Finance

Wed, 2014-03-05 18:00Farron Cousins
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Harvard President Says Fossil Fuel Divestment Unnecessary, "Hypocritical"

A degree from Harvard University was once seen as the pinnacle of achievement in higher education.  Parents would boast proudly that their child was attending one of the most prestigious universities in America, and a diploma from Harvard could almost guarantee you a job in whichever field you chose.

But today, Harvard’s image is being tarnished by fossil fuels.  The university still maintains considerable holdings in fossil fuels in their endowment funds, and according to University President Drew Faust, that isn’t going to change in the near future.

Faust has long been an opponent of fossil fuel divestment, and refuses to take part in the larger movement of universities and other institutions who are pulling their endowment funds out of dirty energy financial holdings.  Harvard currently has an endowment worth over $30 billion, the largest of any other institution in the United States. 

ClimateProgress has been following Faust’s anti-divestment campaign for some time, and has completely debunked all of Faust’s talking points on the issue of divestment.  In 2013, Faust released a letter explaining her reasoning for refusing to divest, which includes: fossil fuel companies won’t notice; divestment would hurt Harvard’s bottom line; the endowment is not a tool for social change; and that divestment is hypocritical.

As ClimateProgress pointed out at the time, all of Faust’s reasoning rests on faulty logic.  First of all, divesting from fossil fuels would send a big message to the dirty energy industry and would easily inspire others to do the same.  Second, as fossil fuel reserves are depleted, the companies' stocks will plummet, which will have a significant impact on Harvard’s bottom line.  And third, on hypocrisy, it is not hypocritical to remove your financial holdings from an industry that is making money at the expense of human and environmental health.

But Faust clearly cannot be swayed by logic, and this week her ignorance was put on full display when a young activist named Alli Welton from Divest Harvard put Faust on the spot and asked her why her university refuses to divest from the dirty energy industry.  ClimateProgress provides the video:

Tue, 2013-12-10 14:48Kevin Grandia
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Survey Lists the Best and Worst Financial Funds When it Comes to Climate Change Risk

Is your pension fund or insurance company a leader or laggard when it comes to avoiding risky bets on the future impacts of climate change?

A new survey released today finds that many major institutional investors, like retirement funds and insurance companies, are putting their investments (read: your money) at risk by not addressing the negative financial impacts posed by climate change and atmospheric disruption.

The survey, called the Global Climate Investment Risk, is based on data acquired from 460 funds who were invited to provide data, either from members of those funds or using publicly available information. Each fund is rated from AAA to X based on investment mix and recognition of the financial risks that climate change will have now and into the future.

Conducted by the Asset Owners Disclosure Project (AODP), the survey concludes that, of the 460 funds, only 5 received a AAA rating, while 173 funds are rated “X.”

Wed, 2012-11-07 10:53Farron Cousins
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The Real Winner Of US Election – Dirty Energy Money

As Democrats crawl out from their election night hangovers, still riding the high of President Barack Obama’s re-election victory, it appears that a reality check is due.  Obama might have won the election, but the battle was won by the dirty energy industry.

Sure, the industry went all-in on Republican nominee Mitt Romney, showering him with almost $5 million, compared to a paltry $705,000 to Obama in 2012.  But the industry knew better than to put all of their eggs in one basket, and they received a massive return on their investment in the down ballot races, particularly those for the U.S. House of Representatives.

According to OpenSecrets.org, the top 20 House candidates who received money from the dirty energy industry were all members of the Republican Party.  Together, these 20 Republican candidates received more than $3.6 million from the industry.

Here are the top recipients of dirty energy largesse (all money sources via OpenSecrets, election results via Huffington Post), along with the results of their respective elections:

Wed, 2012-09-19 12:01Farron Cousins
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National Parks At Risk Of Exploitation From Oil And Gas Drilling

The U.S. National Park System currently encompasses more than 84 million acres of land in the United States, and if oil-funded politicians in Washington, D.C. get their way, those millions of protected acres could soon become the playground for the dirty energy industry.

According to a new report by the Center for American Progress (CAP), oil and gas drilling is already taking place in at least 12 areas designated as “national parks” by the U.S. Department of Interior, with as many as 30 more being considered for drilling.

