Yesterday afternoon people interrupted and disrupted Invesco‘s annual shareholders’ meeting in Atlanta, Georgia. Invesco responded by dragging them out of the meeting. A crowd rallied outside of the shareholders’ meeting calling for Invesco to end their investments in the Wyatt Detention Center in Central Falls, Rhode Island. The protest ended with four people being arrested. The Wyatt has faced controversy and ongoing protests after signing a contract with Immigration and Customs Enforcement (ICE) in 2019, allowing the Wyatt to detain people on behalf of the agency. After this contract was signed, widespread community opposition led the board overseeing the Wyatt to cancel the agreement with ICE.
Berkshire Hathaway has pulled out of a proposed large investment in the liquid natural gas pipeline near Quebec’s Saguenay port. Warren Buffetts’s investment company had been planning to invest $4 billion in the project. The $9.5 billion LNG project is meant to be built about 230 kilometers northeast of Quebec City, according to CBC News.
A last-minute push from U.S. investors on wind in response to the Production Tax Credit winding down, as well as bullish investments from Europe and China on offshore wind, led to a surge in investments at the end of 2019, momentum that's anticipated to carry through 2020, according to BloombergNEF. "What was looking like quite a quiet year really kind of changed in the last few months with all these offshore wind deals coming through," Chief Editor at BloombergNEF Angus McCrone told Utility Dive.
Where some of us see distressed neighborhoods — where families endure poverty and homes fall into disrepair — others see dollar signs. In fact, the Trump administration now brands them “opportunity zones,” offering tax breaks to investors who invest capital there. What remains unclear is this: Opportunity for whom? Big investors may stand to cash in, but many communities are saying they’re not getting the benefits they were promised.
The bank's decision to end all financing of oil, gas, and coal projects after 2021 will make it the first multilateral lender to rule out financing for projects that contribute to the climate crisis. Environmentalists have a reason to celebrate this week. The European Investment Bank (EIB) announced on Thursday that it will phase out its financing completely for fossil fuels within the next two years. The bank’s decision to end all financing of oil, gas, and coal projects after 2021 will make it the first multilateral lender to rule out financing for projects that contribute to the climate crisis.
Images of devastating storm damage and droughts around the world this year have been drawing attention to the risks of global warming, particularly to the world's poorest people. Cutting emissions is critical to minimizing those risks, but a new report argues that the world needs to devote an equally urgent effort to adapting to the changes that are sure to come. The report, released Tuesday by the Global Commission on Adaptation, argues that a drastic increase in investing in adaptation measures, such as early warning systems and resilient infrastructure...
Despite the drop, overall investment remains stable, with wind and other clean energy technologies picking up the slack. New data from Bloomberg New Energy Finance shows a 19 percent reduction in solar financing in the first half of 2018, compared to the same period last year. Continued declines in project costs, along with a policy shakeup in China, drove the drop. BNEF expects the ramifications from both to build in the second half of the year. But where investment in solar faltered, other clean energy technologies made up the difference. Wind saw a particularly sharp 33 percent increase in investment over the first half of 2017, rising to a total of $57.2 billion. While lower relative to previous years, solar investments still outperformed wind so far this year at $71.6 billion. Overall, clean energy investment dropped just 1 percent and totaled $138.2 billion in the first half of 2018.
NEW YORK, May 7 (Reuters) - Wind farms have boosted local tax bases and generated new revenue as they expand across the United States, especially for rural areas, Moody’s Investors Service said in a report on Monday. “What we’re seeing is wind farms generate new operating revenues, lower the tax burden for local residents,” Moody’s analyst Frank Mamo told Reuters. “In many cases, local governments are using this new money to address what was a growing backlog of deferred capital expenditures.” In Adair County, Iowa, construction of 10 new wind farms has grown the tax base nearly 30 percent over the last decade, giving it money to fix bridges and streets. Wind farm taxes are also paying over 40 percent of debt service for Webb Consolidated Independent School District in Texas, Moody’s noted.
It is common knowledge that Theresa May’s husband Philip essentially acts as the unofficial advisor to the Prime Minister – a fact proven by the former Conservative MP for Chichester, Andrew Tyrie, who said during a Newsnight profile of the PM’s husband that “Philip is clearly acting as, informally, an advisor to Theresa. Probably much like Denis did to Margaret Thatcher.” Whilst it is pretty obvious that almost all married couples act as informal advisors to each other in come capacity, Tyrie’s admission that the Prime Minister’s husband has such a great influence over his wife’s decisions is made all the more worrying by the fact that Mr May – who is a Senior Executive at a £1.4Tn investment firm – stands to benefit financially from the decisions his wife, the Prime Minister, makes.
