Tagged: fossil fuels

fossil fuels

Reed Divests

By mary@yeslab.org on May 19 2014 - 5:15pm Reveal date: May 19 2014 Status: Complete Partners: Fossil Free Reed Tags: divestment, climate change, fossil fuels

Graduating Reed College students and their parents gave a standing ovation to an announcement by their commencement speaker that the college had decided to divest from fossil fuels. But the President and Chair of the Board of Trustees, who were sitting onstage with the speaker, quietly wrung their hands—because the announcement was a hoax, and the board had recently decided exactly the opposite.

Commencement Speaker, Yes Man and Reed alum Mike Bonanno, worked with student activists from Fossil Free Reed to show the grads, students, faculty, and families that they could be the change they want to see in the world starting with their own institution.

Democracy Now report:

Selected Press:

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Bank’s Dodgy Climate Portfolio Revealed

By mary@yeslab.org on Feb 27 2013 - 9:24pm Reveal date: Feb 28 2013 Status: Complete Partners: Counter Balance Tags: Europe, fossil fuels, coal, investment, YL

The mandate of the European Investment Bank (EIB) is to further EU sustainable development objectives, including Europe’s 2050 Energy Roadmap, which calls for quickly cutting carbon emissions. On their website, the EIB claims to be "among the largest providers of finance for climate action." But they fail to mention one little detail: They also make massive loans to coal-fired power plants and other dirty energy sources.

So Counter Balance teamed up with the Yes Lab to reveal the EIB's hypocrisy. The day before the Bank was scheduled to have its exclusive annual press conference, the activists sent out a fake EIB press release announcing that the Bank would finally do the right thing and stop financing coal power plants. The story was immediately picked up by business press, and the EIB responded with a denial, threatening legal retaliation.

At the press conference the next day, a Counterbalance agent with journalist’s credentials gained entry to the exclusive event and presented EIB President Werner Hoyer with a stunning award, thanking him and the bank for their commitment to divestment from fossil fuels. If only! Until they change, we’ve all got to suck their second-hand smoke. Thanks, Europe!

Selected Press:

 

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The Dalai Lama Welcoming Committee

By mary@yeslab.org on Dec 5 2012 - 1:50pm Reveal date: Oct 16 2012 Status: Complete Partners: Dalai Lama Welcoming Committee Tags: divestment, Middlebury, Dalai Lama, fossil fuels, college, students, YL

On October 12, 2012, Middlebury College welcomed His Holiness the Dalai Lama to campus. An announcement was made that in honor of the visit from the 1989 Nobel Peace Prize Recipient, the College had chosen to demonstrate ethical leadership in divesting its endowment from war and environmental destruction. In reality, the satirical notice about Middlebury’s divestment was written by the Dalai Lama Welcoming Committee, a group of students concerned that the College embraces practices inconsistent with its own proclaimed values.

His Holiness the Dalai Lama told the College, “Education is supposed to reduce the gap between appearance and reality.” The intent of the press release was to bring attention to the unsettling reality that Middlebury has millions of dollars invested in industries of violence, while it appears to stand for universal compassion and peace.
 
The administration attempted to expel the students; however, their effort ultimately backfired. The Foundation for Individual Rights in Education quickly voiced their concern regarding the school choosing to clamp down on students’ rights to free speech. The students were granted an open hearing. In front of an audience of 272 people, filling the largest auditorium on campus, they articulated the tradition upon which they drew and morals that compelled them to act. Not only did the judicial board give the students no official College discipline, they expressed their true desire to see Middlebury divest from violence and environmental destruction.
 
There is a long history of academic institutions divesting to demonstrate their values. Today, a new call to divest is being heard around the nation: Bill McKibben—founder of 350.org and Middlebury College Schumann Distinguished Scholar in Residence—recently kicked off the national “Do the Math” campaign. It is focused on urging universities to divest from fossil fuels because “It just doesn’t make sense for universities to invest in a system that will leave their students no livable planet to use their degrees on.”
 
Selected press:

The flyer distributed around campus:

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Divestment Announcement Is a Fake

By mary@yeslab.org on May 20 2014 - 11:43am Project: Reed Divests

Deplorable Prank Announcement Untrue

FOR IMMEDIATE RELEASE: Portland, Ore (May 19, 2014) -- A press release distributed by an unknown party and an announcement by the 2014 commencement speaker, both released today, contained false information regarding Reed College's divestment from fossil fuels. Reed College is not divesting from fossil fuels, nor does it intend to in the foreseeable future.

