January, 07 2016, 03:45pm EDT
Vermont Governor Shumlin Calls on Pensions to Divest $4.02 Billion Portfolio from Exxon, Coal
During today's State of the State Address, Vermont Governor Peter Shumlin called on the state's pension funds to divest the $4.02 billion portfolio from coal, as well as from the infamous fossil fuel corporation ExxonMobil.
MONTPELIER
During today's State of the State Address, Vermont Governor Peter Shumlin called on the state's pension funds to divest the $4.02 billion portfolio from coal, as well as from the infamous fossil fuel corporation ExxonMobil.
"Our small state must partner with California, which manages hundreds of billions of dollars of state funds, and divest Vermont of coal. Let's remember Vermont is downwind of the coal fired plants to our West; we're the tailpipe to their dirty energy choices," said Governor Shumlin. "Their pollution sickens our children, creates acid rain, dumps mercury on our forests and in our lakes and increases greenhouse gas emissions. I ask that you send me a divestiture bill just like California's. While you're doing that, Governor Brown and I will invite other Governors to join us in what should be a national effort."
Shumlin also specifically targeted ExxonMobil for divestment.
"While we await the California study on oil, Vermont should not wait to rid ourselves of ExxonMobil stock," said the Governor. "It has been clearly documented that since the 1980's, ExxonMobil's own scientists have long known about the dangers of global warming, and chose to conceal that from the public. At the same time that they were building their oil rigs taller to account for rising sea levels, they were funding front groups of scientists to deny climate change is real. This is a page right out of Big Tobacco, which for decades denied the health risks of their product as they were killing people. Owning ExxonMobil stock is not a business Vermont should be in."
350.org co-founder Bill McKibben responded by congratulating the Governor for his leadership on the issue, "It's great that Vermont may join states like California in divesting from coal -- and even better that Governor Shumlin has taken the lead by saying no government should be invested in Exxon, as perhaps the greatest scandal in corporate history begins to unfold. Today is a great win for the thousands of Vermonters who have joined this fight, and it will give us new vigor to keep pushing on many fronts!"
The call to divest from Exxon is particularly significant following a series of investigative reports revealing that as early as the 1970s, Exxon not only knew about the effect of burning fossil fuels on the climate, but also that the company spent millions in sowing doubt and confusion around its own research among the public and world governments. Reporters recently uncovered that Exxon's oil industry peers also knew about these climate dangers and lied about them for decades, potentially opening them up for prosecution or additional regulations.
Now, momentum is growing to prosecute Exxon for their climate lies. New York State Attorney General Eric Schneiderman has launched an investigation to uncover all Exxon knew about climate change. Last October, over 60 prominent indigenous peoples, social, and environmental organizations released a call for the Department of Justice Attorney General Loretta Lynch to launch an investigation. Organizers across the country are urging their state Attorney Generals to launch similar investigations.
Governor Shumlin's push for Vermont to also divest from coal is part of a growing wave of divestment commitments worldwide as the case for action grows ever stronger. During the UN climate talks in December, it was announced that over 500 institutions representing more than $3.4 trillion in assets under management have committed to some level of divestment. Coal in particular has felt the pinch, as stocks have plummeted and many companies have filed for bankruptcy. There has been growing momentum for full divestment, as well, as renewable energy has gained cost efficiency over fossil fuels and Fossil Free Indexes have outperformed conventional markets. Leaders from UN Secretary General Ban Ki-Moon to World Bank President Jim Kim have commended the divestment movement for the impact it has having on the economic and political discussion about how to address the climate crisis.
The case for divestment is particularly strong in Vermont, a state that prides itself on green leadership, as well as sound accounting. In fact, not divesting may have hurt State funds since calls for action began. In November, 350Vermont and Corporate Knights found that the state pension fund lost more than $77 million in reduced returns over the past three years because of fossil fuel investments.
"The Vermont Chapter of the Sierra Club is glad to hear Governor Peter Shumlin acknowledge the need to divest from fossil fuels. In light of the Paris Climate talks it is quite evident that fossil fuel investments are volatile and there are real questions about the fiduciary responsibility of continuing to invest in them," said Robb Kidd, VT Chapter of the Sierra Club Conservation Program Manager. "Vermont can lead by refocusing investments that align with the Vermont's clean energy goals while protecting public pensions."
