Last week, the Washington Post autopsied the divestment movement on Harvard University’s campus and explored the Ivy League school’s continued rejection of divestment as a political tool. Despite calls to divest its sizeable endowment, Harvard’s administration has consistently held that the school’s focus is sustainable investments and climate mitigation efforts, not political symbolism. Former President …
Pittsburgh Mayor Bill Peduto has made no secret of his desire to divest the city’s pension funds from investments in companies dealing in fossil fuels, firearms and for-profit prisons. The push began in 2017 when Mayor Peduto signed an executive order affirming the city’s commitment to the Paris Accord and included a pledge to divest …
This week, New York passed a new climate bill, setting aggressive targets for emission reductions and other environmental goals. The plan received cheers and jeers from commentators within and outside the state, but one notable item was left out entirely: divestment. Putting aside some general opinions about the feasibility and approach of the bill, it’s …
Update (June 11, 2019): The Norwegian Parliament is expected to vote tomorrow, June 12, to mandate the country’s pension fund, known as the Oil Fund or Government Pension Fund Global, to sell off holdings in a selection of natural gas, and coal companies while increasing investments in renewable energy companies. The move follows a March …
It’s the workers benefitting from pension funds who are often the ones lost in the divestment debate. They rely on robust returns from those funds to support their retirement and maintain financial independence. Thankfully, amid the political back-and-forth, a retired firefighter from New York brings the focus back to where it belongs: the workers and …
New York Comptroller Tom DiNapoli reasserted his position against fossil fuel divestment this week as he rolled out a new report detailing plans to increase select “sustainable investments” and engagement efforts. Despite pressure from some upstate politicians, DiNapoli has long chosen action over divestment, calling the empty gesture a costly effort that goes against his …
This week, the Church of Scotland voted against a divestment motion aimed at oil and natural gas companies. The 303-263 tally deals another blow to worldwide divestment campaigns. Even pro-divestment outlet The Guardian admitted the defeat, reporting: “Although the general assembly voted to ‘recognize and affirm the declarations of the Scottish government, UK parliament and …
In a press release that sounded more like it was written by 350.org instead of a U.S. Senator’s office, Oregon Democrat Jeff Merkley announced the introduction of a bill on Capitol Hill that would present fossil fuel divestment as an option to federal workers. Sen. Merkley introduced the bill last year as well, but it …
In the past week, investment experts at two of the nation’s largest state pension funds have stated that worldwide divestment campaigns are misguided, financially irresponsible, and ironically, would cause more harm to the environment. These statements aren’t coming from the energy industry or even the business community, but from officials who are responsible for delivering …
The New York State Comptroller’s office laid out a multitude of reasons for why they view mandated divestment as a bad idea during a marathon Finance Committee hearing on Tuesday. Up for debate was SB 2126, a pro-divestment bill sponsored by State Senator Liz Krueger who also chairs the Finance Committee. The bill would require …
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