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[OP]
Deal Addict
Aug 17, 2008
4274 posts
3417 upvotes
Are we now asking for guarantees in life? Investing inherently involves risk. There are all sorts of risks that an investor takes on that may or may not be disclosed or conceived of. It appears that the onus of risk is being put on the wrong party to me.


Student files first climate change lawsuit against Australian government
WED JUL 22, 2020 / 1:00 AM EDT
https://reuters.com/article/amp/idUSKCN24N0CT

SYDNEY (Reuters) - A 23-year-old student has filed a lawsuit against Australia's government alleging it has failed to disclose climate change-related risks to investors in the country's sovereign bonds, in the first such action.

According to the litigation filed on Wednesday, Kathleen O'Donnell claims investors who buy Australian government bonds should be made aware of the risks due to climate change that might make it difficult for Australia to pay back its debt.

A spokeswoman for Australia's Treasurer told Reuters the government was aware of the lawsuit.

"Legal representatives are considering the matter. As it concerns current court proceedings the government will not make any comment," the spokeswoman said.

The litigation comes amid a global call for a "green" recovery in the wake of the novel coronavirus pandemic and as many large investment managers pledge their commitment for net zero carbon emissions by 2050 across their entire portfolio.

Climate change has long been a hot button issue in Australia, becoming even more so since last summer when intense wildfires raged for about four months across large parts of the country, killing 33 people and millions of animals.

"Australia is materially exposed and susceptible" to climate change risks, according to the statement filed with the Federal Court of Australia in Victoria state.

"Accordingly, (a) those risks are material to an investor's decision to trade in exchange-traded Australian government bonds (e-AGBs) and (b) an investor is entitled to be informed of those risks."

O'Donnell is seeking declaration that the government breached its duty of disclosure and an injunction restraining further promotion of e-AGBs until it complies.

Australia has more than A$600 billion ($428 billion) of sovereign bonds on issue, enjoying a coveted 'AAA' rating from all three major ratings agencies.

The country contributes only 1.3% of the world's carbon emissions but is the second-largest emitter per capita behind the United States and is a leading exporter of coal.

Climate change-related disclosures have become more mainstream globally in the past couple of years, with stake holders expecting better disclosures and transparency on climate risks.

Global financial authorities are also pushing banks to improve transparency on their exposure to climate-change risks, arguing that disclosures on climate exposure are a prerequisite for market participants - an issue referenced in O'Donnell's litigation.

"As a promoter, the Commonwealth (government) owes a duty of utmost candour and honesty to investors who acquire or intend to acquire e-AGBs," according to the statement filed in court.

"The Commonwealth breached its duty as a promoter by ... failing to disclose any information about Australia's climate change risks."
On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
[OP]
Deal Addict
Aug 17, 2008
4274 posts
3417 upvotes
The NY Times reprinted this as it was the 50th anniversary on Sept 13. this year.
https://www.nytimes.com/1970/09/13/arch ... is-to.html

A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits
By Milton Friedman
Sept. 13, 1970

Excerpt;

About the Archive

This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. To preserve these articles as they originally appeared, The Times does not alter, edit or update them.
Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions.


WHEN I hear businessmen speak eloquently about the “social responsibilities of business in a free‐enterprise system,” I am reminded of the wonderful line about the Frenchman who discovered at, the age of 70 that he had been speaking prose all his life. The businessmen believe that they are defending free enterprise when they declaim that business is not concerned “merely” with profit but also with promoting desirable “social” ends; that business has a “social conscience” and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers. In fact they are—or would be if they or any one else took them seriously— preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades.

The discussions of the “social responsibilities of business” are notable for their analytical looseness and lack of rigor. What does it mean to say that “business” has responsibilities? Only people can have responsibilities. A corporation is an artificial person and in this sense may have artificial responsibilities, but “business” as a whole cannot be said to have responsibilities, even in this vague sense. The first step toward clarity in examining the doctrine of the social responsibility of business is to ask precisely what it implies for whom.
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On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
[OP]
Deal Addict
Aug 17, 2008
4274 posts
3417 upvotes
UOP = Use of Proceeds



2 Updates

Related articles
* First look: Bank of America’s economic justice bond (NYT) - https://www.nytimes.com/2020/09/23/busi ... cfius.html
* Bank of America sells $2 billion of bonds to help fight inequality in Black and Hispanic communities - https://www.marketwatch.com/story/bank- ... 1600809435
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Last edited by MrMom on Sep 24th, 2020 10:34 am, edited 2 times in total.
On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
Deal Addict
User avatar
May 11, 2014
4011 posts
4245 upvotes
Iqaluit, NU
So CoEnergy has recently announced they will not pay a dividend this year, and at the next annual meeting are looking at liquidation, freezing the current co-op until the market changes or massive reinvestment call from members due to halts in projects with the pandemic situation. And this is the thing with many of these co-ops is that financially, they may be less steady especially if they are not well established.

At least they seem to handle this alot better than MEC Face With Tears Of Joy
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Support your local Credit Union!

Sask Pension Plan Upto $6300/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
[OP]
Deal Addict
Aug 17, 2008
4274 posts
3417 upvotes
@xgbsSS This survey may answer why. You still need a viable business to pay the bills.

On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
Deal Addict
User avatar
May 11, 2014
4011 posts
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Iqaluit, NU
MrMom wrote: @xgbsSS This survey may answer why. You still need a viable business to pay the bills.

I think as ESG standards become mainstream ideals, we are going to see niche players disappear. Even concepts like Ethical Funds or ESG funds have been fairly niche or never really took off.