Campaigners believe that today's announcement will provide significant momentum for Vermont's pension funds to divest from all fossil fuels, as well as set a precedent for other states, such as New York, to follow suit.
"It is gratifying to hear Governor Shumlin's support for fossil fuel divestment. Fossil fuel investments in the state pension funds have substantially hurt returns over the past couple of years and continue to constitute a real risk for pension beneficiaries and Vermont taxpayers," said Eric Becker, CFA, Chief Investment Officer, Clean Yield Asset Management. "Getting on a path to full divestment in the coming years will be a great step forward for Vermont and for the climate."
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
LATEST NEWS
Once Again, Tom Cotton Blocks Bill to Shield Journalists From Betraying Sources
Responding to the GOP senator's latest thwarting of the PRESS Act, Democratic Sen. Ron Wyden vowed to "keep trying to get this bill across the finish line" before Republicans take control of the Senate next month.
Dec 10, 2024
Republican U.S. Sen. Tom Cotton of Arkansas on Tuesday again blocked the passage of House-approved bipartisan legislation meant to shield journalists and telecommunications companies from being compelled to disclose sources and other information to federal authorities.
Sen. Ron Wyden (D-Ore.) brought the Protect Reporters from Exploitative State Spying (PRESS) Act—which would prohibit the federal government from forcing journalists and telecom companies to disclose certain information, with exceptions for terroristic or violent threats—for a unanimous consent vote.
Senate Majority Leader Chuck Schumer (D-N.Y.) argued Tuesday that passing the PRESS Act is "more important now than ever before when we've heard some in the previous administration talk about going after the press in one way or another," a reference to Republican President-elect Donald Trump's threats to jail journalists who refuse to reveal the sources of leaks. Trump, who has referred to the press as the "enemy of the people," repeatedly urged Senate Republicans to "kill this bill."
Cotton, who blocked a vote on the legislation in December 2022, again objected to the bill, a move that thwarted its speedy passage. The Republican called the legislation a "threat to national security" and "the biggest giveaway to the liberal press in American history."
The advocacy group Defending Rights and Dissent lamented that "Congress has abdicated their responsibility to take substantive steps to protect the constitutional right to a free press."
However, Seth Stern, director of advocacy at the Freedom of the Press Foundation, noted ways in which Senate Democrats can still pass the PRESS Act before Republicans gain control of the upper chamber next month:
Senate Democrats had all year to move this bipartisan bill and now time is running out. Leader Schumer needs to get the PRESS Act into law—whether by attaching it to a year-end legislative package or bringing it to the floor on its own—even if it means shortening lawmakers' holiday break. Hopefully, today was a preview of more meaningful action to come.
Responding to Tuesday's setback, Wyden vowed, "I'm not taking my foot off the gas."
"I'll keep trying to get this bill across the finish line to write much-needed protections for journalists and their sources into black letter law," he added.
Keep ReadingShow Less
Judges Block Kroger-Albertsons Merger in 'Win for Farmers, Workers, and Consumers'
"We applaud the FTC for securing one of the most significant victories in modern antitrust enforcement," said one advocate.
Dec 10, 2024
Antitrust advocates on Tuesday welcomed a pair of court rulings against the proposed merger of grocery giants Kroger and Albertsons, which was challenged by Federal Trade Commission Chair Lina Khan and multiple state attorneys general.
"The FTC, along with our state partners, scored a major victory for the American people, successfully blocking Kroger's acquisition of Albertsons," said Henry Liu, director of the commission's Bureau of Competition, in a statement. "This historic win protects millions of Americans across the country from higher prices for essential groceries—from milk, to bread, to eggs—ultimately allowing consumers to keep more money in their pockets."
"This victory has a direct, tangible impact on the lives of millions of Americans who shop at Kroger or Albertsons-owned grocery stores for their everyday needs, whether that's a Fry's in Arizona, a Vons in Southern California, or a Jewel-Osco in Illinois," he added. "This is also a victory for thousands of hardworking union employees, protecting their hard-earned paychecks by ensuring Kroger and Albertsons continue to compete for workers through higher wages, better benefits, and improved working conditions."
While Liu was celebrating the preliminary injunction from Oregon-based U.S. District Court Judge Adrienne Nelson, later Tuesday, King County Superior Court Judge Marshall Ferguson released a ruling that blocked the merger in Washington state.
