PKA steps up engagement with companies over exposure to coal

first_imgPKA is to step up its engagement with heavy users of coal and will divest companies – where coal is responsible for as little as 25% of their revenues – if plans to reduce reliance are not put in place.The DKK235bn (€31.5bn) Danish pension provider said the new policy was an escalation of an approach, announced last year, which saw it engage with companies drawing 50-90% of revenue from coal.In a complementary approach, PKA will also begin engaging with companies drawing more than half their revenue from tar sand projects.Peter Damgaard Jensen, chief executive at PFA, said the provider’s decision to divest 31 coal companies had already boosted returns, as the stocks in question declined 70% since divestment. He compared this with a 7% return from offshore wind holdings over the same period.“It clearly shows our climate strategy to increase green investment while phasing out coal investments has been right from both an economic and a climate point of view,” he said.The fund has invested in wind farms since 2011 and recently was joined by Kirkbi, parent company of LEGO Group, in acquiring a stake in a wind farm from Dong Energy.The decision to expand the engagement criteria below the 50% coal revenue threshold will see an additional 53 companies added to PKA’s list.Of the new additions, the majority are utilities providers, while eight are mining firms.PKA has already launched a dialogue with nine of the 23 companies identified in 2015 and said four had already put in place policies to reduce reliance on coal.One company has been placed on a watch list, while a further four have been divested.Damgaard Jensen said the success with four of the nine companies proved the value of active ownership, and the provider said it would now start engaging with the remaining companies it had identified.Peabody Energy bankruptcyThe pension provider’s announcement coincided with the world’s largest listed coal company, Peabody Energy, filing for chapter 11 bankruptcy in the US.A statement by the firm cited the “unprecedented industry downturn” as its reason for the filing, but investors seized on the bankruptcy to argue that carbon-intensive industries would no longer be viable if the increase in global temperatures were to be limited to 2° C.Adam Swersky, chair of the £670m (€915m) London Borough of Harrow Pension Fund, said the bankruptcy was a reminder that environmental, social and governance risks needed to be taken into account.“We have known for some time that some carbon-intensive assets are unlikely to be viable in a 2 degree climate change scenario,” he said.“Trustees must challenge fund managers to put this type of assessment at the heart of their investment strategies.”Luke Sussams, senior analyst at the Carbon Tracker Initiative, added that the bankruptcy was the most significant signal to date that the coal market was “nearing a structural decline”, while Julian Poulter of the Asset Owners Disclosure Project argued that investors for too long had ignored warnings over coal holdings.“Whilst commodity prices played a major role in Peabody’s demise, so too did the climate stigma,” he said.“There can be no excuse for investors now not to reshape their entire industry to account for the systemic risk posed by climate change.”However, Tom Sanzillo, director of finance at the US-based Institute for Energy Economics and Financial Analysis, said the bankruptcy was down to Peabody’s inability to adapt to energy markets where coal was being disrupted by newer energy sources.He argued that the coal industry was not “dead” but needed to focus on greater innovation through smaller markets and fewer mines.last_img read more

