Mike Gaworecki's blog

California Public Pension Funds Lost $5 Billion On Fossil Fuel Investments In One Year

Two of California’s massive public pension funds lost more than $5 billion on investments in coal, oil and natural gas in just 12 months.

According to a report released by environmental group 350.org, the California Public Employees' Retirement System (CalPERS) lost $3 billion and the California State Teachers’ Retirement System (CalSTRS) lost $2.1 billion from their holdings in the top 200 fossil fuel companies between June 2014 and June of this year.

Combined, the two funds lost a total of $840 million from their stock investments in coal companies alone — one-fourth of the value of their coal holdings.

California Oilfield Operators Refuse To Report Water Usage, In Violation Of The Law

How much water does California’s oil and gas industry actually use? We still don’t know, despite a 2014 law signed by Governor Jerry Brown that went into effect this year requiring companies to report on all water produced, used and disposed of by oilfield operations.

Oil and gas regulators with California’s Division of Oil, Gas and Geothermal Resources (DOGGR) missed the first reporting deadline, April 30, claiming they had simply received too much data to process in time. But now we know there was probably another reason: hundreds of companies had flat out refused to obey the law.

In fact, more than 100 companies still refuse to comply with the water reporting requirements altogether.

Islamic Leaders Join Growing Chorus Of Religious Voices Making Moral Case For Climate Action

A symposium of Islamic leaders from 20 different countries meeting in Istanbul today released a Climate Change Declaration that presents the moral case for the world’s 1.6 billion Muslims to “tackle habits, mindsets, and the root causes of climate change, environmental degradation and the loss of biodiversity.”

The declaration calls for world governments to adopt an agreement in Paris during UN climate talks to be held this December that would phase out fossil fuels and limit global warming to 1.5 to 2 degrees Celsius.

California Distributed Energy Incentive Program Disproportionately Benefiting Fossil Fuels, Regulators OK With That

A California program designed to spur innovation in technologies for distributed generation of low-emission energy is disproportionately benefiting fossil fuels projects, primarily natural gas — and a new proposal to update the emissions threshold that determines which projects are eligible will not change that, critics of the program say.

Some 70 percent of the energy generation that has so far received rebates from California’s $83-million-a-year, ratepayer-funded Self-Generation Incentive Program (SGIP) has been fossil-fueled, according to the Sierra Club.

SGIP, administered by the California Public Utilities Commission (CPUC), provides rebates for distributed energy systems installed on the customer side of the utility meter — “behind the meter” in industry parlance.

Are US Regulators Trying to Cover Up Influence Of Lobbyists On New Oil-By-Rail Regulations?

It’s no secret that the oil and rail industries lobbied the Obama Administration heavily during the creation of new oil-by-rail regulations released this past May, with lobbyists reportedly not even taking a break the day after a major oil train accident.

But just how much influence did lobbyists actually have in the drafting of the regulations?

Environmentalists who criticize the new rules as far too weak to stop business-as-usual — which has already resulted in five oil train explosions so far this year — are endeavoring to find out by submitting Freedom of Information Act requests for correspondence between lobbyists and five federal agencies within the US Department of Transportation that worked on the oil train safety rules.

So far, they say, they’ve been stonewalled by the Obama Administration.

The US Installed More Than Twice As Much Solar and Wind As Fossil Fuel Electricity So Far In 2015

Throughout the entire first half of 2015, solar and wind energy accounted for 2,518 megawatts of new electricity generating capacity brought online in the US — some 65 percent of all new capacity added so far this year.

Coal accounted for a mere 3 MW during that time period, while natural gas accounted for 1,173 MW (there was no new oil). That’s less than half the amount of solar and wind energy added January to June. Wind alone, at 1,969 MW, was more than all fossil fuels combined.


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