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UC System Announces Divestment From Fossil Fuels

UC System Announces Divestment From Fossil Fuels thumbnail

The University of California system has announced its intention to completely divest from fossil fuels. 

Officials in charge of investments insist that their decision to move toward more “sustainable” and environmentally conscious investments is simply in the practical interest of beneficiaries, rather than a product of political opinion.

In an opinion piece in the Los Angeles Times, UC chief investment officer and treasurer Jagdeep Singh Bachher and chairman of the UC Board of Regents’ Investments Committee Richard Sherman reasoned that “hanging on to fossil fuel assets is a financial risk.”

“That’s why we will have made our $13.4-billion endowment “fossil-free” as of the end of this month, and why our $70-billion pension will soon be that way as well,” the officials explained in the September 17 op-ed.

Sherman and Bachher deny that their decision was “born of political pressure,” or that it is a result of “green movement idealism.” Instead, they insist that it is based on a “sustainable investing” approach.

“Today, we are on track to beat our own five-year goal of investing at least $1 billion in climate change solutions and, by incorporating environmental, social and governance factors — ESG factors — into our investment decision-making, we’ve become better stewards of university funds,” the officials explained.

Sherman and Bachher boast that they drove UC to become the first U.S. public university to sign onto the U.N’s Principles for Responsible Investing, a commitment by institutional investors to act in the “long-term interests” of their beneficiaries by incorporating “environmental, social, and corporate governance (ESG) factors” into investment decisions.

The commitment consists of six principles to guide investment decisions including to “incorporate ESG issues into investment analysis” to “seek appropriate disclosure on ESG issues by the entities in which we invest,” and to “promote acceptance and implementation” of the listed principles.

The investors emphasize that they are not driven by political reasonings, but that they are led to the same decision that they might be if that were the case. Regardless of political motivations, they say that they sold $150 million in fossil fuel assets because they “posed a long-term risk.”

While our rationale may not be the moral imperative that many activists embrace, our investment decision-making process leads us to the same result. We’re in the business of helping to ensure the financial viability of a great university whose stakeholders frequently come at an issue — even one as terrifyingly consequential as climate change — from different perspectives,” the pair wrote.

Campus Reform

36 Comments on "UC System Announces Divestment From Fossil Fuels"

  1. supremacist muzzie jerk on Tue, 24th Sep 2019 9:58 pm 

    supertard big muzzie beard SAWS pbuh swt is saying time is short, money is tight so if you’re involved in “union dispute” we all would just bring down an airliner, that’s cool.
    such is the state of extremism of muzzie lovin’ today in supertard america.
    people we need to screw our heads straight in and start the muzzie amputation device because we can’t live with too much irony. the muzzie turned out working for allah trying to kill kufar.

    oh btw supertard big muzzie beard SAWS pbuh swt is banned by muzzie lovin’ AA but that didn’t mean muzzie didn’t try to bring down an AA airliner. isn’t that precious

  2. JamesTipper on Tue, 24th Sep 2019 10:05 pm 

    The only way to truly divest and become green is to be Amish. Otherwise it’s just the same old shit.

    ‘Regardless of political motivations, they say that they sold $150 million in fossil fuel assets because they “posed a long-term risk.”’

    If only you knew how write you really were.

  3. DerHundistLos on Tue, 24th Sep 2019 10:41 pm 

    RAINFOREST ON FIRE: On the Front Lines of Bolsonaro’s War on the Amazon

    The Intercept: 19 July 2019

  4. Cloggie on Wed, 25th Sep 2019 6:12 am 

    Seelevel rise more than a meter by 2100.

    Potential for 7 meters (Greenland) or even much higher (south-pole)

  5. Darrell Cloud on Wed, 25th Sep 2019 6:59 am 

    Clog maybe then again there could be global cooling.

    The real truth is nobody knows.

  6. Sissyfuss on Wed, 25th Sep 2019 8:30 am 

    The university system will come crashing down to nothing more than entertainment diversion when the robots figure out how to repair themselves.

