University of Glasgow to divest fully from fossil fuel industry

first_imgThis represents 12% of the university’s endowment funds, worth around £153.9m as at 31 July 2013, the date of the last published accounts.The campaign to persuade the university to divest from fossil fuels has been led by GUCAS, and has lasted around a year.The university already bans directly held tobacco stocks from its portfolio, as these investments run entirely counter to its direct interests in research.David Newall, secretary of the University of Glasgow Court, said: “The university recognises the devastating impact climate change may have on our planet, and the need for the world to reduce its dependence on fossil fuels.“Over the coming years, we will steadily reduce our investment in the fossil fuel extraction industry, while also taking steps to reduce our carbon consumption.”Directly held stocks in the endowment fund portfolio as at 31 July 2013 included Shell, BP, Chevron, Statoil Holdings and BHP Billiton.Portfolio management is split between Schroders and Newton.The commitment to divest is subject to reassurance that the financial impact for the university will be acceptable, the detail of which will be monitored by the University Court.The decision to divest does not extend to the University of Glasgow Pension Scheme, run by separate pension fund trustees.Other UK universities are reportedly considering the issue of fossil fuel divestment within their endowment funds.Oxford University’s executive governing body is set to make a decision early next year.In the US, 13 universities, including Stanford, have now pledged to divest from the fossil fuel industry.Last month, the Rockefeller Brothers Fund, whose endowment is worth $868m (€682m), announced its decision to divest from the industry.Meanwhile, a low-carbon energy system could free up trillions of dollars over the next 20 years to invest in better economic growth, according to two new reports from the Climate Policy Initiative.The reports found that moving to a low-carbon electricity system would bring the global economy around $1.8trn in financial savings between 2015 and 2035 because of significantly reduced operational costs associated with extracting and transporting coal and gas outweigh increased financing costs for renewable energy and losses in the value of existing fossil fuel assets.And changing from oil to low-carbon transport could increase global investment capacity by trillions or result in net costs, depending on policy choices.Governments own 50-70% of global oil, gas and coal resources, and collect taxes and royalties on the portion they do not own.However, governments also control much of the policy that could lead either to asset stranding (losses in the financial value of fossil fuel assets) or financial savings.And, says CPI, the right policies can maximise the financial benefits of a low-carbon transition. The University of Glasgow has become the first European university to commit to disinvesting fully from companies in the fossil fuel industry.The decision was taken by the university’s governing body, the University Court.It follows a consultation process by an independent working group taking evidence from the Glasgow University Climate Action Society (GUCAS) and the university investment committee.Full divestment will mean the reallocation of around £18m (€12.7m) worth of current investments over a 10-year period.last_img read more

Martinez hails ‘diamond’ Barkley

first_img Press Association The goal, and another fine individual performance, will ensure the 20-year-old will again be in the headlines after a string of excellent recent displays, and it is hard to see how Roy Hodgson can leave him out of England’s World Cup squad. The win moves Everton up to fourth in the Barclays Premier League table, and Martinez was left to heap more praise on his midfield starlet. “Ross is growing game by game. He is showing different aspects of his play, he is a quite incredible diamond of English football,” said the Everton manager. “The winning goal, technically, is as good as it gets. A lot has been said about Ross, but it’s always an understatement. “He’s an incredible listener and young man with a lot of potential. He always comes up with something different in a game to show he can develop. “I’m proud of seeing him grow. “You could see he was fighting with Romelu because Romelu really practices his free-kicks. “But Ross is a player who gets fed by feelings. He’s a natural talent who can play in any position. Seamus Coleman had given the visitors a 66th-minute lead with a ferocious strike, but they were pegged back when Bryan Oviedo put Dwight Tiendalli’s off-target effort into his own net. Everton were not to be denied, though, as Barkley stepped up with a free-kick which nicked the underside of the crossbar on its way in. “We didn’t know he could take free-kicks, but it’s good to know from now on.” Everton thoroughly merited their success, which tees up back-to-back home games against Sunderland and Southampton. Although the Merseysiders were not at their best, they still created the majority of the significant chances. And Martinez felt the win at one of his former clubs was as satisfying as any win during a season which has also included successes against Chelsea and Manchester United. “We had three difficult away games. At Old Trafford, the Emirates and the Liberty and this was the biggest test,” he said. “It’s easy to keep your concentration levels when you go to the other two, but unless you are 100 per cent when you haven’t got the ball, this Swansea side will punish you. “I couldn’t be happier. We weren’t at our best, but we kept Swansea quiet. We conceded a soft goal by our standards, but we had the desire and our determination to want to win the game was pleasing. “It’s the best satisfaction of the season.” Martinez was also confident the problem which saw Steven Pienaar limp off late in the game will not keep the South African out of the Boxing Day meeting with Sunderland. Swansea manager Michael Laudrup felt his side should have got something from the game. “I think we deserved more,” he said. “The first half was tight, there were not many chances but they came out second half and went in front with a strike from distance. “We fought back as we really wanted something out of this game but the thing that is most disappointing is I thought in the last 10 minutes they were happy to take a point. “We were still pushing to get a winner and then they got it from a free-kick. “But we have to accept it.” Laudrup also had praise for Barkley, saying: “He is a great talent, he is a great runner with the ball, he can play in tight areas, he is definitely a big talent. “He already has a lot of talents for someone so young.” Laudrup confirmed Swansea are set to make a decision on whether Michu undergoes surgery on an ankle injury. “We will know more tomorrow,” he said. “He may have a chance for Boxing Day but we will see, we will have a final opinion from an expert and then decide. “If tomorrow the information suggests he needs an operation he will have surgery in the very near future. “Obviously we are not happy he could be out for several weeks, but the most disappointed person is Michu. “If it is bad news tomorrow, added to what happened to Nathan Dyer last week, we will have to think about what to do in January.” Roberto Martinez described Ross Barkley as a footballing “diamond” after the midfielder further enhanced his ever-growing reputation by scoring a stunning winner in Everton’s 2-1 victory at Swansea.last_img read more

