[MCN] Union pension funds at risk from their investment in fossil fuels

[Lance Olsen]

Pension funds pressed to protect portfolios from climate change <https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f>
Financial Times	 - ‎9 hours ago‎	 
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Only one in 20 pension schemes in Europe has taken steps to combat the risks of climate change, in spite of mounting warnings that global warming poses a serious threat to their investment returns.

Full article
https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f <https://www.ft.com/content/8fdb4768-581c-11e7-9fed-c19e2700005f>

Excerpt:
“It is ironic that the pace of response to this enormous issue is best described as glacial. The findings highlight the urgent need for the pensions industry to do more,” said Phil Edwards, Mercer’s global director of strategic research.
Mark Carney, the governor of the Bank of England, issued a blunt warning in 2015 that investors faced “potentially huge” losses as action on climate change could make vast reserves of oil, coal and gas “literally unburnable <https://www.ft.com/content/622de3da-66e6-11e5-97d0-1456a776a4f5>”.
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“Our results suggest that, globally, a third of oil reserves, half of gas reserves and over 80 per cent of current coal reserves 

should remain unused from 2010 to 2050 in order to meet the target of 2C.”

Christophe McGlade & Paul Ekins. The geographical distribution of fossil fuels unused when limiting global warming to 2C. 

Nature. January 8 2015

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"… the race between climate dynamics and  climate policy will be a close one ….” and 
“ … requires an industrial revolution for sustainability starting now."

Hans Joachim Schellenhuber.“Global warming: Stop worrying, start panicking?”
Proceedings of the National Academy of Sciences. September 23, 2008

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“ Getting from here to there would require a massive economic shift.” 

Rachel Pannett and Jeffrey Ball. “Australia Approves Energy Bill.”  

The Wall Street Journal  p.A7, August 21, 2009


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