Norwegian pension fund manager KLP divests from coal industry

first_imgNorway’s largest pension fund manager KLP is divesting from coal companies and committing to investing an extra NOK500m (€60m) in increased renewable energy capacity.It said it was doing this to contribute to the “urgently needed” switch from fossil fuel to renewable energy.KLP defines coal companies as coal mining companies and coal-fired power companies that derive a large proportion of their revenues from coal.At the very least, KLP will exclude those with 50% of revenues from coal-based business activities. The names of the companies to be excluded will be published in an updated KLP list on 1 December.KLP’s divestment from coal companies also applies to the KLP funds.The public service pensions provider said preliminary estimates showed the divestment would lead to the sale of shares and bonds worth just under NOK500m.At present, the divestment does not apply to oil and gas companies.KLP said this was because coal companies were considered to have the largest negative impact, both in terms of carbon emissions per unit of energy produced and local pollution in the vicinity of the coal-based facilities, even though there are significant variations between the different types of oil, gas and coal.But KLP also said a withdrawal of investments in oil and gas companies would probably have a material impact on future returns, unlike the retreat from coal company stocks.At the request of the Norwegian municipality of Eide, one of its customers, KLP carried out an assessment on the feasibility of pulling its investments out of oil, gas and coal companies without affecting future returns, in order to contribute to a better environment.The report found no support for the “stranded assets” hypothesis, which posits that investments in companies with major fossil fuel reserves represent a greater financial risk than is normal for this type of undertaking.It said: “On the contrary, a divestment from all fossil fuel companies would significantly increase KLP’s risk, particularly with respect to Norwegian shares.“However, depending on the definition applied, divestment from coal companies alone would not represent any significant financial risk for KLP.”Sverre Thornes, chief executive at KLP, said: “KLP will continue to be an active and engaged owner of the companies in which we invest, with a clear ambition to influence them to take responsibility for lower greenhouse gas emissions.”The KLP Group, with total assets of NOK470bn, is already a major investor in renewable energy, with NOK19bn invested in Norway alone.Last year, it also established a partnership with Norfund for direct investment in renewable energy and finance.The additional NOK500m will be used for direct investments in increased renewable energy capacity in emerging economies, where KLP considers the need to be greatest.last_img read more

AquaTrojans Win I-74 Border War On Senior Night

first_imgThe AquaTrojans hosted I-74 rival Harrison Wildcats on Thursday for Senior Night.  EC girls won 122-46.  EC Boys won 137-31.Individual Winners include: Hannah Weber-200 Freestyle, 100 Backstroke; Jackson Ketcham-200 Freestyle, 100 Breaststroke; Ashley Bortlein-200 IM; Jacob Weber-200 IM, 100 Butterfly; Cai Fox-50 Freestyle; Ethan Ayers-Edds 1 meter diving (New School Record 257.70); Liz Warren-100 Butterfly; Mackenzie Schantz-100 Freestyle; Olivia Nixon-500 Freestyle; Cai Fox 500 Freestyle; Alex Ketcham-100 Backstroke; Alexis deLong-100 Breaststroke.EC won all 6 relays.EC Girls conclude their regular season 22-2.Special congrats to seniors Haley Althoff, Hope Althoff, Ethan Ayers-Edds, Cai Fox, and Alex Pruitt.The AquaTrojans returned home to host their EIAC rival, Batesville Bulldogs, on Tuesday in St. Leon.  The boys were victorious 138-38, while the girls lost 94.5-75.5.Individual winners include: Cai Fox-200 Free, 100 Backstroke; Alexis deLong- 200 IM, 100 Butterfly; Ethen Wite-2oo IM; Ashley Bortlien- 50 Free; Jacob Weber- 50 Free, 100 Butterfly; Ethan Ayers-Edds- 1 meter diving; Olivia Nixon-100 Freestyle, 100 Backstroke; Chandler Witte- 100 Freestyle; Jackson Ketcham-500 Freestyle; Alex Ketcham-100 Breaststroke.EC won 5 of 6 relays.Courtesy of AquaTrojans Coach Brandon Loveless.last_img read more

Horgan looking forward to the big day

first_imgSars overcame Kilruane McDonaghs in a close semi final while Nenagh beat Drom after extra time to reach the final.Ahead of tomorrows game match referee Ferghal Horgan told Tipp FM Sport he is looking forward to being the man in the middleSunday’s match throws in at Semple Stadium at 3.15 and Tipp FM will have full live coverage in assocation with Horse & Jockey KIA, Thurles. Before that Clonakenny take on Sarsfields in the Intermediate final at 1pm.The county Intermediate football final takes place today  at 3pm in New Inn where Upperchurch Drombane will take on Clonmel Og  for the right to play senior football in 2016. Clonmel Og defeated Holycross en route to the final while Upperchurch beat Mullinahone in the semi final.Upperchurch Drombane manager and club chairman Conor O Dwyer told Tipp FM Sport to earn the right to play senior club football would be a huge milestone for his clubPlenty of other games on today as well, Clonmel Commercials will take on Loughmore Castleiney in Golden in the under 21 county football A final today. That game gets underway in Golden at 1pm. The minor B football championship semi final takes place when Clonoulty Rossmore take on Ardfinnan in Littleton at 7pm.In hurling the Minor B hurling championship semi final sees Knockavilla Kickhams come up against Grangemockler Ballyneale. that one gets underway in Boherlahan at 3pm.Scotland will host Ireland this afternoon in the first test of this year’s Hurling/Shinty International Series.The action gets underway in Inverness at 2pm.Meanwhile, Portlaoise and Emo must go head-to-head once-again in the replay of their Laois Senior Football Championship final.The two sides couldn’t be separated last weekend and so they will return to O’Moore Park this evening, where throw-in is at half-past six.last_img read more