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

Everton, West Ham intensify bid for Ola Aina

first_img During those outings, the 23-year-old has averaged 1.4 tackles, 1.7 interceptions and 1.3 clearances. Aina is extremely versatile. He can operate at either right-back or left-back. He can also be deployed further up the pitch on the right or left side of midfield. The Nigerian was highly rated by his former manager Jose Mourinho (Daily Mail). Aina is a player full of energy and has blistering pace, according to the Independent. For just £16 million, it seems like the former Chelsea man would be a very sound addition for either West Ham or Everton. Much will depend on which club the player wants to join. read also:Ola Aina is good influence to our family, says uncle Maybe he will favour a move back to London? Only time will tell. FacebookTwitterWhatsAppEmail分享 Everton and West Ham are interested in Super Eagles and Torino fullback, Ola Aina. Loading… Gazzetta dello Sport says Everton and West Ham have made contact with Torino for the former Chelsea defender. For Aina, the interest has been welcomed, as there is a desire from his end to be once again closer to his family. Costing Torino around €10m, the player’s value has now close to doubled, with claims he is now worth around €18m. Aina signed permanently for Toro last season. West Ham will certainly be keen to sign a new right-back in the summer. Everton will probably want to as well, with Seamus Coleman set to turn 32 in October. And Gazzetta dello Sport claims that the Hammers and the Toffees have both made enquiries already for Torino’s 14-capped Nigeria international.Advertisement Promoted ContentCouples Who Celebrated Their Union In A Unique, Unforgettable Way6 Extreme Facts About HurricanesBirds Enjoy Living In A Gallery Space Created For Them8 Infamous Mistakes That Cost People Billions11 Most Immersive Game To Play On Your Table Top7 Black Hole Facts That Will Change Your View Of The UniverseTop 6 Iconic Supercar Movies10 Phones That Can Easily Fit In The Smallest PocketHow Good The CGI Effects In Those Movies Were!2020 Tattoo Trends: Here’s What You’ll See This Year6 Interesting Ways To Make Money With A DroneTop 10 TV Friends Who Used To Be Enemieslast_img read more

Kobe Bryant reminisces about career at NBA All-Star weekend

first_img Newsroom GuidelinesNews TipsContact UsReport an Error “I’m looking around the room and seeing guys that I’m playing with that are tearing the league up that were 4 in my first All-Star game,” Bryant said. “How many players can say they played 20 years and actually have seen the game go through three or four generations?”Bryant can. Yet, he joked he will play only 10 minutes as a starter for the Western Conference, mindful that he has nursed soreness in recent weeks in his right shoulder. But even limited minutes will not diminish Bryant’s presence. Chicago forward and former Lakers teammate Pau Gasol said “it will be emotional for me to see him.” “We definitely want to send him off on a good note,” Thunder forward Kevin Durant said. “We know he’s going to be super competitive.”Yet, Bryant reiterated he has “zero” aspirations to set the record for most NBA All-Star MVPs after collecting four (2002, 2007, 2009, 2011) to tie Bob Pettit. “I’m enjoying this whole thing with being around these players and talking to them one more time,” Bryant said. “The competitiveness in terms of me trying to establish something and prove something, that’s gone.”Not completely. Bryant admitted he still laments the Lakers losing in the 2004 NBA Finals to Detroit and 2008 NBA Finals to Boston.“I wish I could have won the two that got away,” Bryant said. “Those are tangible things I felt I could have adjusted.”Bryant then argued he should have become “more nit-picky” on how the Lakers ran their offense during the 2003-04 season. Bryant also wished he had his teammates “play with a more physical nature” throughout the 2007-08 campaign.Still, Bryant expressed gratitude for recovering from season-ending injuries to his left Achilles tendon, left knee and right shoulder. Though he conceded “it would’ve been amazing” if he ended his 20th and final NBA season with a championship, Bryant argued he “can’t complain about that.“I’ve been very, very fortunate,” said Bryant, who has won five titles. “You got to be able to take the good with the bad.”Bryant shared that attitude during a press conference filled with non sequiturs. When a reporter asked if he could speak any Arabic, Bryant enthusiastically asked him to teach him some words. Bryant offered greetings to reporters stationed from Taiwan, China, India and the Philippines. When asked to name any Canadians not named Drake, Bryant answered with Wayne Gretzky, Steve Nash, Andrew Wiggins and Rachel McAdams. Bryant also addressed various news topics. Bryant waxed nostalgia he will play in the same city that hosts the franchise he scored a career-high 81 points against nearly a decade ago. He predicted Golden State Warriors guard Stephen Curry will win the 3-point shooting contest. Bryant expressed gratitude former Lakers and Clippers Lamar Odom has traveled to New York after being hospitalized for most of the year after falling unconscious at a Nevada brothel. Bryant pleaded patience with the Lakers’ rebuilding process.“It’s tough. You can always plan to do a certain thing and then certain things happen,” Bryant said. “So now you have to adjust. They’re still adjusting. It’s going to take time. They’ll figure it out.”Soon enough, an NBA official ended the press conference. Bryant then offered something poetic to sum up his accomplished career.“A legend that had every passion,” Bryant said, “and poured it out into the game that he loved.”Bryant then walked away from the stage. The cameras furiously clicked and flashed with the same intensity that greeted Bryant when he first arrived. center_img TORONTO >> Every move Kobe Bryant made sparked hysteria. His presence caused several to chant his name. Usually the Lakers’ star creates this atmosphere after he scores a basket. This time, Bryant sparked a stir amid the estimated 150 journalists, both real and imagined, that surrounded him during media availability on Friday as part of NBA All-Star weekend.Bryant’s press conference started with alleged reporters clapping upon his arrival. Bryant answered questions in English, Spanish and Italian. A few international media members greeted Bryant with gifts. One Toronto-based reporter handed Bryant a personalized “Thank you” card. A Japanese reporter gave Bryant a piece of artwork that depicted Bryant as a samurai. Somewhere in between, Bryant talked the fans selecting him for his 18th and final All-Star game during his 20th NBA season on Sunday at Air Canada Centre.last_img read more