Oil and gas industry ‘investing in its own destruction’, risks losing access to finance

first_img Grantham Institute policy director Bob Ward pulled no punches telling IP Week delegates of the urgency of the climate challenge (Credit: Twitter/Energy Institute) The oil and gas industry is “investing in its own destruction” if it continues to direct the vast majority of capital expenditure into new fossil fuel projects, a senior academic researcher has warned.Bob Ward, a policy director at the London School of Economics’ Grantham Institute on Climate Change and the Environment, was addressing industry delegates at the IP Week conference in London yesterday, and pulled no punches in demanding greater “urgency” to reduce global emissions.Also speaking was Edward Mason from the Church Commissioners of England investment fund, who emphasised the “unprecedented” levels of investor mobilisation in support of climate change goals, warning that energy companies need to “get on board” or risk losing critical financing support. Grantham Institute policy director Bob Ward told oil and gas delegates at London IP Week that investing heavily in fossil fuels is not a ‘sensible’ strategy Investors will turn their backs on firms that fail to address climate changeFrom a financing perspective, the Church Commissioners of England head of responsible investment raised the spectre of the divestment movement, which has in recent months gathered pace as key lending institutions such as BlackRock commit to ending support for fossil fuels.The fund is the third-largest charitable endowment in the UK, controlling £8.2bn ($10.6bn) in assets, and has recently set its focus on engagement with the Climate Action 100+ scheme, which, thanks to BlackRock’s recent involvement, oversees investment of more than $40tn.Mason said: “Investor expectations across this initiative are coalescing around net-zero 2050 – and it’s wonderful to see oil and gas companies starting to embrace that, with Repsol in December and BP just this month.“We want to see change. We do not want to divest from companies in this industry. We will strain every sinew to help you become part of the solution for climate change.“But that means getting on board with net-zero emissions and embracing the transition with the urgency that it requires.“We will ultimately divest from any company that’s not on board with this because it’s ethically and financially unacceptable to us because the rest of our portfolio will be damaged by the impact that two degrees [global warming] would bring.” Oil and gas industry has the opportunity to ‘own’ the energy transitionThe Grantham Institute researcher told industry delegates they have an opportunity to “own the transition” to a net-zero world, and that their social licence to operate depends on it.“The vast majority of the world’s greenhouse gas emissions are due to energy consumption, and more than 80% of energy is generated from fossil fuels – so this is your job,” he said.“You’ve got to be part of the transition, it can’t be something that happens to you – you’ve got to be actively leading the transition to net-zero emissions.“You can’t expect the environmental movement ever to love you – but this is really about your social licence as far as everybody else is concerned.“The oil and gas industry has a track record of dragging its feet on this issue. There are those within the industry who have in the past, and continue to promote climate change denial – and every time they do so it damages the reputation of the whole industry.“I know many graduates are thinking about whether this is the kind of industry they want to work in. So if you want to continue to have a stream of good talent coming through you’re going to have to show that you are serious and that you own this transition.”One of the ways it can do this, Ward said – and avoid passing “critical thresholds” of global warming beyond which the environmental consequences would be “severe” – is to advance to development of carbon capture and storage (CCS) technology.He added: “You have the knowledge to make storage happen. We’re going to need it. We cannot wait for the government before you make those investments, you have got to work harder to promote this as an essential technology.” High levels of oil and gas investing not ‘a sensible way forward’Responding to International Energy Agency (IEA) data showing oil and gas firms have been spending as much as 99% of their capital budgets on “core” fossil fuel assets, Ward warned they were going against the “direction of travel” of policy as governments around the world set net-zero emissions targets.He said: “At the moment the oil and gas sector is investing less than 1% of its capital spending in alternatives to fossil fuels.“That looks to me like sector that’s investing in its own obsolescence and destruction. There’s nothing in the projections that would lead you to believe that investing 99% of your capital in continued oil and gas production is a sensible way forward.“You are going to have to come up with a vision for yourselves that means you can survive in a net-zero world – and you’re going to have to invest accordingly.”last_img read more