  7. Duncan Idaho on Wed, 25th Sep 2019 9:43 am 

    As a UC graduate, I applaud the action, even though other greed heads will step in—-

  8. Robert Inget on Wed, 25th Sep 2019 9:50 am 

    Summary of Weekly Petroleum Data for the week ending September 20, 2019
    U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week
    ending September 20, 2019, which was 193,000 barrels per day less than the previous
    week’s average. Refineries operated at 89.8% of their operable capacity last week.

    Gasoline production increased last week, averaging 10.2 million barrels per day.
    Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

    U.S. crude oil imports averaged 6.4 million barrels per day last week, down by 672,000
    barrels per day from the previous week. Over the past four weeks, crude oil imports
    averaged about 6.8 million barrels per day, 13.1% less than the same four-week period
    last year. Total motor gasoline imports (including both finished gasoline and gasoline
    blending components) last week averaged 800,000 barrels per day, and distillate fuel
    imports averaged 94,000 barrels per day.
    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
    Reserve) increased by 2.4 million barrels from the previous week. At 419.5 million
    barrels, U.S. crude oil inventories are at the five year average for this time of year.

    Total motor gasoline inventories increased by 0.5 million barrels last week and are about 4%
    above the five year average for this time of year. Finished gasoline inventories increased
    while blending components inventories decreased last week. Distillate fuel inventories
    decreased by 3.0 million barrels last week and are about 7% below the five year average
    for this time of year. Propane/propylene inventories decreased by 1.0 million barrels last
    week and are about 15% above the five year average for this time of year. Total
    commercial petroleum inventories increased last week by 0.7 million barrels last week
    Total products supplied over the last four-week period averaged 21.1 million barrels per
    day, up by 1.4% from the same period last year. Over the past four weeks, motor gasoline
    product supplied averaged 9.4 million barrels per day, down by 0.9% from the same
    period last year. Distillate fuel product supplied averaged 3.9 million barrels per day over
    the past four weeks, down by 2.0% from the same period last year. Jet fuel product
    supplied was down 2.1% compared with the same four-week period last year.

    (Demand remains fairly strong. Keep in mind 2 things. 21.1 M B consumption includes some exports and of course chemical uses.
    Diesel, Jet, heating, fuels could well be in short supply this coming winter..Happy Fall)

    Most important line in the report?

    ” Distillate fuel inventories
    decreased by 3.0 million barrels last week and are about 7% below the five year average
    for this time of year”.

  9. Robert Inget on Wed, 25th Sep 2019 11:24 am 

    Most pension funds are bailing on energy.
    Oil companies are selling cheaper today
    then 2008 when oil was selling for $30.
    That’s fire sale news for LT investors.

    EIA long term energy outlook (published yesterday) – 127M by 2050.

    Global liquid fuels demand increases more than 20% between 2018 and 2050, with total consumption reaching more than 240 quadrillion British thermal units (Btu) in 2050. Demand in countries in the Organization of Economic Cooperation and Development(OECD) remains relatively stable during the projection period, and non-OECD demand increases by about 45%.

    •Finished petroleum products such as motor gasoline, diesel, and jet fuel are increasingly consumed in the transportation sector. Other liquids are also consumed in large quantities, including natural gas plant liquids (NGPL) as an industrial feedstock.

    Non-OECD countries account for nearly all growth in liquid fuels consumption between 2018 and 2050, as growing populations and expanding economies increasingly consume energy. Non-OECD liquid fuels consumption increases 45% during the projection period, growing from 108 quadrillion Btu in 2018 to 156 quadrillion Btu by 2050.

    •Non-OECD Asia accounts for about three-quarters of the global increase in liquid fuels consumption. India, in particular, experiences rapid industrial growth and increased demand for motorized transportation.

    •OECD liquid fuels demand declines slowly during the projection period; growth in demand is less than the reductions produced by efficiency improvements. Although liquid fuels demand in OECD Americas and OECD Asia is relatively unchanged between 2018 and 2050, liquid fuels consumption in OECD Europe falls by 4 quadrillion Btu, or 15% to 24 quadrillion Btu in 2050.

    In case you were thinking the EIA were complacent about EV penetration, the above numbers assumes 438M EV cars in the car fleet:

    OECD electric light-duty vehicle stocks increase from 3.5 million vehicles in 2018 to 169 million in 2050, and electric vehicle stocks in the non-OECD countries are projected to increase from 2.2 million vehicles in 2018 to 269 million in 2050.