"We're standing up to mega-monopolies to keep prices down," said Washington Attorney General Bob Ferguson. "We went to court to block this illegal merger to protect Washingtonians' struggling with high grocery prices and the workers whose jobs were at stake. This is an important victory for affordability, worker protections, and the rule of law."
Advocacy groups applauding the decisions also pointed to the high cost of groceries and the anticipated impact of Kroger buying Albertsons—a $24.6 billion deal first announced in October 2022.
"American families are the big winner today, thanks to the Federal Trade Commission. The only people who stood to gain from the potential merger between Albertsons and Kroger were their wealthy executives and investors," asserted Liz Zelnick of Accountable.US. "The rest of us are letting out a huge sigh of relief knowing today's victory is good news for competitive prices and consumer access."
Describing the federal decision as "a victory for commonsense antitrust enforcement that puts people ahead of corporations," Food & Water Watch senior food policy analyst Rebecca Wolf also pointed out that "persistently high food prices are hitting Americans hard, and a Kroger-Albertsons mega-merger would have only made it worse."
"Already, a handful of huge corporations' stranglehold on our food system means that consumers are paying too much for too little choice in supermarkets, workers are earning too little, and farmers and ranchers cannot get fair prices for their crops and livestock," she noted. "Today's decision and strengthened FTC merger guidelines help change the calculus."
Like Wolf, Farm Action president and co-founder Angela Huffman similarly highlighted that "while industry consolidation increases prices for consumers and harms workers, grocery mergers also have a devastating impact on farmers and ranchers."
"When grocery stores consolidate, farmers have even fewer options for where to sell their products, and the chances of them receiving a fair price for their goods are diminished further," Huffman explained. "Today's ruling is a win for farmers, workers, and consumers alike."
Some advocates specifically praised Khan—a progressive FTC chair whom President-elect Donald Trumpplans to replace with Andrew Ferguson, a current commissioner who previously worked as chief counsel to Senate Minority Leader Mitch McConnell (R-Ky.) and as Republican counsel on the Senate Judiciary Committee.
"Today's decision is a major win for shoppers and grocery workers. Families have been paying the price of unchecked corporate power in the food and grocery sector, and further consolidation would only worsen this crisis," declared Groundwork Collaborative executive director Lindsay Owens in a statement.
"FTC Chair Lina Khan's approach is the blueprint to deliver lower prices, higher wages, and an economy that works for everyone," Owens argued. "The rebirth of antitrust enforcement has protected consumers against the worst of corporate power in our economy and it would be wise to continue this approach."
Laurel Kilgour, research manager at the American Economic Liberties Project, called the federal ruling "a resounding victory for workers, consumers, independent retailers, and local communities nationwide—and a powerful validation of Chair Khan and the FTC's rigorous enforcement of the law."
"The FTC presented a strong case that Kroger and Albertsons fiercely compete head-to-head on price, quality, and service. The ruling is a capstone on the FTC's work over the past four years and includes favorable citations to the FTC's recent victories against the Tapestry-Capri, IQVIA-Propel, and Illumina-Grail mergers," Kilgour continued.
"The court also cites long-standing Supreme Court law which recognizes that Congress was also concerned with the impacts of mergers on smaller competitors," she added. "We applaud the FTC for securing one of the most significant victories in modern antitrust enforcement and for successfully protecting the public interest from harmful consolidation."
Despite the celebrations, the legal battle isn't necessarily over.
The Associated Pressreported that "the case may now move to the FTC, although Kroger and Albertsons have asked a different federal judge to block the in-house proceedings," and Colorado is also trying to halt the merger in state court.
Keep ReadingShow Less
Trump Taps Anti-Trans Lawyer Harmeet Dhillon for Key Civil Rights Post
"Dhillon has focused her career on diminishing civil rights, rather than enforcing or protecting them," argued one critic.
Dec 10, 2024
LGBTQ+ and voting rights defenders were among those who sounded the alarm Tuesday over Republican President-elect Donald Trump's selection of a San Francisco attorney known for fighting against transgender rights and for leading a right-wing lawyers' group that took part in Trump's effort to overturn the 2020 presidential election to oversee the U.S. Department of Justice Civil Rights Division.
