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Moving money out of fossil fuels and into environmentally-friendly tech could have made members of the state’s pension fund an extra $4,500 each


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Moving money out of fossil fuels and into environmentally-friendly tech could have made members of the state’s pension fund an extra $4,500 each

 

18
 

According to a new report, for the New York State Common Retirement Fund, the third largest pension fund in the country, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer.  

 

According to a new report, for the New York State Common Retirement Fund, the third largest pension fund in the country, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer. Photograph: Paul Weiskel/Demotix/Corbis

 

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.”

 

Scientists and world leaders have agreed that to curb the effects of climate change and prevent environmental catastrophes like extreme floods and super droughts, the planet’s temperature cannot rise by 2C above pre-industrial levels.

 

This means dramatically reducing greenhouse gas emissions, largely caused by the burning of fossil fuels to produce energy.Countries are recognizing the threat that excess carbon dioxide poses to the health of the planet. During the climate talks in Paris in December, nearly 200 nations committed to cutting carbon emissions, signaling a shift away from fossil fuels to a green energy economy.

 

“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.”

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6 minutes ago, merrill said:

Moving money out of fossil fuels and into environmentally-friendly tech could have made members of the state’s pension fund an extra $4,500 each

 

18
 

According to a new report, for the New York State Common Retirement Fund, the third largest pension fund in the country, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer.  

 

According to a new report, for the New York State Common Retirement Fund, the third largest pension fund in the country, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer. Photograph: Paul Weiskel/Demotix/Corbis

 

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.”

 

Scientists and world leaders have agreed that to curb the effects of climate change and prevent environmental catastrophes like extreme floods and super droughts, the planet’s temperature cannot rise by 2C above pre-industrial levels.

 

This means dramatically reducing greenhouse gas emissions, largely caused by the burning of fossil fuels to produce energy.Countries are recognizing the threat that excess carbon dioxide poses to the health of the planet. During the climate talks in Paris in December, nearly 200 nations committed to cutting carbon emissions, signaling a shift away from fossil fuels to a green energy economy.

 

“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.”

Oil companies DO invest money in alternative energies.

 

Green energy polutes as much or more than oil does.

 

 

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11 hours ago, merrill said:

Moving money out of fossil fuels and into environmentally-friendly tech could have made members of the state’s pension fund an extra $4,500 each

 

18
 

According to a new report, for the New York State Common Retirement Fund, the third largest pension fund in the country, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer.  

 

According to a new report, for the New York State Common Retirement Fund, the third largest pension fund in the country, a move away from fossil fuels would have made each of the fund’s 1.1 million members more than $4,500 richer. Photograph: Paul Weiskel/Demotix/Corbis

 

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.”

 

Scientists and world leaders have agreed that to curb the effects of climate change and prevent environmental catastrophes like extreme floods and super droughts, the planet’s temperature cannot rise by 2C above pre-industrial levels.

 

This means dramatically reducing greenhouse gas emissions, largely caused by the burning of fossil fuels to produce energy.Countries are recognizing the threat that excess carbon dioxide poses to the health of the planet. During the climate talks in Paris in December, nearly 200 nations committed to cutting carbon emissions, signaling a shift away from fossil fuels to a green energy economy.

 

“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 point is ...... Moving money out of fossil fuels and into environmentally-friendly tech could have made members of the state’s pension fund an extra $4,500 each

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