Norway’s SWF welcomes back UK’s Drax after coal business shrinks

first_imgThe activities of the Drax Group, which started its business in the late 1960s as the Drax Power Station built to use the coal of the newly-discovered Selby coalfield, now include the production of wood pellets to generate renewable electricity.The company says on its website it aims to become carbon negative by 2030, meaning it will be removing more carbon dioxide from the atmosphere than it produces.NBIM said the executive board of Norges Bank, the central bank, made the decision to overturn the exclusion based on a recommendation from NBIM, which is its subsidiary.Since 1 January 2015, exclusions from the country’s former petroleum fund are the decision of Norges Bank’s executive board, rather than the responsibility of the Ministry of Finance.Decisions are based on recommendations from the GPFG’s Council on Ethics, which is appointed by the Ministry of Finance. However for the product-based coal criterion, decisions are formed on NBIM’s recommendations, a spokeswoman for the manager said.“Our estimates now indicate that the company’s coal power capacity is less than 30% of the total power capacity by a good margin, and thus that the company bases less than 30% of its operations on coal,” NBIM said.At the end of 2014, the fund had $51m (€46m) invested in the shares of Drax Group, a holding that had been worth more than $100m the year before. Norway’s NOK10.5tn (€1bn) sovereign wealth fund is welcoming UK energy company Drax Group back onto its list of potential investments after banning it in 2016 because of its coal power activities.Norges Bank Investment Management (NBIM), which runs the Government Pension Fund Global (GPFG), said: “Since then, the company has undergone significant restructuring, with a transition from coal to biomass as fuel.”Drax Group was excluded in 2016 after an assessment of the product-based coal criterion in the fund’s investment mandate, NBIM said in a statement.At that time, the manager said, more than 30% of the UK company’s total power capacity had been estimated to come from coal.last_img read more

Italian press unveils Barça’s offer for Lautaro Martinez

first_imgItalian press reports a juicy offer from Barcelona for Lautaro Martinez. Seven million euros per season and a five-year contract to convince the Argentinian to leave Inter.Advertisement In spite of the fact that the economic crisis depends the difficulty of the transfer due to his buyout clause, located at 112 million euros, Barcelona are still pushing hard for his transfer to go through.On the other hand, Lautaro has reportedly already said yes to Barça, which is why the Catalans are doing everything in their power to close the transfer as early as possible.Read Also: Barcelona coach warned by UEFAAccording to ‘Tuttosport’, Barcelona have made a huge offer to the player so there is not place for him to decline. Apparently, it would be double economically speaking of what the Italian team offers him, besides a contract of five seasons with two optional ones.According to the source, the offer is set at seven million euros net per season and a five-year contract (until 2025) plus two optional ones (until 2027).FacebookTwitterWhatsAppEmail分享 Loading… Promoted ContentWhat Are The Most Delicious Foods Out There?A Guy Turns Gray Walls And Simple Bricks Into Works Of ArtThe Models Of Paintings Whom The Artists Were Madly In Love WithThe Funniest Prankster Grandma And Her GrandsonBirds Enjoy Living In A Gallery Space Created For Them8 Amazing Movies You Need To Watch On Amazon Prime6 Natural History Museums That Have World’s Greatest CollectionsBest & Worst Celebrity Endorsed Games Ever MadeCouples Who Celebrated Their Union In A Unique, Unforgettable Way8 Ways Drones Will Automate Our FutureFantastic-Looking (and Probably Delicious) Bread Art7 Ways To Understand Your Girlfriend Better Without a doubt, the possible arrival of Lautaro Martínez to Barcelona is destined to become one of the great transfer rumours of the summer. The Inter Milan player is not afraid to wear the blue and burgundy kit with pride.last_img read more

Dhoni’s Absence Creates A Big Hole: Stephen Fleming

first_imgChennai: Chennai Super Kings (CSK), who were playing without their regular skipper MS Dhoni, lost by 46 runs to Mumbai Indians (MI) at their home ground in their IPL fixture here on Friday night. Chasing 156 sans Dhoni, CSK were bundled out for a mere 109 runs in 18 overs. Dhoni had to sit out the game because of fever and his absence was felt acutely by CSK as none of their batters showed application to stay long at a slow Chepauk wicket.Speaking after the game, CSK head coach Stephen Fleming admitted that Dhoni’s absence in the middle was a void his team found too difficult to fill on Friday.“Dhoni is a great leader and a great player, so whenever you take him out of your side and he has been a constant for us for so many years, you just get into the rhythm of having him there. When you take a leader like that out, there are going to be some holes to fill and it’s not that we are not trying to fill it, just that the hole is quite big,” said Fleming at the post-match press conference.“It takes a mammoth effort to lift the team up when you have your best player unavailable. But we are good enough to do that,” he added.In the previous encounter also when Dhoni was not there in IPL 2019, CSK had suffered a thrashing against Sunrisers Hyderabad (SRH). Stand-in skipper Suresh Raina failed to inspire the team in the absence of Dhoni and their performance has been below par in the two matches the wicketkeeper-batsman could not play. IANSAlso Read: SPORTS NEWSlast_img read more

