Report: NY State Pension Fund Lost $5.3 Billion by Hanging Onto Coal, Oil and Gas Stocks

first_imgReport: NY State Pension Fund Lost $5.3 Billion by Hanging Onto Coal, Oil and Gas Stocks FacebookTwitterLinkedInEmailPrint分享New York State’s pension fund would have an additional $5.3bn to give to its retired employees if it had divested from fossil fuel companies and put that money into clean energy, according to a new report.The analysis, compiled by research firm Corporate Knights, assessed the fund’s top 100 domestic and international equity holdings, and calculated how much it would have earned over the past three years if it had got rid of its investments in coal, oil and gas companies.The New York State Common Retirement Fund is the third largest pension fund in the country, behind California’s CalPERS and CalSTRS, with $184.5bn held in trust for retirement benefits. According to the report, released this week, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer, and helped the state cover nearly 12% of the costs following Hurricane Sandy in 2012.Toby Heaps, CEO and co-founder of Corporate Knights, said the numbers show that divestment makes prudent financial sense.“Divestment is good for reducing portfolio risk,” he said. “It’s also a powerful way of sending a message about the expectations investors have of companies and governments to be rational about accelerating the energy transition in a timely manner so that we avoid scenarios of climate chaos, which would make it difficult for anybody to earn returns.”“Government policy, which we think will only strengthen, is beginning to capture the societal costs of burning fossil fuels, enhancing the competitive position of investments in energy efficiency and renewables,” said Stu Dalheim, vice president of shareholder advocacy for Calvert Investments, which invests in socially and environmentally responsible businesses. “The Paris Agreement sent a clear and important signal to the market that we are moving toward a low carbon energy system.”The report comes as New York State Senator Liz Krueger is pushing to pass a bill that would require the state’s pension fund to divest from fossil fuels. The Fossil Fuel Divestment Act would require the fund to sell off its stocks in the top 200 largest fossil fuel companies by 2020.“By divesting from fossil fuels, the [Common Retirement Fund] will send a message that it is unacceptable for any institution to profit from activities that threaten the future of society, and will begin the process of delegitimizing a business model that, while financially profitable in the short run, is socially and morally bankrupt,” wrote Krueger in her announcement of the bill.Full article: New York pension fund could have made billions by divesting from fossil fuels – reportlast_img read more

YOG: PH’s Yuka Saso in 2nd place after round 1 in women’s golf

first_imgKarl Vilips of Australia, Vanchai Luangnitikul of Thailand, Akshai Bathia of the United States and Andrea Romano shared the lead at 69.After the 17-year-old birdied holes No. 3, 4, 6 and 14, Corpus capped the round with another birdie on the final hole.Over at the the Olympic Park fencing hall, Pak Chan of Hong Kong defeated Lawrence Everett Tan, 15-11, in the round of 16, ending the Filipino’s medal bid in the men’s foil event for good.Chan got off to a good start and led, 12-7, with 54 seconds remaining in the first round before finishing off Tan by scoring the last three points early in the second frame.Swimmer Nicole Oliva also didn’t make it in the finals of the women’s 800m freestyle after clocking 8:52.29 in the qualifying heat. Ajna Kesely of Hungary won the gold medal in the event with a time of 8:27.60.ADVERTISEMENT Nadine Lustre’s phone stolen in Brazil Allen Durham still determined to help Meralco win 1st PBA title Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew View comments After Saso bogeyed holes No. 2, 6, eight and 10, the individual gold medalist in the recent Asiad in Indonesia posted another birdie at No. 11. Overall, she had five birdies and six bogeys for the day.“It was quite windy out there. Good thing I was able to adjust,’’ said Saso, who wound up three shots behind solo leader Alesia Nobilio of Italy. “But I’m happy with my round.’’FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSaso, tied for second with Grace Kim of Australia, Maria Fernanda-Martinez Almeida of Mexico, Hoyu-An of Chinese Taipei and Emille Oeveraas of Norway, will tee off at 10:20 a.m. Wednesday (9:20 p.m. in Manila) in the second round with Nobilio and Elena Moosmann of Sweden.Carl Jano Corpus also fired an identical round of 71 in the company of three other players at fifth place and stayed two strokes behind the leaders. Don’t miss out on the latest news and information. Gov’t to employ 6,000 displaced by Taal Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Japeth Aguilar embraces role, gets rewarded with Finals MVP plum LATEST STORIES Oliva, who likewise failed to qualify in the 100m freestyle, will swim in the 200m free on Wednesday (Thursday in Manila) and 400m free on Friday (Saturday).Kiteboarder Christian Tio remains in contention for a medal in his event after finishing second, fifth and eighth in three races for the day.The Filipino-Norwegian will sail for three more days and should keep himself within striking distance from the leaders for a possible podium finish.Sports Related Videospowered by AdSparcRead Next MOST READ UAAP: UST sends UP crashing for second straight win Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Phivolcs: Slim probability of Taal Volcano caldera eruption Tim Cone, Ginebra set their sights on elusive All-Filipino crown Yuka Saso of the Philippines celebrates winning the gold medal on her last putt during the final round of the women’s individual golf event at the 2018 Asian Games in Jakarta on August 26, 2018. (Photo by PETER PARKS / AFP)BUENOS AIRES—Asian Games champion Yuka Saso braved the windy condition and fired a one-over 71 for a share of second place in the first round of women’s individual golf Tuesday in the 2018 Youth Olympic Games at the Hurlingham Club here.The 17-year-old Filipino-Japanese bogeyed three holes on the front nine against one birdie on the par 3 No. 4.ADVERTISEMENTlast_img read more