"If we divest from fossil fuels, then we'd have to divest from everything that is morally questionable," said President John R. Kroger. "It's a slippery slope."

Reed College maintains the same position on investing that it has held for decades as documented in its 1978 "Investment Responsibility Policy." Then, as now, the mission of the College requires that the provision of a high quality education must be prioritized above questions of a social or moral nature. President John R. Kroger asserts that "when faced with complex problems like climate change, colleges must do what they do best: create highly literate, critically thinking citizens."

The announcement, originally made in a press release, was propagated at the graduation ceremony, when commencement speaker Igor Vamos congratulated the school on its divestment, giving false hope to hundreds of graduates and their families.

"It was a poor decision to allow students to choose this speaker," said Kroger, "and we are re-evaluating our policies regarding the selection of future speakers."

The Reed College Board of Trustees believes that climate change is real and that fossil fuel reserves must not be extracted. Nevertheless, continuing to hold significant investments in fossil fuel extraction is necessary for maintaining the political neutrality of the endowment as a financial resource for the College.

Reed apologizes for the confusion caused by the false announcement, and assures that the college will continue to operate as normal. It will not hedge any of its operations due to the consideration of difficult and complex ethical questions. Reed College is not divesting, nor does it plan to divest, either partially or totally from fossil fuels. The College is seeking legal action against the distributors of the press release distributed Monday, May 19th and is investigating the document's relation to the false announcement made at Monday's commencement ceremony.

Contact: Mandy Heaton
heatonm@reedsustainability.org
Phone: (503) 804-9478

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Reed Announces Divestment From Fossil Fuels

By mary@yeslab.org on May 20 2014 - 11:35am

Reed College

Divestment News Celebrated at Commencement Ceremony

Portland, OR (May 19, 2014) - Reed College's Board of Trustees approved with a majority vote a plan to divest its endowment of direct coal and oil industry investments and redirect funds to environmentally conscious investment managers and community owned renewable energy projects during a special meeting convened near the end of the academic term.

"This is the right time to divest," said Roger Perlmutter, Chairman of the Board of Trustees, "and even more importantly, to reinvest in the rapidly growing sustainable energy sector."

The announcement was made during the commencement ceremony the morning of May 19. Reed College is the first college in the Pacific Northwest to initiate a divestiture from fossil fuels, joining the ranks of other universities with large endowments that have recognized the compelling and urgent moral character of maintaining investments in companies characterized by fossil fuel extraction, refining, and transportation.

The Board's decision was made on the recommendation of a special committee composed of trustees, faculty, administrators, and students convened in February to evaluate the advantages and disadvantages of divestment. The committee found that fossil fuel divestment was warranted under Article III of the College's Investment Responsibility Policy, particularly as a "widely-held, perhaps even universally-held social or moral position." Furthermore, increasing numbers of donors express reservation about donating to an endowment rich in fossil fuels.

"It is crucial at this moment in history for institutions like Reed to follow through on their commitments to serve the public good," says President John R. Kroger. "Climate change is likely to seriously affect the lives of our students, and financially supporting the industries responsible for it undermines Reed's Mission."

This action follows several by the college over the past few years to improve its environmental record following the adoption of the Environmental Policy Statement in February 2007, including:

  • Restoration of the 28-acre Reed Canyon watershed in the heart of campus
  • LEED certification of dorms built in 2009
  • Development of an interdisciplinary Environmental Studies program in 2010
  • Establishment of a Sustainability Fund for student and faculty projects in 2011
  • Sustainable architecture of the Performing Arts Building in 2013
  • Implementation of a 3-year $5.4 million energy efficiency upgrade contract with Amersco Quantum in 2013

More information about sustainable investments at Reed can be found on the website.

Contact: Kevin Myers
myersk@reedsustainability.org
Phone: (541) 357-8604

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Reed College Not Divesting After All

By mary@yeslab.org on May 20 2014 - 11:20am Project: Reed Divests

Environmentally Conscious Future Not Actually Planned for Reed College

May 20, 2014 - Portland, Oregon. Graduating Reed College students and their parents gave a standing ovation yesterday to an announcement by their commencement speaker that the college had decided to divest from fossil fuels.

But the President and Chair of the Board of Trustees, who were sitting onstage with the speaker, quietly wrung their hands—because the announcement was a hoax, and the board had recently decided exactly the opposite.