Update on the latest in sports:

first_imgAll tennis events sanctioned by the ATP, WTA and International Tennis Federation are on hold at least until late July because of the coronavirus pandemic. But World TeamTennis is not affiliated with those tours and no ATP or WTA ranking points are available for its matches.World TeamTennis is increasing its prize money to $5 million. That is $1.5 million more than for its 2019 season.VIRUS OUTBREAK-MCLARENF1 carmaker McLaren to cut 1,200 jobsUNDATED (AP) — Formula One carmaker McLaren says 1,200 jobs will be lost across its entire group’s operations because of the coronavirus outbreak. May 26, 2020 Sixty-one-year-old Robert Repella, of Ambler, Pennsylvania, is expected to plead guilty Tuesday to one count of conspiracy to commit mail fraud and honest services mail fraud. Prosecutors are recommending a sentence of 10 months in prison and a $40,000 fine.Charging documents released Tuesday say Repella paid Georgetown tennis coach Gordon Ernst $50,000 in 2017 to get his daughter admitted as an athlete.Repella is the 55th person to be charged in the nationwide college admissions bribery scandal.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Share This StoryFacebookTwitteremailPrintLinkedinRedditWORLD TEAMTENNIS-FANSWorld TeamTennis hoping to play before fans within weeksUNDATED (AP) — World TeamTennis says it is planning to allow up to 500 spectators at outdoor matches during its three-week season from July 12 to Aug. 2 at a resort in West Virginia. Update on the latest in sports: It was not immediately clear how the cuts would affect the group’s F1 operation. The sport has yet to start its 2020 season amid the pandemic.The cuts represent about a quarter of the group’s workforce.COLLEGE ADMISSIONS-BRIBERYProsecutors say guilty plea coming in college bribery caseUNDATED (AP) — Prosecutors say a Pennsylvania man has agreed to plead guilty to bribing Georgetown University’s former tennis coach to get his daughter admitted as a fake athletic recruit. Associated Press last_img read more

Ikoyi Club Tennis Championship Ends Today

first_img“The fact that the number of participants had increased in the last three years of Wichtech Ltd’s sponsorship shows that value had been added to the competition,” Nwankwo said.Games Captain, Tennis Section, Akeem Mustafa said in spite of the competitiveness expected at the tourney, fitness and bonding of members was the ultimate aim.“There are a number of other tournaments coming up to keep members fit, healthy and build a bond through tournaments and tennis tours to different parts of the world with other clubs of similar status and this year will not be different. The idea is to ensure that members play competitive tourneys, raise the standard of the game and competitiveness. But even within the competition, the fact that we are a recreation club is not lost.“There are various prizes for grabs. Aside giant trophies, winners would go home with vouchers to pick up things at mega plaza and Park & Shop.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The final of this year’s Wichtech Individual and team tennis championship which started on Monday with 64 participants will come to a close today at the Ikoyi Club tennis section.Sponsor of the competition, Mr. Chido Nwankwo, said he was satisfied with what he had seen so far and hope to continue sponsoring the competition.last_img read more