    As from where the EIA believes all future oil production will come from:

    Members of the Organization of the Petroleum Exporting Countries (OPEC) and countries that are not members of OPEC produce increasing amounts of crude oil, lease condensate, natural gas plant liquids (NGPLs) and other liquid fuels from 2018 to 2050, reaching 127 million barrels per day (b/d) in 2050, or about 30% more than 2018 levels. During the projection period, crude and lease condensate production grows by 13 million b/d among OPEC members and 11 million b/d among non-OPEC producers, corresponding to increases of about 40% and 25%, respectively.

    Non-OPEC breakdown:

    Non-OPEC crude oil and lease condensate production grows 23% between 2018 and 2050, reaching 59 million b/d in 2050. These increases are driven by growth in Russia (22%), the United States (11%), Canada (126%), and Brazil (59%).

    United States crude oil and lease condensate production increases from 11 million b/d in 2018 to approximately 14 million b/d from 2025 to 2040, driven by hydraulic fracturing of tight resources in the U.S. Southwest. Subsequent production falls to 12.2 million b/d by 2050, as development moves into less productive areas and well productivity declines. Nevertheless, 2050 production increases 11% from 2018 levels.

    “Predictions about the future are hard”

  10. Robert Inget on Wed, 25th Sep 2019 11:28 am 

    What EIA is saying.. ‘We are totally screwed’.

    There is no way we can lower CO/2 levels if
    consumption rises from the current 100 M B p/d.

  11. REAL Green on Thu, 26th Sep 2019 7:45 am 

    “Can concentrated solar power be used to generate industrial process heat?” energy skeptic

    Industries use enormous amounts of fossil fuels to generate heat and electricity to make products like steel, cement, chemicals, glass, and refine petroleum, with nearly three-quarters of energy used in the form of heat. Industry uses 30% of all energy, and 83% of that energy is generated by fossil fuels mainly to create process heat directly, indirectly with steam heat, or to generate electricity at the factory for reliability and to operate machine drive equipment (EI 2010)… But the industrial uses this concentrated solar power collection is most useful for are heat applications from 110 to 220 C (230 – 430 F), especially those processes that use pressurized water or steam. So that leaves quite a few very important industries out, since they use 2000 F heat or more, such as iron, steel, fabricated metals, transportation equipment (cars, trucks), computers, electronics, aluminum, cement, glass, machinery, and foundries. Industries where solar industrial process heat (SIPH) might be used are paper, dairy, food, beer, chemicals, and washing/cleaning. No doubt some processes within other industries like plastics and rubber, textiles, and others also have a need for industrial process heat that’s less than 430 F. NREL isn’t proposing gigantic, billion dollar concentrated solar power collectors like the ones that take up miles of land in the deserts of California, Nevada, and Arizona… Another reason these plants need to be small and local is that unlike electricity, it’s too hard to transfer hot fluids like steam more than a few hundred meters, while electricity can be sent for hundreds of miles. So solar collectors need to be next to the manufacturing plant.”

  12. REAL Green on Thu, 26th Sep 2019 7:46 am 

    “Are We Really Running Out of Time to Stop Climate Change?” live science
    Here’s the thing: Scientists never said the world was going to end in 12 years if we don’t stop climate change. Even researchers known for ringing the alarm bells on climate change are far more likely to speak in terms of decimal places and nonlinear effects than to talk about the end of civilization as we know. Prominent activists rarely bring up doomsday, either. Messages from the Global Climate Strike organizers and the U.S.-based Sunrise Movement focus on long-term climate shifts, not an impending, sudden disaster. Still, the 12-year deadline looms large in the culture. “It has achieved an absoluteness in its role in societal dialogue that’s not in line with scientific fact,” said Katharine Mach, a climate scientist at the University of Miami and one of several lead authors of the IPCC report.

