Tag: net zero

Chicago Teachers’ Pension Fund to Reorientate Portfolio to Fully Offset Fossil Fuel Investments

Mary Pat Campbell

Link: https://www.ai-cio.com/news/chicago-teachers-pension-fund-to-reorientate-portfolio-to-fully-offset-fossil-fuel-investments/

Excerpt:

The Chicago Teachers’ Pension Fund trustees in October voted to engage with fossil fuel companies to encourage them towards clean renewable energy sources and investing in viable clean and renewable energy sources to offset the fund’s fossil fuel investments. The fund plans to achieve this goal by the end of 2027.

In a statement shared to Chief Investment Officer, the fund’s CIO Fernando Vinzons wrote, “the fund will approach divestiture from a multi-pronged approach, engaging with current companies to encourage them toward a path of clean renewable energy sources, while working toward the longer-term goal of divesting from publicly traded fossil fuel holdings and investing. Divestment does not attract consensus among institutional investors. Many public pension funds are engaging with companies that produce fossil fuels, some are divesting those companies, and some, as the case with state funds from the state of such as Louisiana, are allocating away from managers perceived to be harming the domestic energy sector by endorsing programs like the Net Zero campaign.

According to a press release from the Chicago Teachers’ pension fund, Carlton W. Lenoir, Sr., executive director at CTPF, commented on the vote saying, “as fiduciaries, our trustees must invest consistent with our mission to protect and enhance the present and future economic well-being of members, pensioners, and beneficiaries, and we are confident that this action fulfills that responsibility.”

Author(s): Dusty Hagedorn

Publication Date: 7 Nov 2022

Publication Site: ai-CIO

A Coalition of Republican Attorneys General Targets Banks for Net-Zero Alliance Membership

Mary Pat Campbell

Link: https://www.ai-cio.com/news/a-coalition-of-republican-attorneys-general-target-banks-for-net-zero-alliance-membership/

Excerpt:

Republicans have seized upon the issues of net-zero and environmental, social and governance investing to call attention to what they claim are negative effects of so-called ‘woke’ orthodoxy on portfolio performance, and harm the U.S. energy industry.

They have also raised the potential for a lapse in fiduciary duty by arguing that allocating towards long-term ESG goals may create short-term underperformance, harming plan beneficiaries.

The attorneys general of 14 states – Arizona, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Tennessee, Texas, Virginia, and five more that have joined but can’t be named due to state laws or regulations regarding confidentiality –have sent civil investigative demands to the six U.S. banks the investigation targets

The six banks did not respond to requests for comment.

The coalition argues that the banks’ membership in the Net-Zero Banking Alliance is damaging U.S. energy companies. The CIDs, similar to subpoenas, are legally enforceable requests for information related to state or federal investigations.

Author(s): Dusty Hagedorn

Publication Date: 25 Oct 2022

Publication Site: ai-CIO

Debunking Net Zero, Carbon Offsets, Nature-Based Solutions, Climate Smart Agriculture, Bioeconomy…

Mary Pat Campbell

Link: https://gpenewsdocs.com/debunking-net-zero-carbon-offsets-nature-based-solutions-climate-smart-agriculture-bioeconomy/

Excerpt:

FRIES: There are ten terms in this glossary: Net Zero, Carbon Offsets, Nature-Based Solutions, Zero Deforestation, Climate Smart Agriculture, Agriculture 4.0 (or the Fourth Industrial Revolution), Regenerative Agriculture, Carbon Farming, Bioeconomy and last but not least Green Finance. This then is what you identify as key greenwashing concepts and false solutions used by food and agribusiness corporations?

KUYEK: Yes. And some of the terms are not just being used by Big Food and Ag alone. There are terms that are being used by corporations from other sectors as well. But they are a big part of the greenwashing that agribusiness is involved in.

…..

NET ZERO

KUYEK: Well, net zero refers to the Paris Agreement, the COP in Paris from several years ago, where countries agreed to achieve net zero emissions by 2050. And what that meant was that they would reduce emissions (it was supposed to mean they would reduce emissions) as close to zero as possible. 

And then any remaining emissions would be absorbed from the atmosphere. Now, how much would be remaining and how that would be absorbed is not defined. And certainly at this point, the technologies that are being talked about and stuff is definitely not proven. But there was that. 

And then it was also not discussed that if there are some emissions, well, what are those emissions for? Of course, you’d only want those to be for the most essential services or to fulfill the most basic needs of people. But the corporations have really used that as an open door to come forward with their own idea of net zero.

….

And then as a way to get to that net zero (which they’re claiming that they’ll be able to do), they are relying heavily on offsets. What is called carbon offsets. Meaning that they will invest or they’ll purchase credits of projects or technologies that are able to absorb carbon from the atmosphere

And an increasing amount of these sort of offset projects are based on land and forests. On the idea that if you say protect a forest from being deforested or you plant trees or you even engage in some kinds of agricultural practices that are set to store carbon in the soil, that through that (if a company purchases or pays for that) then they can offset their own emissions. 

So really it becomes just this way for them to continue with business as usual. 

Author(s): LYNN FRIES and DEVLIN KUYEK

Publication Date: 20 Oct 2022

Publication Site: GPE newsdocs

Princeton to ‘Dissociate’ Fossil Fuel Investments

Mary Pat Campbell

Link: https://www.ai-cio.com/news/princeton-to-dissociate-fossil-fuel-investments/

Excerpt:

Princeton University’s board of trustees has voted to dissociate from 90 companies as part of an administrative process established last year that focuses on companies involved in the thermal coal and tar sands segments of the fossil fuel industry, or that are engaged in climate disinformation campaigns.

Thermal coal, which is burned for steam and used to produce electricity, was made a priority because it emits significantly more carbon dioxide than alternative available fossil fuels, the university said. It also said that tar sands oil, which is derived from loose sands or sandstone, also produces much higher emissions than conventional crude oil, including in its extraction and production process. However, Princeton said thermal coal and tar sands businesses can be exempt from dissociation if they can prove they can meet a rigorous standard for greenhouse gas emissions.

And in a move to help the university reach its goal of eventually having an endowment portfolio that is net zero of greenhouse gases, the Princeton University Investment Company, which manages the university’s $38 billion endowment, will also eliminate all holdings in publicly traded fossil fuel companies. PRINCO said it will also ensure that the endowment does not benefit from any future exposure to fossil fuel companies.

Author(s): Michael Katz

Publication Date: 6 Oct 2022

Publication Site: ai-CIO