Low carbon transition ‘here to stay’ despite US exit from Paris deal

first_imgThe decision by Donald Trump to withdraw the US from the Paris Agreement on climate change is unlikely to derail the momentum behind the transition away from fossil fuels, according to investors and observers.They argued that the US in fact stood to lose out the most due to the decision, while China was poised to benefit.In a video address, Philippe Desfossés, chief executive of ERAFP, France’s €27bn civil service pension scheme, said that the decision was “a very sad event”, but large companies would continue to invest in the transition to low carbon.Tom Sanzillo – director of finance at the Institute for Energy Economics and Financial Analysis and a former first deputy comptroller for New York State, where he had oversight of its $150bn-plus pension fund – said Trump had made a “bad business decision” and that the US would lose out on opportunities from the growth of the renewable sector in the US and abroad. Investors should demand new fossil-fuel-free investment products from investment managers and be prepared to deploy them as they see fit, he added. Georgina Laird, sustainable investment analyst at Kames Capital, said it was too late to slow the adoption of environmentally-friendly technologies: “The genie is already out of the bottle in this respect.” “From solar power, to wind power to electric vehicles, momentum has been building for some time,” she added. “Barriers to adoption have been falling and returns on investment improving to the point where subsidies are largely no longer necessary.”In a speech last night, Trump argued he was protecting the US economy by pulling out of the agreement, and said he would seek to renegotiate the deal.The Institutional Investor Group on Climate Change called Trump’s decision “misguided”.Stephanie Pfeifer, CEO, said in a statement: “By opting out, the US administration is failing to recognise what is already an inevitable and irreversible direction of travel away from dependence on fossil fuels and towards a low carbon future – with all the jobs, growth and innovation that this entails,” it said.Nico Aspinall, a consultant and chair of the resource and environment board of the UK’s Institute and Faculty of Actuaries, said backing out of the agreement would amount to Trump “effectively consigning the American century to history, and guaranteeing that they will be on an import-only basis from here on in”.“In the long run this will take the exorbitant privilege from the dollar, and presumably give it to the renminbi,” he said.Others also noted that China – which has been positioning itself as a leader on climate change – stood to benefit from Trump’s decision.China has been “amply filling the US’s shoes on climate change issues”, said Cindy Rose, Aberdeen Asset Management’s head of responsible investing.Karine Hirn, partner and senior adviser at East Capital, an asset manager specialised in emerging and frontier markets, said Chinese companies represented a third of the global universe for environmental protection investment opportunities. Investors’ interest could shift to China after its onshore market was recently opened to foreign investors, she said. The withdrawal mechanicsThere are two main ways in which the US could withdraw from the Paris Agreement, according to Matt Christensen, global head of responsible investment at AXA Investment Managers.One is to withdraw from the Paris accord only, which any party to the deal can do four years after it has become effective for that party.The other option would be to exit the United Nations Framework Convention on Climate Change (UNFCCC), which covers the Paris pact and other treaties. This option “would be faster but more extreme” and is likely to require support from the US Congress, according to Christensen.last_img read more

1320 Heat successful – GMR&SC

first_imgTHE Guyana Motor Racing and Sports Club (GMR&SC) has deemed its International Drag Race meet a success just twenty-four hours after completion.According to Committee member, Motilall Deodass, they were able to achieve a successful International event even though the lack of a ferry service kept Suriname away.“We held a fanatastic day of racing on Sunday and despite two rain breaks, we were able to complete all the races,” Deodass told Chronicle Sport.“We want to thank Team Trinidad for coming here. The rail car especially brought a lot of fans out for the weekend and we want to say congratulations to them on taking the unlimited class.”Meanwhile, in spite of setting an unseen 7.9 second time on the strip on Saturday, Andy Bissessar’s Rail Car was not the fastest car on the race day.In fact, the fastest time of the day came out of the Team Mohamed’s Black GTR (Goliath) with 8.561 though Bissessar did manage to squeeze an 8.584 during one of the runs.There were also 8.916 and 9.006-second runs by the Mad Dog Supra of Deryck Jaisingh while the fastest bike time of the day came from Micheal Mathurine/Joel Bruce of Trinidad with 9.746.There is still doubt as to who has the fastest quarter mile machine as the run between the Godzilla GTR of team Mohamed’s Enterprise and the Rail car ended with an inconclusive result; the rail car jumping the light and the GTR breaking before the finish line.Representing the Trinidad team, Jadgeo ‘Mad Cow’ Seecharran commented, “We definitely love Guyana and we will be back here next year to compete again once we are invited.”Sponsors for the event included ISG, Tropical Shipping, DELCO ICE, Dereck Jaisingh Trucking Services and Machinery Rental, Associate Construction Co. Limited, Trans pacific Auto Spares and Auto Sales, BM Soat Auto Spares and Auto Sales, Mohamed’s Enterprise, A and R Jiwanram Printery, Hand in Hand, I Bet Supreme, Motul, E-Networks, Imran Auto Works, GT Tuners, Marcia’s Flight Service, Miracle Optical, Ready Mix Concrete, Innovations America, Fullworks and Blue Spring Water, Homeline Furnishing, Prem’s Electrical, Air Services Limited, Windjammer Hotel, Tropical View Hotel, KGM, First Class Auto Sales and Spares, Secure Innovations and Concepts Limited, Ramchand’s Crash Truck Service, Cyril’s Taxi Service and Choke Service Station.last_img read more

CONFIRMED: Graziano Pelle leaves Southampton to join Shandong Luneng

first_imgSouthampton have confirmed the sale of striker Graziano Pelle to Shandong Luneng.The fee has not been disclosed for the 30-year-old, who had a year left on his contract at St Mary’s, but is understood to be around £13million.Pelle, fresh from helping Italy reach the quarter-finals of Euro 2016, has penned a two-and-a-half-year deal with the Chinese Super League club which could be worth as much as £250k per week.Having joined Southampton for £8m from Feyenoord back in July 2014, he leaves having scored an impressive 23 goals in 68 Premier League appearances for the south coast club.Pelle will link up with former Newcastle striker Papiss Cisse at Shandong Luneng.Cisse, 31, joined the club, who are managed by former Bayern Munich and Fulham boss Felix Magath, in a £2.5m deal earlier this month. Graziano Pelle in action for Southampton 1last_img read more