France ready to host UK marines if amphibious ships are axed

first_img View post tag: Royal Navy View post tag: HMS Albion December 4, 2017 View post tag: French Navy Back to overview,Home naval-today France ready to host Royal Marines if UK amphibious assault ships are axed The French Navy is considering allowing UK’s Royal Marines greater access to its amphibious ships should the Royal Navy’s HMS Bulwark and HMS Albion amphibious assault ships be axed as part of defense cuts.This was revealed by senior French officials, according to a report in Financial Times, who said that the French Navy was ready to allow the Royal Marines to embark one of its Mistral-class amphibious assault ships.The report comes at a time of widespread fears of possible cuts to the Royal Navy’s amphibious assault fleet ahead of a new UK defense and security review.According to the FT report, the cooperation could be organized within the 2010 Lancaster House treaty signed between France and the UK with the aim of developing an improved cooperation between British and French Armed Forces including a joint use of equipment and materials.While any official comments on the possible improved cooperation between the two countries are yet to be made, this would not be the first time for France and the UK to cooperate aboard Mistral-class LHDs. Earlier this year, BPC Mistral embarked two Royal Navy Mk3 Merlin helicopters from the UK’s Commando Helicopter Force for a five-month deployment to the Indian Ocean.In addition to UK troops, French amphibious ships are a platform for cooperation with other allies. Another Mistral-class ship, BPC Tonnerre, today embarked US marines from Naval Amphibious Force, Task Force 51, 5th Marine Expeditionary Brigade (TF 51/5) and the 15th Marine Expeditionary Unit for a deployment to the US 5th Fleet area of operations. Authorities Share this article France ready to host Royal Marines if UK amphibious assault ships are axed View post tag: Mistral-class View post tag: HMS Bulwarklast_img read more

They’ll be “Singin’ In The Rain” at Ocean City Music Pier on Aug. 24-25

first_imgThe Ocean City Theatre Company’s Junior Company will present Singin’ In The Rain Jr. on Aug. 24th and 25th at the Ocean City Music Pier. Show times are 7:30 p.m. This fully staged production will feature a cast of select fifth to eighth grade students from across the Delaware Valley.The “Greatest Movie Musical of All Time” is faithfully and lovingly adapted by Broadway legends Betty Comden and Adolph Green, from their original award-winning screenplay in Singin’ In The Rain Jr. Hilarious situations, snappy dialogue and a hit-parade score of Hollywood standards make the musical a guaranteed good time for all.Singin’ In The Rain Jr. has all the makings of a Tinseltown tabloid headline – the starlet, the leading man and a love affair that could change lives and make or break careers. In silent movies, Don Lockwood and Lina Lamont are a hot item, but behind the scenes, things aren’t always as they appear on the big screen. Meanwhile, Lina’s squeaky voice might be the end of her career in “talking pictures” without the help of a talented young actress to do the talking and singing for her. Tickets for Singin’ In The Rain Jr. range from $12-$15. To purchase tickets, call 609-399-6111 or visit www.oceancityvacation.com/boxoffice.The Ocean City Theatre Company’s Junior Company is an innovative and fresh approach to arts education. The program auditions students from sixth to 12th grade, from Ocean City and its surrounding areas, and allows them to work with a professional production staff to create hands-on performing opportunities. Participants take part in classes, rehearse and perform a full-scale musical with professional designers and directors. “Singin’ In The Rain Jr.” features students in the Middle Junior Company. To learn more about the Greater Ocean City Theatre Company and other upcoming professional and educational programming visit www.oceancitytheatrecompany.com.Singin’ In The Rain Jr. is presented through special arrangement with Music Theatre International (MTI). Members of the Ocean City Theatre Company’s Junior Company will perform two shows of the musical Singin’ In The Rain Jr.last_img read more