Five Guys to open this semester at West 27th Place

first_imgWest 27th Place Apartments on Figueroa Street and 27th Street plans to add five retailers on the Figueroa side of the ground floor.The first to open will be Five Guys Burgers and Fries, a Virginia-based burger restaurant.Bagel · Five Guys and Brooklyn Water Bagel Co. will move into the ground floor of West 27th Place. Three more retail locations in the building have not yet been rented. – Carlo Acenas | Daily TrojanTabitha Stevens, property manager of West 27th Place Apartments, said Five Guys should open by the end of the semester and Brooklyn Water Bagel Co. should open in fall 2012.Many students who live in the building said they are excited about the new options.Greg Gunter, a sophomore majoring in history, said he was excited Five Guys was coming to the area.“Five Guys is easily in my top 10 favorite restaurants,” Gunter said. “The burgers are pretty decent and the fries are amazing. It also happens to be pretty affordable.”Brooklyn Water Bagel Co., a small Brooklyn-based bagel company that uses water from Brooklyn, N.Y. as a key ingredient, will also join the complex. Brooklyn Water Bagel Co. will offer a variety of New York-style bagels, coffee and a convenient study environment.Katie Roughan, a sophomore majoring in psychology, said having a place to get coffee nearby will be convenient.“It’d be nice for students who have early classes to be able to walk downstairs and get a coffee,” Roughan said. “Coffee and bagel before class? I have nothing against that.”With three spots still open, many students hope healthier food options will occupy the spaces.Max McTee, a junior majoring in business administration, said he agreed healthier options would be a good addition.“I love Five Guys but students want healthy options nowadays,” McTee said.Stevens said the companies that will occupy the other three vacant retail spots  are ultimately up to the building owner.“Our office does not really have a say in it,” Stevens said. “Students have been asked their opinion but the building owners want to make sure that whoever comes in can pay the rent.”Stevens said Whole Foods Market considered occupying a space, but the space was too small to accommodate a supermarket.“There was talk of including a Whole Foods but the spacing is more suited to smaller restaurants,” Stevens said.Hours of operation for Five Guys and Brooklyn Water Bagel Co. have not yet been determined.last_img read more

Ghana beat China to progress to quarters

first_imgGhana make it to the quarter-final for the first time at the FIFA U-17 Women’s World Cup after defeating China PR 2-0 on Sunday.Jane Ayieyam scored a brace to hand the Black Maidens the win against the Steel Roses in the final Group D clash as Ghana finished second on six points behind Germany, who topped with seven points.The Black Maidens will face another Asian challenge, this time against Japan in the quarter finals on October 5.Ayieyam scored in either half of the game as she put the Black Maidens in front after 18 minutes.The attacker took down Fatima Alhassan’s deep cross superbly, however her first time effort hit the bar, but she was on hand to tap in the rebound to register the first goal.She got the second in the 88th minute when slotted calmly under Feifei after going on the break. The double takes her tally to four goals in the competition after scoring one apiece in the games against Germany and Uruguay.last_img read more

Greek federation angrily condemns slur of NBA draft pick

first_imgATHENS, Greece (AP) – Greece’s basketball federation condemned remarks by the leader of an extreme right Greek political party who likened a recent NBA draft pick to a “chimpanzee.”The federation on Thursday described the remarks aimed at Giannis Antetokounmpo as “unacceptable and racist.”Antetokounmpo, an 18-year-old Greek shooting guard and the son of Nigerian immigrants, was selected by the Milwaukee Bucks. He was received this week in Athens by conservative Prime Minister Antonis Samaras.Nikolaos Michaloliakos, the leader of the far-right Golden Dawn party, likened the 6-foot-9 player to a “chimpanzee” during a television interview Tuesday.Antetokounmpo was selected 15th in the 60-player NBA draft on June 27. He was seen celebrating the news at the Barclays Center in New York, crossing himself in the Orthodox Christian fashion, waving a Greek flag and hugging family members.Golden Dawn has seen a recent surge in support as Greece endures a sixth year of recession. The party has mounted an aggressive campaign against illegal immigration and the austerity measures imposed under the country’s bailout program.In elections last year, the party won 18 seats in the 300-member parliament, and is currently the third-strongest in opinion polls.Prime Minister Samaras has frequently described Golden Dawn as “neo-Nazis.” It is a label which the party rejects, though leading members of Golden Dawn have in the past openly expressed admiration for Adolf Hitler and denied the Holocaust occurred.Samaras said he felt “great emotion” at his meeting this week with Antetokounmpo and his parents.“I thank you for honoring our national colors,” he said. “I hope you drive them crazy with your slam dunks. … All of Greece is so excited for you.” Milwaukee Bucks first-round draft pick Giannis Antetokounmpo speaks at a news conference June 28, in Milwaukee. (AP Photo/Morry Gash)last_img read more

