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

Pregame Q&A with the Daily UW

first_imgJunior quarterback Jacob Eason has made a strong first impression after transferring from Georgia. (Photo courtesy of Conor Courtney / The Daily of the University of Washington) DT: How much do you think it matters that Washington decisively defeated BYU 45-19 while USC lost to the Cougars in overtime? JK: I think it’ll make a much bigger difference for Fink just because he’s the one that’s going to have to deal with the noise at Husky Stadium. This is Eason’s offense to run, and there haven’t really been any growing pains for Washington. He came in with experience playing in the SEC, and he’s got games at home and on the road under his belt this season. I haven’t seen any reason to believe he’s not completely comfortable with the offense and the environment here.  Kirshenbaum: This secondary is pretty young and new, but so far this season it has stepped up to every challenge presented. Despite so much turnover from last season — with three starters drafted and a fourth graduated — I’d say the strength of the group is its depth. Putting six defensive backs on the field has become almost the new normal for [defensive coordinator/defensive backs coach] Jimmy Lake; Washington did it pretty much all game against Hawaii’s run-and-shoot offense, and I could see something similar happening Saturday. I wouldn’t be surprised to see something similar to Washington’s performance against BYU last weekend, where the Cougars had a few shots connect downfield but also had a lot of trouble getting anything done once the field shortened. JK: To start with an easy one, it’s probably junior tailback Salvon Ahmed, just on the basis that he missed the BYU game with a lingering leg injury, and if he’s back, the UW offense goes to a whole new level. Beyond injury developments, I’d say it’s junior tight end Hunter Bryant. He’s probably the most physically gifted option in the UW passing game, and through four weeks he’s quickly become Eason’s go-to option, especially on third downs. Through four games, he’s leading the Huskies with 285 receiving yards, and he’s going to present a matchup problem for pretty much anyone USC puts on him. DT: What is your score prediction and why? DT: With junior quarterback Jacob Eason as well as a talented group of running backs, Washington appears to have a good offensive balance. Do you think the Huskies will rely more heavily on the pass or the run against USC? DT: Eason and USC redshirt junior quarterback Matt Fink are both fairly new to the starting role. How do you think this will factor into their performance in this high-profile matchup?center_img JK: This one’s tough to predict, just because I think so much of the outcome is going to be determined by what happens in the first 10 minutes or so. I’ve thought Washington was going to be in close games each of the past two weeks, and then the Huskies have dominated the first quarter en route to blowouts. I could definitely see this game getting out of hand early. Then again, I could also see USC keeping it close and staying within punching distance into the fourth quarter. I think the second option is a little more likely, but Washington ends up with just enough of a run to emerge with a 33-23 win. After upsetting then-No. 10 Utah last Friday, the No. 21 Trojans face another tough opponent Saturday in No. 17 Washington. The Daily Trojan spoke with the Daily UW managing editor Josh Kirshenbaum to get his insight on the upcoming game. JK: I think the main difference between those two games is how they started. Washington opened last weekend with a 21-point haymaker in the first quarter, while USC found itself in a close game early. Slow starts have been a problem for Washington in recent years, and when opponents can slow down and shorten games and keep it close into the second half, upsets tend to happen (see: Cal in the last two meetings). The fact that the Huskies are getting out to such fast starts, especially on offense, has been one of the most promising developments of this year’s team. That was the difference last weekend, and if Washington can do it this Saturday, it could be again this game. Daily Trojan: USC’s wide receivers dominated a supposedly strong Utah defense last weekend. How do you think Washington’s secondary will match up with USC’s talented receiving corps? DT: Which player do you think will be the biggest X factor for Washington in Saturday’s game? JK: UW’s offense has generally skewed run-heavy, but this iteration may be the most balanced I’ve seen in awhile, or at least since 2016. Last weekend, Washington ran 39 run plays and 28 pass plays, and I’d guess that’s about the balance [head coach] Chris Petersen wants. The key to that on Saturday is going to be getting good yardage on first down. Washington, more than any team I’ve watched, suffers when it’s forced into obvious passing situations. As long as it can stay more balanced, I think the UW offense can have another good game.last_img read more