Odds & Ends: Bombshell’s Smash-ing Kickstarter Total & More

first_img Star Files Here’s a quick roundup of stories you may have missed today.Bombshell’s Smash-ing Kickstarter TotalLess than 24 hours after the announcement of a Kickstarter campaign to fund the one-night-only Actors Fund benefit concert of Bombshell on Broadway on June 8, more than $200,000 has been raised, four times the figure asked for. Although Craig Zadan, who executive produced the first season of Smash has said that “there’s been no plan to create a show out of this,” with these huge numbers, there’s definitely a demand for the drama, the laughter, the tears just like pearls to have a longer run on the Great White Way!Alan Cumming to Emcee Homeland LovefestAlan Cumming will host (something he’s Tony-winningly good at) the upcoming Performance Space 122 Spring Gala, which will honor Claire Danes. The
 April 20 event is set to include appearances and remarks by Tony winner and Danes’ Homeland co-star Mandy Patinkin. And how’s this for adorable? Danes made her performance debut in 1985 with PS122 at the age of six! Aw.Expand Your Theatrical ConversationAlthough many of the spring theatrical affairs are benefits so can be on the pricey side, there are some free events. Broadway alums Bill Army, Stephanie Janssen, Jennifer Van Dyck and more will take part in the Potomac Theatre Project’s inaugural Living Room reading series on March 22 and March 23 in New York—you won’t need to pay, but you will need to reserve.Glee’s Lea Michele & Darren Criss’ TearsLea Michele, Darren Criss, Chris Colfer, Jenna Ushkowitz and Chord Overstreet recently stopped by The Ellen Show to talk about their final days on set of the last season of Glee. There were lots of tears, which soon-to-be Hedwig Criss admits were “cathartic;” they also talk about honoring Cory Monteith’s memory. Check out the interview below. View Commentscenter_img Darren Crisslast_img read more

Australia’s FIRB clears Iberdrola’s takeover bid for Infigen Energy

first_img FacebookTwitterLinkedInEmailPrint分享Renewables Now:The Aussie unit of Iberdrola SA has secured approval from the Foreign Investment Review Board (FIRB) to proceed with its proposed acquisition of renewables company Infigen Energy and its installed wind assets totaling 670 MW.The Spanish renewable energy giant announced the milestone on Tuesday.Iberdrola is offering AUD 0.89 (USD 0.62/EUR 0.55) per share for the Aussie wind developer in what has turned into a fierce battle with UAC Energy Holdings Pty Ltd (UAC). The latter, owned by Philippine conglomerate Ayala Corporation’s AC Energy and Hong Kong-based UPC Renewables Group, at the start of June bought a 12.82% stake in Infigen and made an offer of AUD 0.80 per share for the rest of the stock.Later in June, the group raised its bid to AUD 0.86 per share, thus matching the initial one made by Iberdrola and freed the offer from all conditions apart from the FIRB review. Iberdrola responded by making a counter proposal of AUD 0.89 per share, representing a 3.5% premium to the UAC offer.Infigen’s board has advised investors to reject the UAC bid and take no action in respect of the offer but to support the proposal of Iberdrola. The minimum acceptance condition that calls for Iberdrola to acquire more than 50% of Infigen’s stapled securities has to be met before Iberdrola’s bid expires on July 30.Infigen owns about 670 MW of installed onshore wind capacity along with 268 MW of conventional generation and energy storage firming assets plus 246 MW of additional renewable power purchase agreements (PPAs) with third parties. Also, the company has a 1-GW-plus portfolio of wind and solar projects in different stages of development.[Veselina Petrova]More: Iberdrola gets FIRB clearance for takeover of Aussie Infigen Australia’s FIRB clears Iberdrola’s takeover bid for Infigen Energylast_img read more

