Today’s Solutions: January 16, 2022

That oil, gas, and mining companies extract resources while damaging the environment is already bad enough, but what is absolutely unacceptable is that some of these companies lobby against climate action. That’s why a Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto, as well as US oil giants ExxonMobil and Chevron, as part of a new climate policy targeting companies that use their political clout to block green policies. The investor is one of many major financial institutions divesting from polluting industries but is understood to be the first to dump shares in companies that use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

Storebrand will also divest from German chemicals company BASF and US electricity supplier Southern Company for lobbying against climate regulation, and a string of companies that derive more than 5% of their revenues from coal or oil sands. Now the hope is other investor groups will follow Storebrand’s lead in divesting from companies that support anti-climate lobbying “as part of a logical progression in global fossil fuel divestment”.

Solutions News Source Print this article
More of Today's Solutions

Science Moms are on a mission to spread science-based climate optimism

When we feel overwhelmed and hopeless, many of us turn to our mothers or the mother figures we have in our lives for comfort and encouragement. As adults the challenges we face are much bigger ... Read More

Study: laughter is common among more than 65 species of animals

While laughter may seem like a trait exclusive to human behavior, nothing could be further from the truth. That’s at least according to a recent study which has found that the phenomenon of laughter is ... Read More

An EMADE autonomous drone helps save the life of cardiac arrest patient

Last month in Sweden, an elderly man experienced a cardiac arrest while shoveling snow. Today, this man is still alive thanks in large part to Everdrone’s Emergency Medical Aerial Delivery  (EMADE) service, a dispatch service ... Read More

Maya Angelou becomes first Black woman featured on a US coin

Earlier last week, US quarters with the image of poet and writer Maya Angelou went into circulation, making her the first Black woman in the nation’s history to be featured on a coin. Angelou’s quarter ... Read More

‘Strange metal’ may be the future for a more energy efficient world

Strange metal behavior was first noticed around 30 years ago. These materials are composed of copper-oxides and carry the properties of being high-temperature superconductors. This means they can transfer electricity very efficiently, withstanding much higher ... Read More

Key ingredient in cat litter could help reduce methane emissions

In recent years, carbon capture technologies have started playing an increasingly important role in our global quest to reduce greenhouse gas emissions from the atmosphere. Now, researchers at MIT have started working on solving another ... Read More