On Monday, Trump announced his nomination of Harmeet Dhillon to head the key civil rights office, claiming on his Truth Social network that the former California Republican Party vice-chair "has stood up consistently to protect our cherished Civil Liberties, including taking on Big Tech for censoring our Free Speech, representing Christians who were prevented from praying together during COVID, and suing corporations who use woke policies to discriminate against their workers."
"In her new role at the DOJ, Harmeet will be a tireless defender of our Constitutional Rights, and will enforce our Civil Rights and Election Laws FAIRLY and FIRMLY," Trump added.
However, prominent trans activist Erin Reed warned on her Substack that Dhillon's nomination—which requires Senate confirmation—"signals an alarming shift that could make life increasingly difficult for transgender people nationwide, including those who have sought refuge in blue states to escape anti-trans legislation."
Trump has picked Harmeet Dhillon as Assistant Attorney General for Civil Rights. She has stated that it must be "made unsafe" for hospitals to provide trans care, and frequently shares Libs of TikTok posts. She intends to target trans people in blue states. Subscribe to support my journalism.
[image or embed]
— Erin Reed (@erininthemorning.com) December 10, 2024 at 8:14 AM
Reed continued:
Dhillon's most prominent work includes founding the Center for American Liberty, a legal organization that focuses heavily on anti-transgender cases in blue states. The organization's "featured cases" section highlights several lawsuits, such as Chloe Cole's case against Kaiser Permanente; a lawsuit challenging a Colorado school's use of a transgender student's preferred name; a case against a California school district seeking to implement policies that would forcibly out transgender students; and a lawsuit against Vermont for denying a foster care license to a family unwilling to comply with nondiscrimination policies regarding transgender youth.
Reed also highlighted Dhillon's attacks on state laws protecting transgender people, as well as her expression of "extreme anti-trans views" on social media—including calling gender-affirming healthcare for trans children "child abuse."
Last year, The Guardian's Jason Wilson reported that the Center for American Liberty made a six-figure payment to a public relations firm that represented Dhillion in both "her capacity as head of her own for-profit law firm and Republican activist."
Writing for the voting rights platform Democracy Docket, Matt Cohen on Tuesday accused Dhillon of being "one of the leading legal figures working to roll back voting rights across the country."
"In the past few years, Dhillon—or an attorney from her law firm—has been involved in more than a dozen different lawsuits in Arizona, Colorado, Georgia, Maine, Michigan, North Carolina, Virginia, and Washington, D.C. challenging voting rights laws, redistricting, election processes, or Trump's efforts to appear on the ballot in the 2024 election," Cohen noted.
As Maya Wiley, president and CEO of the Leadership Conference on Civil and Human Rights, said in a statement Tuesday, "The Department of Justice's Civil Rights Division has the critical responsibility of enforcing our nation's federal civil rights laws and ensuring equal justice under the law on behalf of all of our communities."
"That means investigating police departments that have a pattern of police abuse, protecting the right to vote, and ensuring schools don't discriminate against children based on who they are," Wiley noted. "The nomination of Harmeet Dhillon to lead this critical civil rights office is yet another clear sign that this administration seeks to advance ideological viewpoints over the rights and protections that protect every person in this country."
"Dhillon has focused her career on diminishing civil rights, rather than enforcing or protecting them," she asserted. "Rather than fighting to expand voting access, she has worked to restrict it."
A staunch Trump loyalist, Dhillon has also embraced conspiracy theories including the former president's "Big Lie" that the 2020 presidential election was stolen, and has accused Democrats of "conspiring to commit the biggest election interference fraud in world history."
She was co-chair of the Republican National Lawyers Association when it launched Lawyers for Trump, a group that urged the U.S. Supreme Court to intervene on behalf of the former president after he lost the 2020 election.
Cohen also highlighted Dhillon's ties to right-wing legal activist and Federalist Society co-chair Leonard Leo, described by Sen. Sheldon Whitehouse (D-R.I.) as a "lawless con man and crook" for his refusal to comply with a Senate subpoena and his organization of lavish gifts to conservative U.S. Supreme Court justices.
"We need a leader at the Civil Rights Division who understands that civil rights protections are not partisan or political positions open to the ideological whims of those who seek to elevate a single religion or to protect political allies or particular groups over others," Wiley stressed. "We need a leader who will vigorously enforce our civil rights laws and work to protect the rights of all of our communities—including in voting, education, employment, housing, and public accommodations—without fear or favor."
Keep ReadingShow Less
Most Popular