Angelien Kemna, chief financial and risk officer at €377bn Dutch asset manager APG, has called on the world’s governments to produce “workable and stable” climate policies to increase the pace of institutional investment in sustainable energy.Speaking on behalf of the Global Investor Coalition on Climate Change (GIC) – representing nearly 350 institutional investors with more than €24trn in assets – at the UN Climate Summit in New York, Kemna said the €194bn currently invested in clean energy worldwide would need to double over the next few years to counter the worst effects of climate change. To achieve this goal, she said governments should abolish fossil-fuel subsidies, increase the price of CO2 emission rights and boost their support for research in clean-energy generation.The GIC’s members will now press companies in which they are invested to provide more clarity on the risks posed by climate change. Kemna also announced that, over the next three years, APG will double its investments in sustainable energy to €2bn.Further, APG, PensionDanmark and US pension fund CalSTERS have committed themselves to making more than €24bn in combined allocations to green investments by the year 2020. During her speech, Kemna also confirmed that APG had doubled its sustainably managed property holdings to €11bn over the last two years, claiming that the real estate industry had been responsible for 40% of greenhouse gas emissions worldwide.Her announcement came just after APG’s main client, the €325bn pension fund ABP, said withdrawing from fossil fuel-related investments for was “unrealistic” at the present time, after a number of environmental lobby groups called on the pension fund to divest.ABP said, rather than divest, it preferred to increase its holdings in sustainable energy sources, pointing out that sustainable energy sources such as wind or solar power could not yet meet global demand. It also pointed out that new investments in sustainable energy must also provide “proper returns”, and said it sought investments in “proven technologies of sufficient scale and low risk”, citing land-based wind farms as an example.“Unfortunately, there are not many projects available meeting these criteria yet,” it said.A spokesman at APG said the asset manager’s stake in the larger oil companies currently stood at approximately €10bn.He said APG was unafraid of holding ‘stranded assets’ due to the evolution of stricter environmental regulations worldwide, as well as the fact that “oil and coal will still be needed for a long time”. In an op-ed in the New York Times last June, Henry ‘Hank’ Paulson, US secretary of the Treasury when the credit bubble burst, warned of the potentially catastrophic implications of climate change for the global economy, if the use of fossil fuels continued at the current level.At the time, he wrote: “Viewing climate change in terms of risk assessment and risk management makes clear to me that waiting for more information before acting is actually taking a very radical risk.”
Dozens of people have died in a deadly dawn raid on a village in Benue State in Central Nigeria.Police say 45 people including women and children died in the attack carried out by unidentified gunmen.Police are hunting the attackers but no arrests have been made yet.Benue has a history of violent attacks and reprisals between semi-nomadic herdsmen and farmers, sometimes in revenge for cattle raiding.Reports say the attackers who descended on the village in early morning hours were armed with Kalashnikov rifles.Clashes between herdsmen from the Fulani ethnic group and farmers over grazing rights have plagued the region.Last year, at least 100 villagers were killed in central Kaduna state in an attack linked to a dispute between local farmers and herdsmen Clashes between herdsmen from the Fulani ethnic group and farmers over grazing rights have plagued the region.
Despite the announcement he would be redshirted for the 2011 season, freshman George Farmer’s transition to tailback has gone well in practice, earning him praise from USC coach Lane Kiffin.Dual threat · Freshman wide receiver George Farmer has given the USC offense another option at tailback after improving during practice. – Chris Pham | Daily Trojan“I was surprised, having not played running back for a while, for him to go back there and look pretty natural at doing it,” Kiffin said. “It says a lot about the athlete that he is. If we could ever get that where he was really a real running back with that size and that speed — and we know what he can do outside — there aren’t many people like that ever.”Farmer, who was the No. 1 wide receiver recruit out of high school, hurt his ankle in Tuesday’s practice, but came back Wednesday unhindered.“It really says a lot about him to sprain his ankle yesterday and come back out today,” Kiffin said. “I wish all of our guys did that.”Though Farmer struggled early on during fall camp and throughout early practices, Kiffin called true freshman struggles a normal problem.“You probably only get five to seven unique, true freshman stories around the country where guys come in and make major, major impacts, like [sophomore wideout] Robert [Woods] did last year,” Kiffin added. “Once they get some time in the system, they get comfortable, the pressure’s off of them, you see what [they] did in high school.”—On a rainy Wednesday morning, Kiffin looked at the weather as a positive aspect for his team during its final bye week practice.“The weather was good for us to have,” he said. “We haven’t really dealt with bad weather much. It was good, especially for our skill guys, to work in this [weather]. Obviously, [there is] a possibility of that coming up with a couple road games on our schedule.”Starting Thursday, USC will prepare for its Oct. 13 game against California in San Francisco.—Starting with Cal, USC will face a slew of 3-4 and multiple defensive packages, which could cause problems for USC’s offensive line.“If the team’s only 3-4, it’s a little bit easier because that’s all you prepare for the week,” Kiffin said. “But these guys are so multiple. Sometimes there’s two downsmen, three downsmen, four down linemen, so it makes it really difficult on young linemen especially.”—Senior fullback Ross Cumming’s play Saturday was solid and surprising although it was his first game at fullback.“I wish we had done [the position change] earlier,” Kiffin said. “It’s just an example of a guy staying around here, understanding the systems, understanding the techniques. What we teach on special teams can really carry over to offense and defense regardless of positions, and Ross is a great example to step right in and contribute.”—Junior quarterback Matt Barkley returned to full practice after freshman quarterback Max Wittek took extended snaps Tuesday.Sophomore Robert Woods was a full participant in the rain, although Kiffin originally thought Woods would sit out for a couple days to recover from an injured ankle and elbow.Kiffin reported there were no major injuries sustained during Wednesday’s practice. read more