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Wed, 2014-03-05 18:00Farron Cousins
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Harvard President Says Fossil Fuel Divestment Unnecessary, "Hypocritical"

A degree from Harvard University was once seen as the pinnacle of achievement in higher education.  Parents would boast proudly that their child was attending one of the most prestigious universities in America, and a diploma from Harvard could almost guarantee you a job in whichever field you chose.

But today, Harvard’s image is being tarnished by fossil fuels.  The university still maintains considerable holdings in fossil fuels in their endowment funds, and according to University President Drew Faust, that isn’t going to change in the near future.

Faust has long been an opponent of fossil fuel divestment, and refuses to take part in the larger movement of universities and other institutions who are pulling their endowment funds out of dirty energy financial holdings.  Harvard currently has an endowment worth over $30 billion, the largest of any other institution in the United States. 

ClimateProgress has been following Faust’s anti-divestment campaign for some time, and has completely debunked all of Faust’s talking points on the issue of divestment.  In 2013, Faust released a letter explaining her reasoning for refusing to divest, which includes: fossil fuel companies won’t notice; divestment would hurt Harvard’s bottom line; the endowment is not a tool for social change; and that divestment is hypocritical.

As ClimateProgress pointed out at the time, all of Faust’s reasoning rests on faulty logic.  First of all, divesting from fossil fuels would send a big message to the dirty energy industry and would easily inspire others to do the same.  Second, as fossil fuel reserves are depleted, the companies' stocks will plummet, which will have a significant impact on Harvard’s bottom line.  And third, on hypocrisy, it is not hypocritical to remove your financial holdings from an industry that is making money at the expense of human and environmental health.

But Faust clearly cannot be swayed by logic, and this week her ignorance was put on full display when a young activist named Alli Welton from Divest Harvard put Faust on the spot and asked her why her university refuses to divest from the dirty energy industry.  ClimateProgress provides the video:

Sun, 2014-03-02 19:45Farron Cousins
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Mardi Gras: Beads, Bands…And BP Oil

More than one million tourists have flocked to the South for Mardi Gras, and hundreds of thousands of those revelers have settled in for a few days along the Gulf Coast.  Those who decided to enjoy the festivities along the Gulf of Mexico might be in for something they didn’t expect: oil tar mats.

On Thursday of last week, workers on Pensacola Beach, Florida spotted and brought to shore a 1,200 pound oil tar mat, which officials say accounted for about 90% of the total size of the mat.  While the bulk of the mat was a mixture of sand and other debris, scientists ran tests and were quickly able to determine that the oil in the mat was a perfect match for the oil released into the Gulf of Mexico during the 2010 Deepwater Horizon oil disaster, as the Pensacola News Journal explains:

The weathered oil from the tar mat was confirmed to be MC-252 oil from the 2010 Deepwater Horizon oil spill. Although the waters of the Gulf of Mexico were once scoured regularly for residual oil from the spill, physical searches were phased out as the number of sightings began to dwindle.

In the summer of 2013, BP pulled their cleanup crews from the Gulf Coast, assuring residents and tourists alike that the oil spill was all cleaned up.  A few months later, the U.S. Coast Guard made similar claims to the public.

Furthermore, the public was assured as early as May 2010 — just one month after the oil leak began — that the majority of the oil would simply “dissolve” into the Gulf of Mexico.  This latest tar mat is undeniable evidence that oil from BP’s disaster still remains in the Gulf.

Tue, 2014-02-25 05:00Farron Cousins
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Gulf Of Mexico: Open For Dirty Energy Exploitation Again

It has been nearly four years since BP’s Deepwater Horizon oil rig explosion and oil disaster in the Gulf of Mexico, and neither the dirty energy industry nor politicians in Washington, D.C. have learned anything from that tragedy.  Even with new evidence showing that the entire ecosystem in the Gulf has been disrupted as a result of the oil spill, companies are about to receive a massive gift in the form of new oil drilling leases.

Both the Interior Department and the Bureau of Ocean Energy Management (BOEM) have agreed to lease 40 million acres of water space in the Gulf of Mexico next month to support President Obama’s “all of the above” energy policy, which is quickly beginning to look more like a “drill, baby, drill” policy.  The leases will be good for five years’ worth of exploration in the Gulf.

Fri, 2014-02-14 11:00Farron Cousins
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Oil Industry Profited Off Polluting Oil Spills, Fraud Investigation Underway

When an oil company’s negligence leads to an oil spill, the financial costs incurred by the company can be crippling.  They have to pay clean up costs, federal fines, and, in many cases, settlements to victims who have been affected by the spill.  Since these costs can be such a burden to the multi-billion dollar industry, they’ve figured out a way to recoup some of their losses by deceiving all the players involved.

Of course, these aren’t the massive oil spills that we’ve seen from Exxon and BP; these are the smaller ones that most people don’t hear about that typically occur when storage containers leak.  That’s where the industry has learned that oil spills can actually be good for their bottom line.

The scheme is known as “double dipping,” and it involves oil companies receiving both insurance funds for spill cleanup along with state funds to clean up oil leaks from underground tankers.  This allows the company to use funds for cleanup, and usually have a little left over to put in their pockets.

A new report by Reuters succinctly captures the essence of what’s happening in a single quote:  “When I first saw these cases, I thought this is kind of incredible,” said New Mexico assistant attorney general Seth Cohen, who handled the lawsuit for the state. “The oil companies have, in effect, profited off polluting.”

Mon, 2014-02-10 11:41Farron Cousins
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Business Coalition Announces Massive Offensive Against Environmental Protections

As the Obama administration begins to take action to rein in the emissions from the dirty energy industry, big business groups all over the country have announced that they aren’t willing to stop polluting without putting up a very serious fight.

The U.S. Chamber of Commerce, the American Gas Association, and 74 other big business groups said that they are banding together to fight the administration’s forthcoming power plant standards that will require carbon capture technologies to be in place at all plants.  According to The Hill, the groups said that they are planning “everything from lobbying to litigation” in order to fight the administration’s efforts.

These business groups say that they have seen “what Obama has done” to the coal industry, and fear that their industries could be targeted next.  They are also fearful that too much emphasis is being put on developing renewable energy, as The Hill points out:

American Gas Association President Dave McCurdy, a former Democratic congressman from Oklahoma, said the coalition would need to protect a single-minded push toward renewable energy production.

As expected, politicians in Washington saw that the industry was pushing back, so they have jumped on the bandwagon. 

Tue, 2014-02-04 11:39Farron Cousins
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Duke Energy Spills Thousands Of Tons Of Coal Ash Into North Carolina River

Residents in the city of Eden, North Carolina are currently in danger of having their drinking water destroyed thanks to Duke Energy.  The coal giant has reported a coal ash spill in the Dan River with as much as 82,000 tons of the toxic pollutant released into the waterway.

According to EcoWatch, it took an astounding 24 hours after the accident occurred for Duke to issue a press release to inform the public about the chemicals that were very quickly making their way down river.  It is currently estimated that 22 million gallons of coal ash are now flowing along the river.  The spill has already been declared the third largest in U.S. history.

This was not an unavoidable catastrophe.

Duke was warned by the U.S. Environmental Protection Agency (EPA) in September 2009 that the coal ash storage site was falling apart, and the EPA even noted several instances of coal ash sludge already leaking from corroded pipes.  The EPA report also noted that portions of the dam that were supposed to be keeping the coal ash in its retention pond were crumbling.

The coal ash spill is the second major environmental chemical spill in less than a month, following the West Virginia chemical spill in early January.

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