February, 21 2022, 09:57am EDT
For Immediate Release
Contact:
Mike Tidwell, Executive Director, Chesapeake Climate Action Network and CCAN AF
240-460-5838, mtidwell@chesapeakeclimate.org
Jeff Weisner, President, 350MoCo, 202-246-0421, jeffrey.weisner@gmail.com
New Report: MD State Pension Fund Sacrifices Millions of Dollars in Investment Returns by Funding Fossil Fuel Companies That Drive Climate Change
WASHINGTON
Maryland has sacrificed millions of dollars in potential returns by investing in fossil fuel companies responsible for the climate crisis, according to a recent report analyzing the Maryland State Retirement and Pension System (SRPS). The SRPS has sacrificed returns of more than 15 percentage points since 2010 in the public equities portion of the fund by buying and holding dirty energy stocks.
The report -- published by researchers at FFI Solutions -- examines Maryland's holdings in the Carbon Underground 200 (CU200). The CU200 identifies the top 100 coal and top 100 oil and gas publicly-traded reserve holders globally ranked by the potential carbon emissions content of their reported reserves. Despite Maryland's vulnerability to climate change, the report shows that as of September 2021, the SRPS had holdings in 162 of these CU200 companies. Of these fossil fuel investments, the two portfolio's largest holdings by weight - that is, by the percentage that these companies hold in the portfolio - were Exxon Mobil and Chevron. Although Maryland permanently banned "fracking" in 2017, the SRPS had holdings in companies that engage in fracking in nearby states. Further, the report shows that as of September 2021, the SRPS portfolio held well over half a billion dollars ($623,093,558) in securities of CU200 companies.
Since 2010, the FFI report shows that by removing CU200 fossil fuel companies, the public equities portfolio would have outperformed the non-divested portfolio by 15.19 percentage points over the backtest period. In reality, the holdings in the portfolio grew 128.58% since 2010. Without the CU200 holdings, the portfolio would have grown 143.77%. Put differently, for every $1,000 invested by the public equities portfolio in 2010, returns would be $150 greater today had the portfolio divested from the CU200 companies. During this period, the FFI report also shows that the SRPS would not have been at higher risk of sudden increases or decreases of returns as a result of divesting from fossil fuel holdings.
"This report is a double whammy of bad news," said Mike Tidwell, executive director of the Chesapeake Climate Action Network and CCAN Action Fund. "By investing in dirty coal and tar sands, Maryland's state pension fund is lowering the retirement funds of our teachers and firefighters AND contributing to global warming. It's time for the state legislature to demand divestment from fossil fuels to protect our climate and our retirees."
"Maryland is falling behind other state pensions as it continues to hold dirty and unprofitable coal, oil and gas investments," said Jeff Weisner, Steering Committee President at 350 Montgomery County (350 MoCo). "Our state pension needs to put its money where our values are and get out of fossil fuels."
"Thousands of educators in Maryland, myself included, are relying on the pension system to be strong for the decades to come. It's clear now that divesting from fossil fuels is the best path forward for the SRPS to protect the system from delivering subpar financial returns," said Chris Wilhelm, an English as a Second Language teacher at Northwood High School in Silver Spring, MD. Most Maryland public school teachers are participants in the SRPS.
The report is broken down into three sections: a snapshot report showing the SRPS fossil fuel holdings, a diagnostic report that examines the holdings in more detail, and a backtest report showing the estimated performance of the portfolio with and without the fossil fuel holdings over time.
The report from FFI Solutions was commissioned by CCAN Action Fund and 350 MoCo. FFI Solutions is a research and analytics-driven advisory firm that empowers investors and asset managers to transition to more sustainable investments. For more information on the methodology of the report, you can contact Michael Palmieri at info@ffisolutions.com.
The Chesapeake Climate Action Network (CCAN) is the first grassroots, nonprofit organization dedicated exclusively to fighting global warming in Maryland, Virginia, and Washington, D.C. Our mission is to build and mobilize a powerful grassroots movement in this unique region that surrounds our nation's capital to call for state, national and international policies that will put us on a path to climate stability. - See more at: http://www.chesapeakeclimate.org/index.php?option=com_k2&view;=itemlist&...
LATEST NEWS
Complaints of Pregnant Patients Denied Emergency Care Surged After Dobbs
"MAGA abortion bans deny women lifesaving care," one critic said in response to reporting on patient stories.
Apr 19, 2024
New reporting from The Associated Press that complaints of pregnant patients turned away from emergency departments "spiked" after the reversal of Roe v. Wade sparked fresh condemnation of efforts to restrict abortion rights on Friday.