CAP’s chart below shows us where drilling is occurring, or could likely occur in the near future:

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Mon, 2012-08-13 10:04Farron Cousins
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What To Expect When You’re Electing: Representative Paul Ryan

With the selection of Wisconsin Republican Representative Paul Ryan has his running mate, Mitt Romney has effectively pushed his campaign into the climate change denying fringe. While Romney hasn’t been considered a friend of the environment since he began running for national office, his tendency towards flip-flopping made some of his more extreme, anti-environment positions rather toothless. But Paul Ryan is someone that isn’t just all talk, and what he’s saying will be a disaster for our environment.

While Ryan isn’t necessarily a complete climate science denier, he is certainly classified as a “skeptic,” and oftentimes has used anecdotal evidence to say that we’re making too much of a fuss over something that may or may not be happening.

Let’s start by following the money on Rep. Paul Ryan. Since 1989, he has received $65,500 from Koch Industries, making them his sixth largest campaign donor. In total, he has pulled in a little over $244,000 from the oil and gas industries.

Those finances are clearly represented in his voting history in Congress. Here are a few of Ryan’s most anti-environment, pro-industry votes since being elected:

2000 – Voted against implementing Kyoto Protocol
2001 – Voted against raising fuel economy standards
2001 – Voted against barring oil drilling in ANWR
2003 – Voted to speed up “forest thinning” projects
2005 – Voted to deauthorize “critical habitats” for endangered species
2005 – Voted to speed up oil refinery permitting
2008 – Voted against environmental education grants
2008 – Voted against tax incentives for renewable energy
2008 – Voted against tax incentives for energy conservation
2009 – Voted against enforcing CO2 limits for air pollution
2011 – Voted NO on allowing EPA to regulate greenhouse gas emissions
2011 – Voted YES to opening up the Outer Continental Shelf for oil drilling
2011 – Voted to eliminate climate advisors for the president
2011 – Voted in favor of allowing Keystone XL Pipeline

Fri, 2012-08-10 10:27Farron Cousins
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Republican Ohio Governor Kasich's Trillion Dollar Shale Gas Lie

About the only positive thing you can say about industry-funded astroturf groups is that they at least base their misinformation campaigns on phony “studies” and “reports.” Their lies are based on SOMETHING.

The same cannot be said of Republican Ohio Governor John Kasich, who has come up with a whopper based on absolutely nothing. Kasich recently told the press that his state of Ohio is sitting on top of $1 trillion worth of natural gas that’s just ripe for fracking.

Obviously, this would be quite an economic boom for not just Ohio, but the entire United States. The only problem is that, again, Kasich isn’t basing his estimate on any studies, reports, documents, surveys, or anything even remotely credible. It appears that Kasich is telling reporters that this trillion dollar bonanza number is what he overheard from members of the natural gas industry.

Tue, 2011-12-27 11:08Farron Cousins
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The Year In Dirty Energy: The Koch Brothers

Over the last 12 months, DeSmogBlog contributors have helped spread the word about some of the most dastardly deeds of Charles and David Koch. Here are some of the biggest stories we covered this year on the issue of corruption and dirty energy money.

It is impossible to talk about dirty energy money and corruption without mentioning the Koch brothers. Before 2011, two of the wealthiest men in America were able to operate in almost complete secrecy while they spread misinformation about climate change and attempted to dismantle environmental protections:

The money in politics database Open Secrets, run by the Center for Responsive Politics, has a lengthy list of specific legislation that Koch Industries has lobbied for and against. On the “against” list, you’ll find legislation such as the American Clean Energy and Security Act of 2009 – a bill that would have put Americans to work building a green energy infrastructure; the Clean Energy Jobs and American Power Act – again, a bill that would have created green energy jobs and infrastructure; and the Clean Air Protection Act – a bill that would limit the amount of acceptable emissions into our atmosphere.

The Koch brothers, through their PACs and other organizations, have funded numerous efforts to defeat legislation aimed at reducing pollution or protecting the environment. After all, their companies don't pay the real cost for the pollution they release.

And then there was their misinformation bus tour:

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