Liability insurance plan debated Board withholds endorsement

first_img April 15, 2001 Gary Blankenship Senior Editor Regular News Liability insurance plan debated Board withholds endorsement Liability insurance plan debated Board withholds endorsement Senior Editor A proposal to endorse a new liability insurance provider has been rejected by the Board of Governors after they were told it could eventually harm the statewide market. The Member Benefits Committee recommended to the board at its recent meeting in Melbourne that it endorse a malpractice insurance program marketed by Seabury & Smith and underwritten by Chicago Insurance Co. But by an overwhelming vote, the board appeared to agree with former Bar President Ray Ferrero that such an action would undermine rate stability brought by Florida Lawyers Mutual Insurance Co., which was founded by the Bar more than a decade ago. Even though it has not been formally endorsed by the Bar, Ferrero said it is listed as a member benefit and was created by the Bar. Bruce Glassman, of the Member Benefits Committee, said a subcommittee that he chaired reviewed proposals from several companies before settling on one offered by Seabury & Smith and Chicago Insurance Co. The criteria used, he said, was to find a solid, highly-rated company offering the best combination of rates, coverages and incentives. “We’re here to present what is perceived as a major, major benefit to members of the Bar,” Glassman said. Incentives include coverage for part-time lawyers, up to $10,000 paid for loss of income caused by a liability case that goes to court, provision of low-cost CLE for Bar members, and a continued coverage for lawyers who retire, become disabled or die. In addition, the Bar would be paid a two percent fee that would yield $100,000 if the company, as expected, writes $5 million of insurance by its third year, Glassman said. He also noted that Seabury & Smith and Chicago Insurance have set up similar programs in five other states, including California, and they have not pulled out of any of those states. But Ferrero, who spearheaded the creation of FLMIC when he was president in 1988-89 and still chairs the FLMIC board, said the Bar endorsing a different carrier could eventually lead to destabilization of the lawyer liability insurance market and higher rates. He recalled that in the early to mid-1980s several insurance companies first offered cut rate premiums to attract business and then rapidly raised rates, with several carriers leaving the state. At one point, there were three rate increases in one year, including one where rates doubled and another where rates rose 40 percent, Ferrero said. FLMIC has brought stability to the market and helped hold down rates, even for lawyers to buy policies from other companies, he said. And the company is controlled and run by Florida lawyers, Ferrero said, adding that accepting the committee’s recommendation would give more control of the Florida legal insurance market to out-of-state corporations. It would be also unfair to lawyers who have invested in or purchased policies from FLMIC, he said. “I’m here to tell you and our board is here to tell you the endorsement will be misleading and confusing to the lawyers of this state and will be detrimental to the lawyers who invested in FLMIC,” Ferrero said. “The lasting legacy of this generation of lawyers to future generations is the formation of a liability company by lawyers for lawyers.” Board member Arthur Rice asked Ferrero why FLMIC couldn’t offer policies at rates competitive to Seabury & Smith and Chicago Insurance. Ferrero, who noted that FLMIC has many incentives similar to the new proposal, said rate wars won’t necessarily help the long-term market. “We’re not going to chase rates, we’re concerned with actuarial soundness,” he said. “That’s what happened in the 1980s, there was a spiral down [of rates] and a quicker spiral up.” Noting that accepting the Member Benefits Committee’s recommendation would mean the first Bar endorsement of a liability carrier, board member David Bianchi said, “I think it would be a horrible mistake for us to do this. I was on the board [as YLD president and president-elect] when this was done [FLMIC created].. . . I think everyone needs to remember we cannot judge what we need to do based on a snapshot in time. We would be biting the hand that feeds us to endorse a commercial carrier when we’ve got a Bar-created company.” Board member Henry Latimer agreed. “The Bar has never officially endorsed a malpractice carrier and I would urge that it not do so,” he said. The board rejected the committee’s recommendation overwhelmingly by a voice vote.last_img read more

Man Who Faked Drowning Gets 7 Years in Prison

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Raymond RothA man was sentenced Thursday to 2 1/2 to 7 years in prison for faking his own drowning death in order to collect the insurance money and later impersonating a police officer.Raymond Roth had pleaded guilty at Nassau County court last year  to conspiracy in a deal with prosecutors that included a 90-day jail sentence, plus repaying $36,000 in restitution to authorities that wasted resources searching for him at Jones Beach in July 2012.Hours after that plea, the 48-year-old man pulled up his van beside a woman in Freeport, told her he was a cop and ordered her to get inside before following her into a store, authorities have said.Roth was later convicted of impersonating a police officer and other charges in that case. The sentence handed down this week covers both crimes.Roth’s son, Jonathan, was sentenced to a year in jail after he pleaded guilty to conspiracy for helping his father with the fake-drowning plot.last_img read more

