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

St. Louis & St. Michael’s Split DH

first_imgScore by Quarter. St. Michae’ls  5     St. Louis  2,   St. Michael’s  11   St. Louis  2,St. Michael’s  16   St. Louis  9, St. Michael’s  22   St. Louis  17.Submitted by STL Coach Mike Burkhart.The St. Louis 8th grade girls basketball team improved to 9-2 Thursday night by defeating the St Michael’s Trojans of Brookville by a score of 35 to 10.Baylee Rohlfing led the Cardinals with a double double with 11 points and 14 rebounds.  Other outstanding players were Jill Eckstein and Ava Geers with 6 points each; Audrey Amberger with 5; Audrey Weigel with 4; and Gabi Garcia with 3.Submitted by STL Coach Amy Weigel. Lack of offense and too many turnovers proved costly. Avery Roell led St Louis with 7 points, followed by Hanna Hurm with 6. Harlee Masavge added 4.center_img St Louis 7th grade girls basketball team playing their 3rd game this week came up short against St Michael’s by a final score of 22 to 17.last_img read more

Inter demand €85m plus Junior for Lautaro

first_img Loading… The Argentine striker is the Catalan side’s top target this summer, but they are unwilling to meet Inter’s demands.Advertisement read also:Inter striker Lautaro Martinez’s release clause expires in July Barca are willing to go as high as €65m, but Inter will not lower their price any further. FacebookTwitterWhatsAppEmail分享 center_img Inter have demanded Barcelona pay €85 million-plus Junior Firpo in exchange for Lautaro Martinez, according to reports.last_img read more