After 32 years, UP makes it back to the UAAP Finals on skipper Desiderio’s heroics

first_imgIt was a game that will live long in the memory for University of the Philippines. Brave and resilient when it mattered, the Fighting Maroons ended a 32-year wait for a shot at the biggest prize in college basketball in the country.ADVERTISEMENT After winning title, time for LA Tenorio to give back to Batangas folk Adamson briefly took the lead with a Jonathan Espeleta split, before Desiderio nailed a wide open trey with 41 seconds remaining for an 87-85 lead.After Lastimosa’s two free throws, the Maroons put the ball in Desiderio’s hands and UP’s leader, who missed 16 of his first 19 shots, cemented his status as a legend with the shot that iced the final count.Gomez de Liaño fired a career-high 30 points, while Desiderio finished with 16 points and 11 rebounds. Hobbling in the second half, Akhuetie tallied 13 points and grabbed 17 rebounds.“This team will fight no matter what,” said Perasol. “The first overtime, a lot of us wanted to give up.“I told them this was a bridge we needed to cross in order to be considered a successful program,” said Perasol. “This was the bridge to greatness that we needed to cross.”The Maroons will have little time to prepare as they face the Eagles in Game 1 on Saturday at Mall of Asia Arena. This early, Perasol said he is embracing the underdog tag for his team.Sports Related Videospowered by AdSparcRead Next MOST READ No.13 lucky for Orlando Bloom Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award View comments Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew ‘Mia’: Rom-com with a cause a career-boosting showcase for Coleen Garcia Ginebra beats Meralco again to capture PBA Governors’ Cup title LATEST STORIES Don’t miss out on the latest news and information. In front of a mammoth crowd of almost 21,000, the Fighting Maroons outlasted the Adamson Falcons, 89-87, in overtime on Wednesday night to earn the right to face defending champion Ateneo in UAAP Season 81 finals at Smart Araneta Coliseum.All those winless seasons and heartbreaking defeats in recent years made the night even more meaningful for the UP faithful as Paul Desiderio, who made the game’s last five points, stood in front of the maroon gallery with his hands up in victory. At the far end of the court, coach Bo Perasol and his players fought back tears.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back Chriss“The burden is not winning the game, it’s all about making an impact on a community that is hungry for winning,” said Perasol. “For 30 years, we have been the butt of jokes. A lot of our alumni in UP are successful in politics, business and judiciary, but the basketball team didn’t have the bragging rights. We needed a moment that could unite them in a way.”For a change, it was tears of joy for the Maroons, who rode Juan Gomez de Liaño’s early explosion, before turning to Desiderio for the biggest shots down the stretch. Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Gamers’ time to rise: Esports now a regular event in SEAG Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Desiderio nailed the jumper from nine feet out over Sean Manganti with six seconds remaining as the Maroons completed their stunning reversal over the Falcons, who entered the Final Four with a twice-to-beat edge. That advantage was erased last Saturday when Bright Akhuetie hit the game-winner in a 73-71 victory.“I’m very, very happy especially since I am graduating already,” Desiderio said in Filipino. “Whatever chance we have in the Finals, we’re going to grab it.”Both teams traded big shots in regulation with Adamson guard Jerom Lastimosa sending the game into overtime by banking in a three-pointer with 2.6 seconds remaining.The Falcons took an 84-78 lead but Diego Dario knocked in a jumper out of the timeout, Juan Gomez de Liaño scored on an acrobatic layup and Bright Akhuetie tied the game at 84.But Diego Dario knocked in a jumper out of the timeout, Juan Gomez de Liano scored on an acrobatic layup and Bright Akhuetie tipped in a De Liano miss to tie the game at 84.ADVERTISEMENT Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Nadine Lustre’s phone stolen in Brazillast_img read more