The college probably should have seen it coming. The commencement speaker was Igor Vamos, also known as Mike Bonanno of the Yes Men, an activist organization known for impersonating corporation officials and making fake announcements about socially responsible action. During Bonanno’s congratulatory speech to the class of 2014, he highlighted climate change as the defining issue of our time, encouraging graduates to de-normalize the status quo.

“The planet is in your hands, and if we’re going to save it we need everyone to do everything that they can. This is a revolution,” said Bonanno.

Bonanno then went on to leak the false news: “Over a delicious scone and cup of coffee with President Kroger, I was very, very pleased to learn that the board of trustees of Reed College has just now decided to divest the school’s $500 million endowment from fossil fuels.” The crowd of students, faculty, and parents cheered wildly. (Video)

“I was amused that they didn’t immediately correct the announcement. It must have seemed daunting to tell the truth after all those parents and graduates cheered for divestment,” said Bonanno.

Immediately following the announcement, Reed students and family in attendance at the commencement tweeted and spread the news through the hashtag #divestreed. The news was published on a mock Reed website. Local and national news sources, including the Portland Tribune, published the news as real.

Reed’s public relations quickly responded to the false release with their own version of the events, but not before the Yes Men sent yet another press release, also feigning to be from the Reed administration, and explaining why divestment is still not a reality: “Reed College maintains the same position on investing it has held since it refused to divest from apartheid South Africa. Then, as now, the mission of the College requires that providing a high quality education should be prioritized above questions of a social or moral nature,” read a quote falsely attributed to Reed President John Kroger.

The Yes Men launched this action following a long student-run campaign that has demanded divestment from the 200 dirtiest fossil fuel companies. Reed has a $500 million endowment, tens of millions of which are invested in fossil fuels corporations. The Reed Board of Trustees and President Kroger listened ceremonially to students’ demands at several meetings, but have not made a single commitment to change the school’s investment strategies. The administration has relied on arguments about political neutrality and academic freedom to dismiss divestment.

“It’s important to remember that there’s nothing sustainable about investing millions of dollars in fossil fuel extraction," said Austin Weisgrau, a current Reed student and member of Fossil Free Reed. "It’s profit over ethics. Colleges like Reed issue a constant stream of greenwashed branding, and it’s the civic responsibility of the student to set the record straight.”

On a national scale, divestment from fossil fuels is a growing movement with both Stanford University and Pitzer College recently announcing their own divestment from fossil fuels.

Contact:

Austin Weisgrau
(858) 692-1514
austinweisgrau@gmail.com
 

Igor Vamos // Mike Bonanno
mike@theyesmen.org

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EU's bank awarded by activists, denies coal divestment

By mary@yeslab.org on Feb 28 2013 - 3:10pm Tags: Europe, bank, investment, coal, fossil fuels Project: Bank’s Dodgy Climate Portfolio Revealed

February 28, 2013
FOR IMMEDIATE RELEASE

Dreams of European Investment Bank Quitting Coal Go Up in Smoke – For Now
Climate activists take responsibility for fake press release, bizarre award ceremony

Brussels -- The European Investment Bank (EIB) president Werner Hoyer was forced to say this morning, during the EIB’s annual press conference, that an announcement that the bank would give up lending to coal was "pure nonsense". And this, despite the fact that Hoyer repeatedly referred to the EIB as a frontrunner in the fight against climate change. 
 
The contradictory statements from the EIB came as a result of a sophisticated activist campaign that culminated in a curious confrontation inside the European Council building this morning.
 
The ruse began yesterday afternoon, when a fake press release announced that the EIB was divesting from coal. Several news outlets picked it up as real, including Bloomberg, who quickly discovered their error, pulled the report, and posted a retraction. 
 
The EIB posted a denial on their website and threatened legal action, but that did not stop the  activists, who continued to hound them at their exclusive annual press conference this morning. 
 
After Hoyer presented the activities of the EIB during 2012, including the bank's efforts on climate change, he was approached by a self-identified "citizen of Europe", who offered him an elegant flower vase shaped like a smokestack. 
 
"I am very pleased to present this award to the European Investment Bank," said the citizen, "to honor your commitment to divest from Coal, and finally commit to real action on climate change." 
 
Despite hesitating for a second whether to get the "European citizen" kicked out, the EIB decided he posed no real threat and allowed him to continue staying in the room, while keeping the award on the stage for some time. 
 