On Thursday activists and organizers with The FANG Collective, the Shame On Citizens campaign and other groups celebrated after learning that Citizens Bank had ended their financing of Energy Transfer Partners (ETP). Citizens Bank faced waves of demonstrations last year over their dealings with ETP and their sister company Sunoco Logistics. This included a lock-down action at the Citizens Bank headquarter building in Providence on March 2, 2017 carried out by the FANG Collective. Three people were arrested as part of the action. ETP is one of the most reckless corporations on the planet. Across the continent they have desecrated waterways and used violence and intimidation to try and silence opposition. ETP must be held accountable for their actions. We need more financial institutions to do what Citizens Bank has done and cut their ties with ETP.
The clash between the Standing Rock Sioux Tribe and backers of the Dakota Access pipeline unfolded in news clips of violence, intolerance and humiliation. Demonstrators against the pipeline were met with snarling guard dogs, armed security officers and fire hoses that drenched them during freezing weather. For a block of shareholders in Marathon Petroleum Corp., an Ohio-based company that bought a minority interest in the Dakota Access pipeline just as tensions hit a flashpoint in 2016, it was an unsettling scene that played out on social media and network news. What happened in full view of the world on the remote plains of North Dakota has prompted a shareholder resolution calling on Marathon to explain how it identifies and addresses environmental and social risks—including potential violations of the rights of indigenous peoples...
Over the past year, oil and gas industry plans to build a petrochemical refining and storage hub along the Ohio River have steadily gained traction. Proponents hope this potential hub, which would straddle Pennsylvania, Ohio, West Virginia, and Kentucky, could someday rival the industrial corridor found along the Gulf Coast in Texas and Louisiana. Those plans center around creating what is known as the Appalachian Storage Hub, which received a major boost on November 9 during a trade mission to China attended by President Donald Trump and U.S. Secretary of Commerce Wilbur Ross. At that trade mission, also attended by Chinese President Xi Jinping, the China Energy Investment Corp. announced the signing of a memorandum of understanding (MOU) to invest $83.7 billion into the planned storage hub over 20 years.
From what magic bucket of money are we supposed to use to pay for all of this? The Philadelphia Municipal Pension Fund, which covers the pension costs of city workers. This $4 billion fund is entirely made up tax-payer dollars. It’s invested globally in all sorts of funds, stocks, bonds and securities to generate revenue for the city to cover its obligations, and it doesn’t always do that well: In 2016 fund had a net loss of $149 million (though 2017’s returns surpassed expectations). It’s one of the countries worst funded municipal funds. One of Philly’s biggest budget expenses is it’s annual contribution to this fund, which comes from tax revenues. A bulk of Philly’s tax revenue comes from wage taxes. If more people worked, and had higher wages for the jobs they did work, the city would have a higher tax revenues as well as increased savings on social safety net services, which would better position the city to cover its pension obligations.
Between government and private business, a lot of dollars exchange hands. This isn’t limited to the billions of dollars that get spent on government contracting - from purchasing bulk orders of toilet paper for daily office operations to outsourcing detention management to developing new war machines for global conflicts. It also involves direct investments in companies and funds, often via the use of investment or financial management firms like JP Morgan or Wells Fargo and not infrequently in association with an employee pension fund. The record of these investments should typically be of public record. In response to an ongoing request in Phoenix, MuckRock recently received a report of municipal security holdings.
Over 200 companies have pledged greater transparency on reporting climate-related risks in their businesses as part of a voluntary program led by U.S. billionaire Michael Bloomberg. The former New York mayor and Mark Carney, the governor of the Bank of England and chairman of the Financial Stability Board, said Tuesday that the number of companies supporting the program had more than doubled since its recommendations were first published in June. The 237 companies, with a combined value of over $6.3 trillion, include construction firms, energy companies and financial institutions from 29 countries. Carney said the Task Force on Climate-related Financial Disclosures plans to report on its efforts when leaders of the Group of 20 leading industrialized and emerging economies meet in Argentina in a year.