Divestment advocates should take heed: the California Public Employees’ Retirement System (Calpers), one of the earliest and biggest proponents of divestment, is reconsidering its stance in the wake of a tremendous budget shortfall generated by their social activism investing strategy.Read More
The kicker is that while California taxpayers are expected to make up for this financial malfeasance, “none of the system’s leaders put their own money into environmental investments.” So while they were destroying the retirement security of millions, they weren’t willing to accept lower returns themselves.Read More
The Oklahoma Attorney General's letter to California Insurance Commissioner Dave Jones didn't pull any punches, stating "Your call for divestment and attempt to publicly shame those who invest in American energy appears to be driven by politics unrelated to insurance regulation, animus towards the fossil fuel industry and those that depend on it, and a desire to discriminate against those who transact in commerce that mostly takes place outside your state."Read More
Activists are seeking to rekindle interest in their flawed and extremist “Keep It in the Ground” ideology through a Global Divestment Mobilization running May 5-13.
Unfortunately for them, there is a multitude of reasons to reject divestment efforts.Read More
Apparently, the prospect of abdicating their civic duty and costing the city millions of dollars a year was more attractive than dealing with increasingly aggressive divestment activists.Read More
When environmental activists persuaded the City of Seattle to divest their multi-billion-dollar portfolio from Wells Fargo in retribution for funding the Dakota Access pipeline, they didn’t celebrate the victorious conclusion to their campaign. They celebrated the beginning of a new front in the financial assault against the oil and natural gas industries.Read More
Last week, Arabella Advisors released a new report, claiming worldwide divestment from fossil fuels had doubled to $5 trillion. Even setting aside the number (which has been thoroughly debunked), or the sticky question of how modern economies and lifestyles would function without carbon-based fuels (given that electricity, transport, and literally millions of consumer goods depend upon fossil fuels and their derivatives), there’s the issue of whether institutional fund managers are abrogating their fiduciary duty by falling prey to activist rhetoric.Read More