Since the right-wing U.S. Supreme Court ended nearly half a century of nationwide abortion rights with Dobbs v. Jackson Women's Health Organization in June 2022, over 20 states have enacted new restrictions on reproductive healthcare, creating a culture of confusion and fear at many medical facilities.
Early last year, the AP filed a public records request for 2022 complaints filed under the Emergency Medical Treatment and Active Labor Act (EMTALA), a federal law that requires hospitals and emergency departments that accept Medicare to provide screenings to patients who request them and prohibits refusing to treat individuals with an emergency medical condition.
"This is the reality that extreme Republicans call 'pro-life.'"
"One year after submitting the request, the federal government agreed to release only some complaints and investigative documents filed across just 19 states," the AP's Amanda Seitz reported. "The names of patients, doctors, and medical staff were redacted from the documents."
"One woman miscarried in the lobby restroom of a Texas emergency room as front desk staff refused to admit her," the journalist detailed. "Another woman learned that her fetus had no heartbeat at a Florida hospital, the day after a security guard turned her away from the facility. And in North Carolina, a woman gave birth in a car after an emergency room couldn't offer an ultrasound. The baby later died."
According to Seitz:
Emergency rooms are subject to hefty fines when they turn away patients, fail to stabilize them, or transfer them to another hospital for treatment. Violations can also put hospitals' Medicare funding at risk.
But it's unclear what fines might be imposed on more than a dozen hospitals that the Biden administration says failed to properly treat pregnant patients in 2022.
It can take years for fines to be levied in these cases. The Health and Human Services agency, which enforces the law, declined to share if the hospitals have been referred to the agency's Office of Inspector General for penalties.
Responding to the reporting on social media, journalist Jane Mayer declared, "This is barbaric."
Texas Poor People's Campaign said that women in the state "are being left to die in ER waiting rooms. We cannot let this policy violence against women continue. Please join us as we mobilize voters for the '24 election."
Going into November, abortion has been a key issue at the state and federal level. Supporters of reproductive freedom are working to advance various ballot measures while Democratic President Joe Biden's campaign has highlighted his support for abortion rights and the presumptive Republican nominee, former President Donald Trump, has bragged about his role in reversing Roe—he appointed three of the six justices behind the majority opinion.
"MAGA abortion bans deny women lifesaving care," stressed Alex Wall, senior vice president for digital advocacy at the Center for American Progress. Citing examples from Texas and Florida in the AP report, he reiterated, "MAGA Republicans did this."
Congresswoman Becca Balint (D-Vt.) said that "this is the reality that extreme Republicans call 'pro-life'—pregnant women being turned away at hospitals and emergency centers. Absolutely disgraceful. No woman should ever be denied emergency care."
Slate's Mark Joseph Stern, who covers U.S. legal battles, noted that this "devastating and timely story" from Seitz comes "just days before the Supreme Court considers whether emergency rooms can legally force patients to the brink of death before terminating a failing pregnancy."
The high court is set to hear arguments in that case Wednesday. The Biden administration is challenging Idaho's near-total ban on abortion, which "would make it a criminal offense for doctors to comply with EMTALA's requirement to provide stabilizing treatment, even where a doctor determines that abortion is the medical treatment necessary to prevent a patient from suffering severe health risks or even death," as the U.S. Department of Justice's lawsuit explains.
The Justice Department is seeking a judgment that Idaho's law is invalid under the supremacy clause of the U.S. Constitution and "is preempted by federal law to the extent that it conflicts with EMTALA."
Keep ReadingShow Less
Progressives Oppose Israel Funding Advanced by US House
"Congress is shamefully choosing a failed approach of fueling genocide rather than saving Palestinian and Israeli lives," said Rep. Cori Bush.
Apr 19, 2024
Progressive lawmakers on Friday dissented as the Republican-controlled U.S. House advanced legislation to provide more military funding to Israel as well as Ukraine and Taiwan, with Rep. Cori Bush condemning a committee's refusal to consider an amendment aimed at securing a permanent cease-fire in Gaza.
The legislation passed a procedural hurdle in a vote of 316-94, placing votes for the separate aid packages and a bill calling for more humanitarian assistance to Gaza on the legislative agenda for Saturday.
Bush (D-Mo.) joined progressives including Reps. Ilhan Omar (D-Minn.), Rashida Tlaib (D-Mich.), and Alexandria Ocasio-Cortez (D-N.Y.) in opposing the legislation, with centrist Democratic Rep. James Clyburn of South Carolina also voting with the left-wing faction.
The Missouri Democrat condemned the House Rules Committee's refusal to consider an amendment she submitted along with Tlaib, which called for a lasting cease-fire, a release of all hostages in Israel and Palestine, and "diplomacy to secure self-determination for both Palestinians and Israelis."