Upon receiving the award, a confounded Hoyer said that "we have always been grateful for the ingenuity of our journalist partners" and quickly moved on to the next issue on the press conference agenda.
 
Yet the climate issue and energy lending by the EIB stayed on the media's mind, and numerous questions addressed in the Q&A section of the press conference pressed the EIB to explain more about the bank's efforts against climate change. Representatives of the bank mostly pointed to the upcoming review of the bank's energy policy (due in June); the EIB made it clear it was not ready to announce dropping coal from the bank's lending at the moment, and made it clear that gas will continue to be a central segment of EIB lending in the future. 
 
The "citizen of Europe" was really a representative of Counter Balance, a coalition of NGOs across Europe that monitor the EIB. The action was developed with the help of the Yes Lab. 
 
"We wanted to show to the bank how European citizens expect the EIB to behave," said Berber Verpoest of Counter Balance. 
 
The EIB is the house bank of the EU, mandated to further EU objectives including Europe's 2050 Energy Roadmap which calls for an 80-95 percent emissions reduction over the next four decades in Europe. The EIB's website claims the bank is "among the largest providers of finance for climate action in pursuit of the EU's goal of low-carbon and climate resilient growth." What is not mentioned, however, are the massive loans to coal-fired power plants and other dirty energy initiatives that the EIB has provided also over the last years. 
 
"The presentation of this award and the hoax press release from yesterday were meant to emphasise the deep contradiction at the heart of the EIB," explains Berber Verpoest from Counter Balance. "On the one hand, this is the bank of the EU with the goal to fight climate change; on the other hand, the EIB has been lending billions to coal, gas and other fossil fuels and until last year its dirty energy loans were equal to its support for clean energy. So with the hoax we wanted to make clear what we expect the future energy policy to look like."
 
The European Investment Bank is this year reviewing its energy lending policy, a revision which only happens once every 5-6 years. Considering that climate science makes it clear we cannot invest any more in fossil fuel infrastructure after 2017 if we want to contain global warming within 2 degrees Celsius, the current policy revision is the only chance this bank has to set its lending in line with the climate imperative. 
 
"The EIB has been working hard over the past years to clean up its lending," says Xavier Sol from Counter Balance. "We commend them for those efforts and we hope that they take this hoax for what it really is: not so much an attempt to make fun, but an alarm bell that time is running out and subsidies for fossil fuels must be ended today if we want to avoid catastrophe."
 
Key Figures:
  • EIB lones to coal 2007-2011: €2 billion
  • EIB loans to fossil fuels 2007-2011: €19 billion
  • EIB total energy loans 2007-2011: €62 billion

Coal plants financed by EIB since 2007:

  • Du-Walsum Coal Power Plant in Germany, 2007
  • PPC Environment in Greece, 2007
  • Enel Energia Rinnovable & Ambiente in Italy, 2007
  • TES - THERMAL Power Plant in Slovenia, 2007 and 2010
  • Power Plant Karlsruhe in Germany, 2008
  • Fortum CHP and E-Metering in Poland, 2009
  • SE Power Plant and Forest Industry R&D in Poland, 2010
  • South Poland CHP in Poland, 2011
  • Paroseni Power Plant in Romania, 2011

For more info, see the EIB's project database and Bankwatch's studies and analysis.

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No new loans for coal

By mary@yeslab.org on Feb 27 2013 - 9:42pm Project: Bank’s Dodgy Climate Portfolio Revealed

February 27, 2013
FOR IMMEDIATE RELEASE

EIB will exclude all future coal finance as part of its new energy policy

Brussels - The European Investment Bank (EIB) will no longer finance coal fired power plants. The decision is being made in the context of the ongoing review of its Energy Lending Policy in order to better align the bank’s operations with the long-term climate objectives of the European Union. The EIB is the largest international financial institution to exclude coal from its lending operations. 
 
Ahead of a presentation in Brussels of the EIB’s 2012 lending activities, EIB president Werner Hoyer said, “In January the Governors of the European Investment Bank unanimously voted to increase the bank’s capital base by EUR 10 billion in order to finance priority sectors including clean energy. Their decision is an unambiguous message that the EIB is committed to achieving the climate objectives of the European Union, including the long-term perspective set out in the 2050 energy roadmap. Restricting support for fossil fuels sends two important signals: a political one to the world that the EIB is a leader on action to combat climate change, and a financial one to the capital markets that the EIB sees energy efficiency and renewable energy as the investments of the future.”
 
