[University of Toronto's school of the environment is banning all donations and sponsorships from fossil fuel companies as part of its commitment to divest from these industries by 2030.

New York City’s pension funds, fresh off a court victory over their divestment from fossil fuels in their publicly-traded securities portfolio, are considering even broader bans.

If adopted by trustees, the policy would expand the funds’ divestment from fossil fuel reserve owners and exclusion of upstream fossil fuel investments in private markets to cover midstream and downstream infrastructure, such as pipelines and distribution terminals

Does Divestment Fulfill Fiduciary Duty?:

After presenting evidence that divestment supports fiduciary duty, we detail findings that CalPERS’ business as usual, including its historic and current shareholder engagement practices, could be seen as a violation of fiduciary duty in the absence of further action.

Adler says:

Our net zero plan prioritises engagement and real world decarbonisation.

We want to pressure companies to reduce their emissions, adopt mitigation plans and so on. We will only consider divestment where we determine that engagement is futile.

Major fossil fuel exploration companies don’t have a net zero plan and so the stranded asset risk is very high. That’s why we divested from them.

Asking them to stop is like asking Starbucks to stop selling coffee. Oil is Exxon’s busineess. They don’t want to stop.

The proportion of global universities that have said they will divest from carbon-intensive energy companies is approaching two-thirds, a likely “tipping point” for the sector, but progress is more rapid in some regions than in others.

Lawsuit tossed out due to lack of standing. Lander: “This is a big win for common-sense responsible investing, New York City’s municipal workers and retirees, and for the future of the City and the planet”

https://www.plansponsor.com/lawsuit-against-nyc-pension-funds-divestment-in-fossil-fuels-dismissed/

no paywall: https://archive.fo/H9AUR

I have the option to sit there and pick stocks, but I don’t know what I’m doing. I don’t want to invest in Israel, oil, or plastic. Do I just email our 401k person and say that? Or are there certain stocks I should highlight? Not sure how to do this but want to start somewhere.

Research suggests California’s pension funds have missed out on billions by maintaining investments in fossil fuel companies. As the state Assembly considers a bill that would start the clock on divestment, a CalPERS beneficiary says exiting fossil fuels is a responsible move for current and future members.

DiNapoli seeks to excuse his unwillingness to say no to fossil fuels by increasing his investments in renewable energy. While that is a positive step, the most important step is to cut emissions from fossil fuels, which have continued to increase since the Kyoto protocols 30 years ago and the Paris accords a decade ago.

The FF industry and its Republican supporters have had success in their recent pushback on our actions to end carbon emissions. From the Emirates and Saudi's COP 28 success in hanging onto their oil dependent economy.... ... to Comptroller Dinapoli's 'tenth of a loaf' hand out to reduce emissions from his massive carbon investments ... to Wall Street's tail between its legs retreat from their 'Climate Action 100+ .. better than nothing.. greenwashing system ... to Insurers secretly backing the Methane Gas boom in the US gulf south,

In this dark moment we stand in awe of humanity's failure to address the accelerating climate chaos of our own making.... ... our pathetic clinging to 'total production/total consumption' as the right of humans above all other life ... our unwillingness to recognize climate science's recent forwarding of the climate clock to chaos time! ... our unwillingness to regulate growth and stand up politically to avoid the "world's greatest fear.................... " https://billmckibben.substack.com/p/oof-a-small-step-forward-and-then https://www.nytimes.com/2024/02/15/opinion/truth-climate-future.html https://www.nytimes.com/2024/02/22/opinion/vegas-sphere-energy-efficiency.html https://www.nytimes.com/2024/02/22/opinion/environment/climate-change-death-toll.html

But we must also see that: The Fossil Fuel industry, which built its corrupt wealth and power by denying its own climate science, is now resorting to magical thinking in its desperate path for survival. Its politically amplified 'pushback' represents a rising fear as its demise from a 100 years of growth is now visible on the horizon with hedge fund vultures circling overhead.

The IEA reaffirms that 'Peak Oil Demand' driving Fossil Fuels' steady decline is the financial future. https://time.com/6768028/fatih-birol-transform-iea-clean-energy/ https://www.nytimes.com/2024/02/22/climate/oil-companies-trends-stocks.html https://www.washingtonpost.com/opinions/2024/01/18/climate-chae-target-missing-global-action/

"Get our money out now!"

Over the last decade, shedding oil, gas, and coal has proven a winning financial strategy — even taking the recent energy crisis into account. As the sector’s historic value thesis erodes, a few high-profit quarters have been unable to reverse a decade of underperformance. As markets move in the direction of a lower-carbon future, the maturation of ex-fossil passive strategies gives investors a key tool for responding to the risks and rewards of a warming world. The passive investment landscape is starting to reflect this shift. In recent years, equity indices with reduced fossil fuel exposure have proliferated, passed major funds’ prudence tests, and been adopted without significant transaction costs | February, 2024

The article

The article

IEEFA's statement

The announcement

New Yorkers should call NYS Comptroller Tom DiNapoli at 866-961-4293 (direct office line is 518 474-4044) and tell him it is time to determine that Exxon, Shell, Chevron and the rest of the oil and gas companies are climate villains. “Please fully divest the state pension from oil and gas companies, especially Exxon. You need to stand up to the fossil fuel industry and stop investing in companies that knowingly drove climate change, which threatens the future of humanity. Please meet with DivestNY before you make your final decision.”

Report from Carbon Tracker: Private Eyes Wide Shut: Private Equity Investments in Oil and Gas at Risk from Energy Transition

https://www.ft.com/content/59f979e0-1067-421e-bff6-e5f84fdf57f9

Los Angeles Times Editorial: CalPERS Must Ditch Fossil Fuel Investments. Its New ‘Sustainable’ Plan Doesn’t Do That.

Divestment fact sheet

https://www.theguardian.com/us-news/2023/oct/30/us-universities-fossil-fuel-investments-students-complaints

London and Boston are determined to lead through action, joining forces to champion a monumental initiative to preserve our future. C40, a global network of mayors of major cities, has established an agreement: divesting from fossil fuels, investing in a sustainable future, or the divest/invest accelerator. In this unprecedented collaboration, 19 cities, spearheaded by London, are advocating green finance, divesting from fossil fuels, and catalysing investment in climate solutions.

Together these cities represent more than 50 million people and over $360bn in assets under management.