Cops Seek 2 Males Responsible for 11 Armed Robberies in Suffolk

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Suffolk County Police Department’s Pattern Crimes Unit is looking for two suspects involved in a string of armed robberies that began in late December—and a $3,000 reward is being offered to anyone with information that leads to their arrest. At least 11 businesses—gas stations and donut shops—across Suffolk County have been hit since Dec. 22, police said. Investigators believe two males are responsible for the crimes. Each time, a black handgun is used to force clerks to hand over cash, police said. The latest incident occurred Thursday night in Sayville, police said. The most recent robberies involve a male, medium to tall height, dressed in a black jacket, black pants, black hoodie, and a black ski mask, police said. Investigators believe the male used an accomplice in previous robberies. That suspect is described as male, with a short build and dressed in a sweat suit, police said. Citing the ongoing investigation, police said they will not be releasing photos or video of the robberies at this time. The department is asking anyone with information about the suspects or the incidents to call Crime Stoppers at 1-800-220-TIPS. Crime Stoppers is offering a $3,000 reward for information that leads to the suspects’ arrest. Locations, dates, and times of robberies:Sayville 01/08/15 (9:49 p.m.)Farmingville 01/07/15 (9:00 p.m.)Bohemia 01/05/15 (9:55 p.m.)Holbrook 01/03/15 (10:20 p.m.)Hunt Station 01/02/15 (9:27 p.m.)Deer Park 01/01/15 (6:49 p.m.)Commack 12/29/14 (7:41 p.m.)Smithtown 12/29/14 (8:15 p.m.)St James 12/26/14 (6:18 p.m.)West Hills 12/25/14 (2:30 p.m.)Deer Park 12/22/14 (9:12 p.m.)last_img read more

Bank threats on FOM rules will galvanize credit unions: CUNA

first_imgCUNA Chief Advocacy Officer Ryan Donovan says a banker’s threat to sue reinforces the need for credit unions to have a strong united voice in support of a proposal by the National Credit Union Administration to modernize rules that control who can join which credit unions.“We anticipated the bankers would push back hard against this proposal, after all they did not even wait to see the proposal before indicating their opposition to it,” he says. “It reflects their strategy to oppose anything that might enhance access to credit unions, and it is as much anti-consumer and anti-small business as it is anti-credit union.”The National Credit Union Administration proposed a plan to update field-of-membership (FOM) rules on Nov. 19.In a Nov. 24 American Banker article titled, “Field-of-Membership Clash Takes Nasty Turn with Legal Threat,” Camden Fine, president/CEO of the Independent Community Bankers of America, said the NCUA’s proposal has left bankers “apoplectic.”He added that if the NCUA doesn’t “back off,” there is a “good chance” his group will litigate, the article reported. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

NCUA wants to give CUs greater compensation flexibility

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » NCUA headquarterscenter_img Responding to what it sees as a need to update “outdated and burdensome” regulations, the NCUA on Thursday issued an Advanced Notice of Proposed Rulemaking requesting information on how to update regulations related to how senior executives are compensated. Remember, this is an Advanced Notice of Proposed Rulemaking, meaning it is just the informational stage during which NCUA will gather information which it will use to come out with proposed amendments. It is the latest in a series of proposed amendments the agency has made to update its regulations and provide greater clarity.The NCUA’s focus is 12 CFR 701.21(c)(8)(iii) which authorizes federal credit unions to pay an incentive or bonus to an employee “based on the credit union’s overall financial performance.” I have not dug in and done independent research yet on this provision. According to NCUA, the language has caused confusion for credit unions to provide appropriate incentives to their executives.This regulation applies not only to executives but employees as well. For those of you who provide mortgage loans and are looking for greater flexibility regarding sales incentives, keep in mind that whatever you propose also has to comply with the CFPB’s wonderfully nuanced and complicated loan originator compensation rule. The Association will be coming out with a survey on this ANPR and I am curious how much interest it generates.last_img read more

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