  13. REAL Copy and Pastes on Thu, 26th Sep 2019 10:46 am 

    REAL Dumbass on Thu, 26th Sep 2019 7:45 am
    REAL Dumbass on Thu, 26th Sep 2019 7:46 am

  14. Davy on Thu, 26th Sep 2019 11:07 am 

    JuanP aultard ID theft and low IQ nonsense. Please mods ban the bitch

    REAL Copy and Pastes said REAL Dumbass on Thu, 26th Sep 2019 7:45 am REAL Du…
    supremacist muzzie jerk said SuperTard Davy Big Goat pbuh NOT sweet
    More Davy sock puppetry said Ban the Davy on Thu, 26th Sep 2019 10:27 am
    Davy said Just a reminder,,,,,,, I am spending less time on…
    Davy KSHE-95 said I say boots, up, side, ya head I say boots upside…

  15. Robert Inget on Thu, 26th Sep 2019 12:44 pm 

    Bendan McDermid/Reuters
    The Federal Reserve on Wednesday sold $110 billion in total market repurchase agreements, or repos, in a continued effort to calm money markets and bring interest rates within its intended range.

    The bank offered $50 billion in repos expiring overnight and $60 billion in repos expiring in 14 days. Banks bid for more than was available of each repo, signaling strong demand for the government-backed asset.

    The central bank doubled the maximum size of the operation after an offering earlier this week was oversubscribed, meaning banks placed more bids for repos than the Fed was selling.

    The Fed kicked-off its repo offerings last week for the first time since the 2008 financial crisis last week after short-term interest rates began spiking.

    IOM, China is cashing in their chip$.

    Kick a guy (USA) when they are down, eh.
    Again, the last paragraph tells the tail.

  16. Robert Inget on Thu, 26th Sep 2019 12:57 pm 

    Every day another 100 Billion. “Soon this is going
    to run into real money”.

    (A billion here, a billion there, and pretty soon you’re talking about real money).

    Everett Dirksen

  17. Robert Inget on Thu, 26th Sep 2019 1:01 pm 

    Here’s the actual letter;

    I’m not making this shit up, ya know.

  18. Dredd on Fri, 27th Sep 2019 6:50 am 

    Divest from corruption too (Impeachment Is Governing).

  19. Robert Inget on Fri, 27th Sep 2019 9:22 am 

    Trade/Currency War Updates;

    SINGAPORE (Reuters) – Key oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran.

    In what the State Department called “one of the largest sanctions actions the U.S. has taken” since curbs were re-imposed on Iran in November last year, two units of COSCO were named alongside other companies in claims of involvement in sanctions-busting shipments of Iranian oil.[

    The surprise move, affecting one of the world’s largest energy shippers, operating more than 50 supertankers, comes as U.S. President Donald Trump seeks to exert maximum pressure on Iran to drop nuclear programs.

    As some Asian oil buyers rushed to secure vessels, rates for chartering supertankers, or very large crude carriers (VLCCs), to load crude oil from the Middle East to north Asia in October surged nearly 19% overnight to about 75-76 points on Worldscale, an industry tool used to calculate freight charges, shipping and industry sources said.

    That means an increase of about $600,000 per ship, a Singapore-based crude oil trader said.

  20. Robert Inget on Fri, 27th Sep 2019 9:40 am

    Last 20 days of adding to money supply.

    If this isn’t a trade war going to rack and ruin, forcing higher prices for people who can least afford them.

    At what point will China simply give Trump the middle finger and stop using USD banks?

    Some day soon, China alone will be capable of absorbing EVERY exportable barrel on offer.
    every exportable barrel.

    US consumers/press consumed with impeachment talk while Rome burns.

    One excellent reason for dumping Trump would certainly be opening back free trade.

    Nations that trade openly are less inclined to go to war. (with each other)

  21. Robert Inget on Fri, 27th Sep 2019 9:44 am 

    When oil is no longer priced in USD, then what?

    Just open your minds to that possibility.

