The best of EcoWatch, right in your inbox. Sign up for our email newsletter!
Norway's Wealth Fund Dumps Duke Energy Over 'Risk of Severe Environmental Damage'
Norway's central bank announced on Wednesday that the Norwegian Government's Pension Fund, worth $900 billion, will no longer invest in Duke Energy.
This decision is the result of an investigation by the Council on Ethics for the pension fund, which found that Duke Energy's failure to adequately respond to its leaking coal ash impoundments in North Carolina constituted "an unacceptable risk of severe environmental damage."
Duke Energy coal ash spill into the Dan River near Eden, North Carolina in February 2014. The spill was the third largest coal ash spill in U.S. history.Waterkeeper Alliance
Based on its assessment, the council recommended that Duke Energy be excluded from the fund on ethical grounds. Nearly 4.7 million Duke shares and bonds, valued at $545 million, have been sold by the Norwegian Pension Fund.
In May 2015, I presented data and information to the Norwegian Parliament and Council on Ethics about the extensive and ongoing water pollution from Duke Energy coal ash ponds, advocating that they sell Duke Energy stocks for ethical reasons.
Waterkeeper recently sent a data packet to Norway emphasizing that Duke had not stopped ongoing leaks of heavy metals into drinking water supplies and plans to leave 70 percent of its coal ash in leaking ponds in North Carolina.
I am thrilled that the Council on Ethics determined that Duke's abysmal performance and severe environmental risk still posed by Duke Energy's leaking ash ponds warranted a special divestiture.
Duke Energy joins the list of many companies whose performance is so unacceptable to the Council of Ethics that they are black-listed as unsuitable for investment by one of the world's largest sovereign wealth funds.
Waterkeeper Alliance will continue to present to major institutional shareholders of coal companies to inform them of the unacceptable environmental risk of leaking ash ponds into drinking water supplies. Until this industry finally stops its recalcitrant and illegal behavior, we will continue to advocate for divestment from these major polluters all over the world.
EcoWatch Daily Newsletter
By Pedro Biondi
Extinct in its habitat for at least three decades, the Alagoas curassow (Pauxi mitu) is now back in the jungle and facing a test of survival, thanks to the joint efforts of more than a dozen institutions to pull this pheasant-like bird back from the brink.
By Julia Conley
Sen. Elizabeth Warren expanded her vision for combating the climate crisis on Tuesday with the release of her Blue New Deal — a new component of the Green New Deal focusing on protecting and restoring the world's oceans after decades of pollution and industry-caused warming.
A judge in New York's Supreme Court sided with Exxon in a case that accused the fossil fuel giant of lying to investors about the true cost of the climate crisis. The judge did not absolve Exxon from its contribution to the climate crisis, but insisted that New York State failed to prove that the company intentionally defrauded investors, as NPR reported.
By Sharon Elber
You may have heard that giving a pet for Christmas is just a bad idea. Although many people believe this myth, according to the ASPCA, 86 percent of adopted pets given as gifts stay in their new homes. These success rates are actually slightly higher than average adoption/rehoming rates. So, if done well, giving an adopted pet as a Christmas gift can work out.