In recent years, the EIB has significantly increased its lending to renewables and energy efficiency. In 2010, Climate Action lending had already reached 30 percent of the bank’s overall portfolio, a positive trend which will continue under the new Energy Lending Policy. 
 
The EIB, which last year allocated approximately twenty percent of its EUR 60 billion portfolio, or EUR 13 billion, to the energy sector, will continue to boost its support for energy efficiency and renewable energy projects. As much as 60 percent of EIB lending could be allocated to the Climate Action Programme by 2020.
 
Press Contact:
Philippe Wallace,  +32 484 610 931, p.wallace@europeaninvestmentbank.org
Press office: +32 2840 5948, press@europeaninvestmentbank.org
 
Notes to Editors:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

 

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Middlebury students call for college to divest from violence

By mary@yeslab.org on Nov 16 2012 - 12:00am Tags: Middlebury, college, fossil fuels, divestment, climate change

Press Release Authors Come Clean:
A Call for Middlebury College to Do the Same

On Friday, October 12, 2012, Middlebury College welcomed His Holiness the Dalai Lama to campus. An announcement was made that in honor of the visit from the 1989 Nobel Peace Prize Recipient, the College had chosen to demonstrate ethical leadership in divesting its endowment from war and environmental destruction. In reality, the satirical notice about Middlebury’s divestment was written by the Dalai Lama Welcoming Committee, a group of students concerned that the College embraces practices inconsistent with its own proclaimed values.

His Holiness the Dalai Lama told the College, “Education is supposed to reduce the gap between appearance and reality.” The intent of the press release was to bring attention to the unsettling reality that Middlebury has millions of dollars invested in industries of violence, while it appears to stand for universal compassion and peace.

Middlebury College has not received better than a “C” on endowment transparency from the College Sustainability Report Card. While the specific companies in which the endowment is invested have never been disclosed to the student body, Investure—the firm that manages Middlebury’s endowment—confirmed last spring that they do not screen for arms manufacturing, military contractors, or fossil fuel companies. Given that these are among the most profitable industries in existence, it is safe to say that they are included in the College’s portfolio. Complicity has on-the-ground implications: US-made weapons fueling the drug wars in Mexico, drone attacks killing civilians in Pakistan, and the Keystone XL pipeline threatening communities from Canada to the Gulf. The choice to value monetary gain over human life epitomizes the declaration of His Holiness that “we have become slaves of money.”

There is a long history of academic institutions divesting to demonstrate their values. In the 1980s, for instance, over one hundred and fifty colleges, including Middlebury, divested from South African companies to oppose apartheid. Today, a new call to divest is being heard around the nation: Bill McKibben—founder of 350.org and Middlebury College Schumann Distinguished Scholar in Residence—recently kicked off the national "Do the Math” campaign. It is focused on urging universities to divest from fossil fuels because “It just doesn’t make sense for universities to invest in a system that will leave their students no livable planet to use their degrees on.”

The Dalai Lama stated in his final lecture at the College that “peace will come through our active action.” With this action, the Dalai Lama Welcoming Committee instilled a sense of urgency in the community. The administration attempted to expel the students; however, their effort ultimately backfired. The Foundation for Individual Rights in Education quickly voiced their concern regarding the school choosing to clamp down on students’ rights to free speech. The students were granted an open hearing. In front of an audience of 272 people, filling the largest auditorium on campus, they articulated the tradition upon which they drew and morals that compelled them to act. Not only did the judicial board give the students no official College discipline, they expressed their true desire to see Middlebury divest from violence and environmental destruction.

Discourse has shifted on campus and across the state of Vermont. Divestment to align Middlebury’s practices with its values has transformed from an illusory pontification to an absolute imperative. There is a growing contingent of prospective students, current students, alumni, faculty, and staff who are coming together to leverage their power to affect their community. In so doing, they collectively assert that while Middlebury indeed exerts a global influence, it must not do so carelessly. By taking responsibility, Middlebury can contribute towards making the 21st century, as the Dalai Lama insisted, “the century of peace.”

Tim Schornak, Director of the College Office of Communications of the Dalai Lama Welcoming Committee,
AKA: Molly Stuart 15.5, Jay Saper ‘13, Jenny Marks ‘14.5, Sam Koplinka-Loehr ‘13, Amitai Ben-Abba ‘15.5, and a growing contingent

Note: Tim Schornak is not affiliated with any formal student organization.

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