  22. supremacist muzzie jerk on Fri, 27th Sep 2019 8:56 pm 

    I spend no time on this blog not a pico second
    I work on muzzie amputation machine
    I help the world by building muzzie hamster machine

  23. majece majece on Sat, 28th Sep 2019 4:59 am 

    It will be useful for you to visit Here you can learn more about cheap traveling

  24. REAL Green on Sat, 28th Sep 2019 5:22 am 

    “Proctor & Gamble And PureCycle Collaborate On Polypropylene Recycling Process” clean technica

    “As of 2015, approximately 6,300 million metric tons of plastic waste had been generated, of which only 9% had been recycled, 12% had been incinerated, and 79% had accumulated in landfills or been dumped in the ocean according to a study published in Science Advances…polypropylene, an especially tough, long-lasting plastic that is hard to recycle. Even when recycling is attempted, the colors and aromas embedded in the original waste products remain, turning the end product into a gray or black substance that still has a powerful odor to it, which is hardly something other companies are willing to pay good money for…Proctor & Gamble says it has perfected a process that results in recycled polypropylene that is odor-free and snowy white or clear in color — which makes it highly desirable to a range of manufacturers. The process could potentially be adapted to other hard to recycle plastics. It involves a decontamination and deodorization process that originated in Proctor & Gamble’s laboratory that resulted from the company’s desire to use more recycled content in its products and packaging.”

  25. REAL Green on Sat, 28th Sep 2019 5:22 am 

    “New report shows useful life of wind projects has increased to 30 years in most cases” renewable energy world

    “More mature and robust technology, coupled with improved understanding of performance, wear-and-tear and O&M practices, have been key enablers of longer assumed project lives. Another driver is the increasing desire, and perhaps even need, to capture project value beyond the 10- to 20-year term of the initial power purchase agreement. Though these extended useful life assessments are underpinned by increasingly sophisticated engineering and economic analyses, the actual useful lives of wind projects cannot be known in advance and will ultimately depend on how O&M requirements and practices change as projects age, as well as on future wholesale power price developments.”

  26. REAL Green on Sat, 28th Sep 2019 5:23 am 

    “Wind-solar pairing cuts equipment costs while ramping up output” renewable energy world

    A trailblazing wind-solar hybrid project in western Minnesota could be a preview of what’s to come as renewable developers look for new ways to bolster projects. The project, developed and owned by Juhl Energy, is among the first of its kind in the country to pair wind and solar on the same site. A 2-megawatt turbine and 500-kilowatt solar installation share an inverter and grid connection, reducing equipment costs compared to two separate projects.

  27. REAL Green on Sat, 28th Sep 2019 5:24 am 


    “And most notably, we have recently seen the walls come down between sunless and greenhouse approaches. Vendors are now selling offerings for both and growers are increasingly combining the two approaches…Certainly, the automation of crop work and harvesting, particularly for vine crops and berries, has been a continuing and unmet challenge. The growth habit and maintenance requirements of these crops makes for a difficult environment for a robot to navigate quickly and accurately. Of course, the labor shortage is not going away, so expect continued effort in automation and robotics. Breeding to change plant structure, making automation easier, may also be part of the solution…As in other industries, technologies such as sensors and big-data analytics are coming together in indoor ag. This means encapsulating and improving on grower knowledge and decision-making to optimize crop yields and quality. Going forward, farms will be increasingly managed by predictive and proactive AI that can recognize complex interactions between plants and their environment beyond what a grower could see.”

  28. Cloggie on Sat, 28th Sep 2019 8:06 am 

    Greta certified!

    This Dutch Startup Converts Heat Into Cold Via A Stirling Engine, And Could Just Save The Planet

    Says Forbes, not me.

    Cooling with sound rather than electricity or fossil fuel:

  29. Cloggie on Sat, 28th Sep 2019 1:01 pm 

    Thanks for the resource majece majece. As someone who takes numerous pretend vacations and trips to exotic sounding locations, I always on the lookout for ways to save money. My people have, shall we say, a bit of a reputation for penny-pinching and I am always on the lookout for the cheap option.

    The Daily Mails travel tips and packages are a bit expensive for a penny pinching, but I recommende the Mail for pretty much everything of course. Check them out!

    Dont forget to disable your ad-blocker.

    PS. Do you have anything coming up on cheap trips to the promised land?

