$10 Billion coal dump as world's biggest sovereign fund turns green invest in gold nz

$10 Billion coal dump as world’s biggest sovereign fund turns green invest in gold nz

But it could be a way off before the australia’s future fund follows the lead set by norway. In a recent interview with executive david neal he said issues like carbon abatement go into the fabric of the fund’s decision-making as a driver for the longer term.

Even the size of norway’s fund alone won’t be enough to move the dial on production of dirty fossil fuel. But if the environmental-based sentiment gains momentum and others ultimately follow the lead then the economics of mining coal can change.

Svein flaatten, of the governing norwegian conservative party, said coal investments were both a global warming risk and financial risk. A global deal to cut carbon emissions at a crunch united nations summit in december could leave some fossil fuel reserves unburnable and worthless.Invest in gold nz

Last week french financial services giant axa announced its commitment to sell to $560 million of coal-related investments. This was a very telling economic-inspired statement. And it’s not about ethics. It came from an insurance company which feels the negative effects of climate change from weather related events.

The company said it would remove from its portfolio and refrain from future investment in mining companies that derive more than half of their turnover from coalmining, and in electrical utilities that take more than half of their energy from thermal coal power plants.

The guardian’s keep it in the ground campaign is calling on the world’s two largest medical charities – the gates foundation and the wellcome trust – to divest their endowments from fossil fuels.Invest in gold nz the guardian media group pledged to divest its own $1 billion fund from all fossil fuels in april.

Where australian climate warriors have been busy in recent months protesting outside the headquarters of major banks in an attempt to dissuade them from financing coal projects in queensland’s galilee basin (whose transport offshore threatens the great barrier reef), the reality is that over the other side of the world the norwegians have made far bigger strides in guilting equity funds into being accountable for environmental consequences.

But it could be a way off before the australia’s future fund follows the lead set by norway. In a recent interview with executive david neal he said issues like carbon abatement go into the fabric of the fund’s decision-making as a driver for the longer term.Invest in gold nz

Even the size of norway’s fund alone won’t be enough to move the dial on production of dirty fossil fuel. But if the environmental-based sentiment gains momentum and others ultimately follow the lead then the economics of mining coal can change.

Svein flaatten, of the governing norwegian conservative party, said coal investments were both a global warming risk and financial risk. A global deal to cut carbon emissions at a crunch united nations summit in december could leave some fossil fuel reserves unburnable and worthless.

Last week french financial services giant axa announced its commitment to sell to $560 million of coal-related investments. This was a very telling economic-inspired statement. And it’s not about ethics. It came from an insurance company which feels the negative effects of climate change from weather related events.Invest in gold nz

The company said it would remove from its portfolio and refrain from future investment in mining companies that derive more than half of their turnover from coalmining, and in electrical utilities that take more than half of their energy from thermal coal power plants.

The guardian’s keep it in the ground campaign is calling on the world’s two largest medical charities – the gates foundation and the wellcome trust – to divest their endowments from fossil fuels. The guardian media group pledged to divest its own $1 billion fund from all fossil fuels in april.

Where australian climate warriors have been busy in recent months protesting outside the headquarters of major banks in an attempt to dissuade them from financing coal projects in queensland’s galilee basin (whose transport offshore threatens the great barrier reef), the reality is that over the other side of the world the norwegians have made far bigger strides in guilting equity funds into being accountable for environmental consequences.Invest in gold nz