Divestment lobby ‘over-simplifying’ sale of fossil fuel assets, argues union

first_imgPrentis cautioned against a wholesale divestment before other assets were available.“Divesting of carbon assets without having found adequate alternative renewable investment returns would create huge economic uncertainty.”He argued that low-carbon investment opportunities in the UK remained limited and were often not of sufficient scale, with investors incurring “high fees and huge transaction costs”.Prentis also evoked cost as a concern when arguing against divestment, insisting that any moves would take several years and see the affected LGPS incur “considerable” costs.The Norwegian Government Pension Fund Global was ordered in May to sell its stake in companies that derived over 30% of their revenue from coal.It came weeks after the sovereign wealth fund said it had already halved its exposure to thermal coal, and was the result of a vote by Norway’s parliament.However, divestment has previously proven difficult for the UK’s LGPS, consisting of 101 schemes managed by local authorities, as legal advice instructed them they could only divest in cases where it did not risk “material financial detriment” to the schemes.The Lothian Pension Fund in July ruled out divestment, citing both cost concerns and uncertainty on how fossil fuel companies should be defined. Those calling for pension funds to divest their fossil fuel holdings do not understand the “huge task” facing the schemes in divesting carbon-intensive companies, the head of one of the UK’s largest unions has argued.Unison said efforts by campaign groups urging asset owners to divest fossil fuel holdings were “admirable”, but underestimated the cost and complexity of selling the stakes.Dave Prentis, the union’s general secretary, said: “We all want to live in a greener, cleaner world, but pulling local government pensions fund investments from firms with big carbon footprints, and putting them into environmentally-friendly investments instead, is no mean feat.”His comments came in response to NGOs including Friends of the Earth detailing the fossil fuel investments of local government pension schemes (LGPS) to coincide with a report that found over 400 asset owners worth $2.6trn (€2.3trn), ranging from foundations and pension schemes to sovereign wealth funds, had pledged to divest their holdings.last_img read more

MLB trade rumors: Nationals acquire Daniel Hudson, Roenis Elias, Hunter Strickland

first_imgHe has struck out 48 batters in 48 innings while allowing just five home runs.Washington has had its struggles in the bullpen especially at the beginning of the year, but it has gotten good production out of Sean Doolittle in the closer spot and the addition of Hudson should make it easier to get to the power lefty. Daniel Hudson has been traded to the Washington Nationals, per source.#BlueJays— Scott Mitchell (@ScottyMitchTSN) July 31, 2019Elias traded to #nationals— Joel Sherman (@Joelsherman1) July 31, 2019Here come the Nationals again: Hunter Strickland is headed there from the Seattle Mariners, source confirms to ESPN. Third reliever of the day after Daniel Hudson and Roenis Elias.— Jeff Passan (@JeffPassan) July 31, 2019The Blue Jays received Single-A pitcher Kyle Johnston, the Nationals’ No. 27 prospect via MLB Pipeline in return for Hudson, according to The Athletic. The site also reported Washington will send right-hander Elvis Alvarado and lefty Taylor Guilbeau to Seattle to complete the Elias deal. Hudson, 32, has both started and relieved in his career, but he has had a very good season in relief this year for the Blue Jays posting a 3.00 ERA in 45 games. Related News MLB trade news: Braves get Shane Greene, Mark Melancon to boost bullpen MLB trade rumors: Yankees, Rays still interested in Ken Giles despite elbow issue Elias, who turns 31 on Thursday, has a 4.40 ERA in 44 relief appearances for Seattle and has saved 14 games. Strickland, 30, has spent a good portion of the season on the injured list but was good to start the year earning saves in each of the Mariners’ first two games of the year.The Nationals gave up Double-A pitcher Aaron Fletcher to get Strickland, according to MLB.com. MLB trade rumors: Yankees, Astros actively competing over three pitchers The Nationals got some much-needed help for their bullpen ahead of the trade deadline. Washington has acquired righty Daniel Hudson from the Blue Jays, according to TSN, and lefty Roenis Elias from the Mariners, according to the New York Post. ESPN also reported the Nationals have added Hunter Strickland.last_img read more