  30. supremacist muzzies jerk on Sat, 28th Sep 2019 2:10 pm 

    I spend no time on this blog not a pico second
    I work on muzzie amputation machine
    I help the world by building muzzie hamster machine. 1400 years of jihad which responsible so much rape, death, destructkon of empires which i can not ignore. it’s in my face with recent caliphate destruction in iraq syria and muzzie imams saying death to (((tards, and supertards))) after big grab (the p) declared jerusalem capital of jews.

    my muzzie hamster machine is passive, like a treadmill but can be operated with levers using hands also. the two walls exert a 25lbs force on the muzzie, once pushed away, it can be held in place with minimal current. the current is provided by the muzzie …%98 is bled off the power REAL GREEN cities and manufaturing centers.
    free market enterprises can spring up and have variabtion of this scheme with TV screen showing ISIS beheading videos of non muzzies and reading of korans etc. whatever the best of humanity want but the REAL GREEN power must flow out of the 25lb weight would come down, slowly of course.
    I’m sure Greta (AOC DUM DUM latest permutation of big green deception) would love to drive around with REAL CLEAN electric cars. libtards are like that, they go to conferences on climate change in private jets.

  31. supremacist muzzies jerk on Sat, 28th Sep 2019 2:19 pm 

    if I say yeah put the nazi in the muzzie amputation machine and the muzzie hamster wheel, there’s no outrage. but if i say muzzies need to go there, i experience political rage. the machiens don’t care so where is the disconnect in reactions? as a tard scientist i get the root cause but for now, muzzie lovin’ is the explantion i can give.

    there are 1.6 billion muzzies so let me do quick math

    1,600,000,000 * 10W = 16 gigawat of REAL CLEAN electricity. or 10cent per kw, that’s $1.6 mil/hr. muzzies are genetially predisposed to living on jihad loot so it’s time they give back. 1400 years of jihad is sufficient to breed a group of human with toally different genetic makeup from others non muzzies. not sure how many genrations it tkae to create new dog btreed but just multiply by 7 for human lifetime average length

  32. supremacist muzzies jerk on Sat, 28th Sep 2019 2:24 pm 

    both the muzzie amputation machine and the muzzie hamster machine can be deployed in muzzie population centers in the usa. the entrances can be customized depending on the muzzie preference. there’s a jihad gate and there’s victim gate. the muzzie slide the muzzie victim card and it leads to the amputation machine. all gates lead to the same thing.

  33. Cloggie on Sat, 28th Sep 2019 3:34 pm 

    The next revolution will be green:

    “Die Gruene Weltrevolution”

    Peak-oil (demand) will be in 2020, after that rapid decline in demand for fossil fuel (scroll down).

  34. extremist muzzies jerk on Sat, 28th Sep 2019 3:49 pm 

    head over theync if you think muzzie hamster machine is cruel. i encourage everyone to love muzzies but beware of the danger. couple went to iran to love muzzies and jailed. if you decide to take your love to the max, test it out on a non muzzie friend first and a muzzie (restrained by a few friends). then if your love for muzzie is stronger than james folley who loved muzzies more than his young children. then your next adventure is hanging out with muzzies in syria and iraq. life is short go for it.

  35. Idiot on Sat, 28th Sep 2019 6:10 pm 

    extremist muzzies jerk said head over theync if you think muzzie hamster machi…
    supremacist muzzies jerk said both the muzzie amputation machine and the muzzie…
    supremacist muzzies jerk said if I say yeah put the nazi in the muzzie amputatio…
    supremacist muzzies jerk said I spend no time on this blog not a pico second I w…
    supremacist muzzies jerk said this is my master treatease. i don’t waste time on…

  36. Kenz300 on Sat, 28th Sep 2019 9:24 pm 

    Fossil fuels are becoming a risky investment.
    Countries are moving to safer, cleaner and cheaper wind and solar energy to generate electricity and all electric vehicles for transportation. Many Coal companies are already going bankrupt and many more will follow. Insurance companies are beginning to factor in the risks of changing Climate, rising sea levels and more violent weather events. Many organizations are divesting from fossil fuels now while they can sell. The last one out will lose the most money. Ocean front property is still selling but soon getting insurance or a mortgage may not be possible making the property nearly impossible to sell.
    Each year the risks will continue to rise and the costs to the economy will grow.

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