Rivers, Crawford say Clippers grew during 6-1 road trip

first_imgSixth-man Jamal Crawford had another fine game Saturday, scoring 22 points on 8-of-17 shooting from the field – 4 of 9 from 3-point range. He, too, believes this team grew over the 11-day trip.“I think it shows a lot of character, first off,” Crawford said. “It’s hard to win on the road. It really is, especially when people outside the locker room are panicking a little bit. I think it shows a lot of heart and a lot of character.“It shows our growth, for sure. We’ve kind of found our identity and how we’re going to play on both ends of the floor. Hopefully, it can be a great starting point for us.”Crawford averaged 19.2 points on the trip and scored at least 21 points in each of the last four games.Homestand beginsThe Clippers (11-5), currently in seventh place in the Western Conference standings, open a four-game homestand today when they play host to the Minnesota Timberwolves (4-10) at Staples Center. Then they’ll take on Orlando on Wednesday, New Orleans on Saturday and Phoenix a week from today.The Timberwolves on Friday defeated the Lakers 120-119 at Staples Center. Minnesota, which played Sunday at Portland, is led in scoring by shooting guard Kevin Martin (20.4 points per game), but he’s out with a broken wrist. Small forward Thaddeus Young averages 13.9 points and went for 22 points against the Lakers. “I think you grow all season, and that’s what I’ve been saying from the beginning,” he said. “Whether we went 6-1 or 4-3, we would have been better when this trip was over. It was guaranteed. I think defensively we grew the most.“I think offensively we have been pretty good lately anyway. I think our defense is just getting better and better. You can hear the talk now. Guys are in the right spots. They trust each other. When you do that you get a lot of stops.”Certainly, there was plenty for which to be thankful. But it means only so much, Rivers intimated.“That’s nice,” he said, when asked about going 6-1. “We don’t get a trophy for it or anything. But it’s still nice.” Crawford chimes in It may not have seemed like the Clippers were hitting the road at the right time when they embarked on a seven-game trip Nov. 19. They were 5-4, didn’t seem to know who they were and they were coming off a 105-89 loss at home to Chicago on Nov. 17.Many of the players, as well as coach Doc Rivers, said that perhaps some time away from home would bring the team together. That seems to have been the case, because the Clippers completed their trip with a 112-96 victory on Saturday over the Utah Jazz (5-12) at EnergySolutions Arena in Salt Lake City. They led the Jazz 35-18 after one quarter.That gave the Clippers a 6-1 record on the trip, and their most victories ever on a seven-game jaunt. Of the six victories, two came against probable playoff teams (Miami and Houston) that were injury-depleted and the other four came against teams that will be hard-pressed to make the postseason. Still, the Clippers played solid basketball, except for the 16-point loss at Memphis, currently the top team in the NBA.Rivers was stoked.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more