​PBU blacklists 144 fossil fuel firms in new climate policy

first_imgJuhl Pedersen told IPE the fund had previously excluded US oil giant Chevron on the same grounds.“The new climate-related exclusions are the result of more vigorous and systematic analysis using activity thresholds on thermal coal extraction, thermal coal power production and oil sands in addition to singling out the ‘worst of the worst’ fossil fuel companies in relation to addressing the challenges of climate change,” he said.He declined to name the latest fossil fuel companies PBU had divested or disclose the value of these divestments.Sune Schackenfeldt, PBU’s chief executive officer, said: “As an investor, we are actively working for an ongoing global transition to an economy that is less dependent on fossil fuels and where renewable energy and green technology are in focus.”The pension fund said these latest exclusions did not change its stance on active ownership, and that it could continue investing in fossil fuel firms, as long as they were contributing to the green transition.The DKK79bn (€10.6bn) pension fund said it currently had DKK5.4bn invested in “companies that provide solutions to the climate challenges,” and expected to have invested another DKK15bn in this area by 2030.PBU said its board had set a target of carbon neutrality for its portfolio by 2050.Looking for IPE’s latest magazine? Read the digital edition here. Denmark’s Pædagogernes Pension (PBU) announced it has added 144 fossil fuel companies to the list of stocks it will not invest in as part of a new tougher climate policy, with the mass blacklisting having resulted in 12 divestments.The pension fund for “pædagoger” – a Danish professional category mainly including early-childhood teachers – said its new approach meant it would shun fossil fuel businesses which did not a have a timely plan for reducing carbon emissions from their production operations.However, it would also increase active ownership, and remain invested in fossil fuel firms prepared to restructure their businesses accordingly, PBU said.Rasmus Juhl Pedersen, head of responsible investment at PBU, said: “If companies cannot convince us that they have a clear plan for their transition and back it up with action in the short, medium and long term, PBU will consider whether we should continue to be invested.”last_img read more

Persons caught dumping garbage will be charged

first_imgPersons caught dumping garbage behind the Guyana Bank of Trade and Industry (GBTI), Water Street, Georgetown, location— which is home to the John Fernandes Container Wharf— will be prosecuted, Solid Waste Director Walter Narine has said.The disclosure came on Wednesday following a clean-up campaign at the location which had a pile of garbage.The area before it was cleanedThe cleared area following the clean-up exerciseThe exercise, which lasted two hours, saw excavators from the Solid Waste Department, along with a bobcat provided by John Fernandes, being used to remove the garbage which was reportedly dumped by vendors and vagrants.According to Narine, the department is seeking to regulate the area beginning with the clean-up. However, the area is now expected to be monitored by constabulary officers and anyone caught dumping waste will be arrested and prosecuted.“We will monitor the area with constabulary and anyone caught doing that again there, we will prosecute them because I am totally fed up of it,” Narine told Guyana Times.The garbage at the John Fernandes Container Wharf had piled up over a one-week period, despite receptacles being placed at the location.Narine told this publication that person are not using the receptacles but are clearly just dumping the garbage.He is appealing to the vendors to properly dispose of their waste and forewarned that action will be taken.“We are appealing to everybody to have at least a receptacle, vendors they are the major problem because many of them do not have receptacles, they have plastic bags and so but in the interim this is our challenge. This is madness, garbage decomposes within a four-hour period, then you have the leaches, it has a lot of dangerous effects on humans and animals,” Narine cautioned.last_img read more