The University of British Columbia is following the lead of faculty and students at Harvard University, the University of California, Stanford University and many other universities across North America. Also of note, Norway’s sovereign investment fund, the largest in the World @ $1.3 Trillion, has already made the decision to divest. The current fossil fuel market collapse and likely long term instability is prima facie evidence of the need for divestment, and to prevent further increases in carbon emissions.
UBS has confirmed it is being investigated by US authorities into whether it helped Americans evade taxes through investments banned in the US. The Swiss bank said US regulators were investigating potential sales of so called “bearer bonds”. These bonds can be transferred without registering ownership, enabling wealthy clients to potentially hide assets. The fresh investigation by the US Attorney’s Office for the Eastern District of New York and from the US Securities and Exchange Commission comes after UBS paid $780m (£512m) in 2009 to settle a separate Justice Department tax-evasion probe.
Norway’s Government Pension Fund Global (GPFG), worth $850bn (£556bn) and founded on the nation’s oil and gas wealth, revealed a total of 114 companies had been dumped on environmental and climate grounds in its first report on responsible investing, released on Thursday. The companies divested also include tar sands producers, cement makers and gold miners.
As part of a fast-growing campaign, over $50bn in fossil fuel company stocks have been divested by 180 organisations on the basis that their business models are incompatible with the pledge by the world’s governments to tackle global warming. But the GPFG is the highest profile institution to divest to date.
In an extraordinary turn of events, the U.S. Federal Communications Commission appears set to implement strong new rules, later this month to enforce Net Neutrality on the Internet. If the new rules are implemented, it will have major favorable implications for future global Internet policy with the International Telecommunications Union in Geneva, Switzerland. This means simply that all traffic on the Internet will be treated equally and fairly, which is one of the founding principles of the Internet, since its invention by Sir Tim Berners-Lee, Vin Cerf and others back in the 1980’s.