Plan A journey.
1. Succession – Nine years is a long time in the world of sustainable business. How many corporate plans have come and gone since we launched Plan A in 2007? Too many! The continuity offered by having a single multi-year plan has been incredibly important. It’s allowed us to take long term decisions in a very short term turbulent retail marketplace. It’s allowed us to build the skills and capabilities in our business units to integrate Plan A into their ways of working. It’s allowed us to pick our battles, knowing that occasionally we’ve just got to let a …

Bokova out? Georgieva in for next UN Secretary General

The rumors that have been circulating for the last month have now proven to be true. The Bulgarian government has withdrawn support from Irina Bokova as their candidate for UN Secretary General and replaced her with Kristalina Georgieva, the European commissioner for budget and human resources.
There is some evidence that the right of center parties in European capitals have been behind this with some articles appearing in the last few weeks against Bokova. The Guardian reported on the 26th: “one of her (Kristalina’s) staff members was hacked and emails purporting to be from one of her top aides were sent out to the rest of her office, instructing them to attack Bokova”There is no question that Kristalina has the cv and record to be a very good UN Secretary General. She is a strong supporter of sustainable development issues she will pick up the SDGs and climate agendas with ease. She is dynamic and very personable and was very active around last week’s UN General Assembly High Level se…