Many Dutch schemes lack concrete climate policy, says pressure group

first_imgHalf of the large Dutch pension funds have not defined specific action points on climate change, a survey by the Dutch association for investors in sustainable development (VBDO) has suggested.Of the 50 pension funds examined by the VBDO, 12% lacked an explicit policy against climate change, while 38% had only addressed the issue in general terms, the organisation found.It said that the other half had formulated action goals, often a reduction of their investment portfolio’s carbon footprint.Another step taken by pension funds was to reduce the financial risks of climate change in their portfolio – in particular the risk of loss of value of fossil fuel-related investments – by aligning them with the climate targets of the Paris Agreement. The organisation had focused on climate change for its latest annual survey because the subject posed the greatest ESG risk of the moment, said Angelique Laskewitz, VBDO’s director, during the presentation of the report earlier this month.The association emphasised that missing the target of keeping global warming to no more than two degrees above pre-industrial levels could have catastrophic consequences. VBDO found that one scheme had a policy in place to prepare investments for physical risks of climate change, such as damage to property and disruption of supply chains.It said that more than 20% of pension funds tried to actively contribute to climate solutions, for example through investment in renewable energy or green infrastructure protecting against extreme weather.PFZW drops to third in rankingThe €459bn civil service scheme ABP received the highest score in this year’s ranking, as last year. PFZW, the €238bn healthcare pension fund – which came second in the 2018 survey, and for 11 years before that top of the list – dropped to third place.BpfBouw, the €67bn pension fund for the construction sector, was ranked second in this year’s survey.Lucienne de Bakker, who contributed to the survey, said that the pension funds’ targets still fell short in terms of measurability and deadlines.No more than 32% had formulated a final date for targets, such as carbon reduction, she said.The organisation recommended pension funds to consult more with NGOs, academics, and other experts in order to keep their policy up to date. Middle and low achievers could look to the frontrunners to learn from them.It also advised schemes to improve their reporting to members on targets and results achieved.last_img read more

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Cuban fined for overstaying in Guyana

first_imgA 43-year-old Cuban, who claimed that he came to Guyana in search of a job, was on Friday fined by Chief Magistrate Ann McLennan at the Georgetown Magistrates’ Courts for overstaying in the country.Eulices Marquez Echevarria, a cook, admitted to the charge which detailed that between August 14 and 15, 2019, he failed to comply with conditions submitted with a permit that has been granted, that is to stay from June 14, 2019, to July 13, 2019, in Guyana.In an explanation to the court via an interpreter, Echevarria told the court “I didn’t know…I came here to work and see the country”.However, facts presented by Police Prosecutor Gordan Mansfield stated that on June 14, 2019, Echevarria came to Guyana via the Cheddi Jagan International Airport and was granted a one month stay in the country.The prosecutor further added that on August 14, 2019, Echevarria was going to Brazil when he was stopped by Police at Mabura. The ranks asked the defendant to provide his travel documents, during which it was discovered that he had overstayed. He was later transported to the Criminal Investigations Department (CID) headquarters where he was questioned and later charged for the offence.Chief Magistrate McLennan fined the foreign national $20,000 with an alternative of eight weeks in prison. He was also ordered to be deported.last_img read more

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