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 Coal Ash Ponds Contaminate Wells, Residents Told Not to Drink the Water http://t.co/9wN7W69hE3 @BeyondCoal @dirtyenergy— EcoWatch (@EcoWatch)1429840207.0
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.
A tornado tore through a city north of Birmingham, Alabama, Monday night, killing one person and injuring at least 30.
- Tornadoes and Climate Change: What Does the Science Say ... ›
- Tornadoes Hit Unusually Wide Swaths of U.S., Alarming Climate ... ›
- 23 Dead as Tornado Pummels Lee County, AL in Further Sign ... ›
EcoWatch Daily Newsletter
By David Konisky
On his first day in office President Joe Biden started signing executive orders to reverse Trump administration policies. One sweeping directive calls for stronger action to protect public health and the environment and hold polluters accountable, including those who "disproportionately harm communities of color and low-income communities."
Michael S. Regan, President Biden's nominee to lead the U.S. Environmental Protection Agency, grew up near a coal-burning power plant in North Carolina and has pledged to "enact an environmental justice framework that empowers people in all communities." NCDEQ
- Report Urges Biden to Reverse Trump's Environmental Rollbacks ›
- US Environmental Protection Agency (EPA) ›
- Biden's EPA Pick Michael Regan Urged to Address Environmental ... ›
- Biden Faces Pressure to Tackle 'Unfunded' Toxic Waste Sites ... ›
By Katherine Kornei
Clear-cutting a forest is relatively easy—just pick a tree and start chopping. But there are benefits to more sophisticated forest management. One technique—which involves repeatedly harvesting smaller trees every 30 or so years but leaving an upper story of larger trees for longer periods (60, 90, or 120 years)—ensures a steady supply of both firewood and construction timber.
A Pattern in the Rings<p>The <a href="https://www.encyclopedia.com/science/dictionaries-thesauruses-pictures-and-press-releases/coppice-standards-0" target="_blank">coppice-with-standards</a> management practice produces a two-story forest, said <a href="https://www.researchgate.net/profile/Bernhard_Muigg" target="_blank">Bernhard Muigg</a>, a dendrochronologist at the University of Freiburg in Germany. "You have an upper story of single trees that are allowed to grow for several understory generations."</p><p>That arrangement imprints a characteristic tree ring pattern in a forest's upper story trees (the "standards"): thick rings indicative of heavy growth, which show up at regular intervals as the surrounding smaller trees are cut down. "The trees are growing faster," said Muigg. "You can really see it with your naked eye."</p><p>Muigg and his collaborators characterized that <a href="https://ltrr.arizona.edu/about/treerings" target="_blank">dendrochronological pattern</a> in 161 oak trees growing in central Germany, one of the few remaining sites in Europe with actively managed coppice-with-standards forests. They found up to nine cycles of heavy growth in the trees, the oldest of which was planted in 1761. The researchers then turned to a historical data set — more than 2,000 oak <a href="https://eos.org/articles/podcast-discovering-europes-history-through-its-timbers" target="_blank" rel="noopener noreferrer">timbers from buildings and archaeological sites</a> in Germany and France dating from between 300 and 2015 — to look for a similar pattern.</p>
A Gap of 500 Years<p>The team found wood with the characteristic coppice-with-standards tree ring pattern dating to as early as the 6th century. That was a surprise, Muigg and his colleagues concluded, because the first mention of this forest management practice in historical documents occurred only roughly 500 years later, in the 13th century.</p><p>It's probable that forest management practices were not well documented prior to the High Middle Ages (1000–1250), the researchers suggested. "Forests are mainly mentioned in the context of royal hunting interests or donations," said Muigg. Dendrochronological studies are particularly important because they can reveal information not captured by a sparse historical record, he added.</p><p>These results were <a href="https://www.nature.com/articles/s41598-020-78933-8" target="_blank">published in December in <em>Scientific Reports</em></a>.</p><p>"It's nice to see the longevity and the history of coppice-with-standards," said <a href="https://www.teagasc.ie/contact/staff-directory/s/ian-short/" target="_blank">Ian Short</a>, a forestry researcher at Teagasc, the Agriculture and Food Development Authority in Ireland, not involved in the research. This technique is valuable because it promotes conservation and habitat biodiversity, Short said. "In the next 10 or 20 years, I think we'll see more coppice-with-standards coming back into production."</p><p>In the future, Muigg and his collaborators hope to analyze a larger sample of historic timbers to trace how the coppice-with-standards practice spread throughout Europe. It will be interesting to understand where this technique originated and how it propagated, said Muigg, and there are plenty of old pieces of wood waiting to be analyzed. "There [are] tons of dendrochronological data."</p><p><em><a href="mailto:email@example.com" target="_blank" rel="noopener noreferrer">Katherine Kornei</a> is a freelance science journalist covering Earth and space science. Her bylines frequently appear in Eos, Science, and The New York Times. Katherine holds a Ph.D. in astronomy from the University of California, Los Angeles.</em></p><p><em>This story originally appeared in <a href="https://eos.org/articles/tree-rings-reveal-how-ancient-forests-were-managed" target="_blank">Eos</a></em> <em>and is republished here as part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.</em></p>
Earth's ice is melting 57 percent faster than in the 1990s and the world has lost more than 28 trillion tons of ice since 1994, research published Monday in The Cryosphere shows.
By Jewel Fraser
Noreen Nunez lives in a middle-class neighborhood that rises up a hillside in Trinidad's Tunapuna-Piarco region.