"Congress is shamefully choosing a failed approach of fueling genocide rather than saving Palestinian and Israeli lives, releasing the hostages and others arbitrarily detained, and prioritizing peace in the region," said Bush.
The funding package includes $26.4 billion for Israel, purportedly to support "its effort to defend itself against Iran and its proxies" following Iran's retaliatory drone attack on Israel this week—to which Israeli forces responded with a limited attack on Friday.
The new military aid was passed on top of more than 100 weapons transfers the Biden administration has made to Israel since October 7. According to the Council on Foreign Relations, two of the transfers were reviewed by Congress and totaled about $250 million.
"Our country spends billions of tax dollars to maintain this apartheid state and support the continued ethnic cleansing of Palestinians," said Tlaib, the only Palestinian American member of Congress, in a statement on Thursday.
Rep. Becca Balint (D-Vt.) said she was "encouraged" that Democrats in Congress were able to secure more humanitarian aid for Gaza, where dozens of people have starved to death as Israel has blocked nearly the vast majority of aid shipments since October, but said the provisions do not "come close to meeting the desperate needs of the people in Gaza," particularly considering the United States' suspension of funds to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).
"Americans will remember this moment," said Balint. "The United States must be firm in demanding a course correction from the Netanyahu government. Without a strong message against more offensive aid, the United States risks signaling support for an expanded offensive in Rafah, for an escalation with Iran, and for continued disregard for Palestinian life."
Omar called the funding package part of the U.S. government's "thinly veiled attempts to escalate an already very dangerous situation."
"What is needed most of all is a sober approach to de-escalation and conflict prevention," said the congresswoman. "Congress should be focused on efforts to de-escalate tensions—not inflame them."
Keep ReadingShow Less
US College Students Demonstrate in Solidarity With Palestinians, Columbia Protesters
"Columbia University made a huge mistake calling the cops on student protesters," said one educator. "It has transformed the activism of hundreds of students into a student movement of thousands."
Apr 19, 2024
Undeterred by Columbia University's sanctioning of a crackdown by the New York Police Department in which at least 108 people were arrested on Thursday for protesting Israel's war on Gaza, dozens of students continued to camp out on the campus' West Lawn Friday as solidarity protests cropped up at other schools across the country.
Students at the University of North Carolina, Chapel Hill (UNC) set up tents at a rally, while the Harvard College Palestine Solidarity Committee announced a walkout to express solidarity with "steadfast Columbia students" and emergency protests were announced at Boston University; Miami University in Oxford, Ohio; and Ohio State University.
"Columbia University made a huge mistake calling the cops on student protesters," said Jairo I. Fúnez-Flores, a faculty member at Texas Tech University. "It has transformed the activism of hundreds of students into a student movement of thousands with millions around the world watching."
National Students for Justice in Palestine, whose Columbia University chapter was shut down late last year after members protested against the institution's investments in Israeli companies and partnership with Tel Aviv University, called on all of its chapters across college campuses to join in solidarity actions.
"The supposed power of these administrators pales in comparison to the combined strength of the students, staff, and faculty committed to realizing justice and upholding Palestinian liberation on campus," said the national group.
At the impromptu rally at UNC, students chanted, "No justice, no peace!"
The solidarity actions came a day after Columbia president Minouche Shafik authorized the police to dismantle an encampment set up by dozens of students. Shafik testified before a Republican-controlled U.S. House committee on Wednesday where the focus was antisemitism on the school's campus, and admitted she has not witnessed anti-Jewish protests at Columbia since Israel began its assault on Gaza last October.
After the students were arrested Thursday, one student Barnard College—which is part of Columbia—posted on social media an email she had received from vice president and dean Leslie Grinage about the suspension of several students.
The students were forced to leave their housing and have had their access to all campus facilities revoked during the suspension.
Several members of the press reported being denied entry to Columbia's campus on Thursday and Friday, prompting the university's journalism school to offer its assistance and reiterate its support for a free press.
Barnaby Raine, an historian earning his Ph.D. at Columbia, urged fellow educators at the Ivy League school to demonstrate solidarity with the student-led protests.
"As my employer, Columbia University, calls armed riot police into campus to smash a peaceful protest against a genocide, we must all speak out," said Raine. "My former students have been arrested. I'm proud of you. History will be too."
Actor, activist, and former New York gubernatorial candidate Cynthia Nixon, who graduated from Barnard, condemned the administrators' response to the protests.
"I am shocked and ashamed that [Barnard] and Columbia are violently crushing the right of students to peacefully protest," said Nixon. "This is not who we are. Both schools must immediately reinstate these students and protect their right to fight for a free Palestine."
Keep ReadingShow Less
Most Popular