With CoEnergy, their problem was they took ownership and equity stake into their projects and never had the clout. When you guarantee 4-5% dividends from the get-go with a bloated two co-op structure OREC/CoEnergy, you risk cashflow in downturns like this

I like CoPower's simple structure of funding projects vetted by VanCity. It's win-win-win as it allows people to control projects, a bank to vet credit worthiness and get financing outside of deposits without risking their capital, and individuals to invest as a financier with risk mitigation taken by the banks.

Peace Energy has taken a slower pragmatic approach espousing the ideal to expand projects locally and sustainable. The result Is the lack of income. I received a 1.8% dividend once in almost 10 years, but honestly, I'm OK with that as this investment was to expand renewable energy, not make money off it.
Support your local Credit Union!

Sask Pension Plan Upto $6300/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
Deal Addict
Jul 23, 2007
4135 posts
2202 upvotes
Reuters

ESG September 24, 2020

Vanguard, BlackRock add new climate-focused ETFs as demand soars

"BOSTON (Reuters) - Top asset managers Vanguard Group Inc and BlackRock Inc on Thursday introduced new exchange-traded funds that exclude oil companies, coal producers and other industries that a growing number of investors want to avoid.

The so-called ESG funds use environmental, social or governance criteria to pick investments."

https://ca.reuters.com/article/idUSKCN26F3EE
Member
Jul 30, 2012
416 posts
404 upvotes
Stryker wrote: Reuters ESG September 24, 2020

Vanguard, BlackRock add new climate-focused ETFs as demand soars

"BOSTON (Reuters) - Top asset managers Vanguard Group Inc and BlackRock Inc on Thursday introduced new exchange-traded funds that exclude oil companies, coal producers and other industries that a growing number of investors want to avoid.

The so-called ESG funds use environmental, social or governance criteria to pick investments."

https://ca.reuters.com/article/idUSKCN26F3EE
ESG is a flagrantly misused term and is code for "anti-oil" and global warming contributors (which frankly is anything carbon-based). Of course, all things "electric"/"technology" are untouchable despite child labour & environmental abuses. Unfortunately, herd mentality prevents rational solution(s) / debate(s). You don't have to be pro/anti-oil to know that we are far from any true social & environmental solutions. Institutional money has decided the "easiest" attack is the oil industry but true ESG improvements are well beyond that tunnel-visioned scope.

Democratic countries (aka Canada / US / Europe) claim to have an intolerance for Human & Environmental abuses globally, but do they really? Or is it just easier to attack domestic oil producers?

Child Labour Abuses in the Congo_Cobalt Mining

The Environmental Impacts of Lithium Mining

Further Lithium Mining Impacts

Volkswagen Lithium Discussion Points
Sr. Member
User avatar
May 7, 2017
889 posts
446 upvotes
Kind of glad I found this thread. Is it possible you can pin the Canadian ESG companies so it is easy to research?

Sharing what I got earlier Regardless of what people think, this is how market would skew next. I'd rather be part of it than not!
[OP]
Deal Addict
Aug 17, 2008
4274 posts
3417 upvotes
@bend3r Your link/url >>> "I'm sorry, the file doesn't seem to exist."

Is it the same as, this?
On this day in 1885, Charles Merrill was born in Green Grove Springs, Fla., the son of a family doctor. With Edmund C. Lynch, he founded Merrill, Lynch & Co. in 1914 to “bring Wall Street to Main Street.”
Sr. Member
User avatar
May 7, 2017
889 posts
446 upvotes
MrMom wrote: @bend3r Your link/url >>> "I'm sorry, the file doesn't seem to exist."

Is it the same as, this?
oh no. This is a 157 page file and extremely detailed. Some stuff I didn't realize that was being classified here under ESG. I am not sure why the file isn't available. I'll share it here let's see if this works.
Deal Addict
Dec 3, 2014
1874 posts
1051 upvotes
Ontario
DealRNothing wrote: ESG is a flagrantly misused term and is code for "anti-oil" and global warming contributors (which frankly is anything carbon-based). Of course, all things "electric"/"technology" are untouchable despite child labour & environmental abuses. Unfortunately, herd mentality prevents rational solution(s) / debate(s). You don't have to be pro/anti-oil to know that we are far from any true social & environmental solutions. Institutional money has decided the "easiest" attack is the oil industry but true ESG improvements are well beyond that tunnel-visioned scope.

Democratic countries (aka Canada / US / Europe) claim to have an intolerance for Human & Environmental abuses globally, but do they really? Or is it just easier to attack domestic oil producers?

Child Labour Abuses in the Congo_Cobalt Mining

The Environmental Impacts of Lithium Mining

Further Lithium Mining Impacts

Volkswagen Lithium Discussion Points
Woah woah, easy with the facts. Don’t you know ESG is about virtue signalling?
Sr. Member
User avatar
May 7, 2017
889 posts
446 upvotes
llpresident wrote: Woah woah, easy with the facts. Don’t you know ESG is about virtue signalling?
Regardless. The mandates are there and money is onbly just starting to flow. If you are not on the right side, you might not see any returns.
Member
Jul 30, 2012
416 posts
404 upvotes
FarmerHarv wrote: So as much as I think ESG is fad-like, agreeing with the above maybe it's a bus I should be catching. Still looking for a replacement for some balanced and bond funds, maybe something like ESGY would be worth having some of on the next dip?

https://www.bmo.com/gam/ca/advisor/prod ... ile%2FESGY
Judging by the chart patterns / dividend yields, you would likely be better off in the straight ZSP (S&P500 CAD). While ESGY meets MS "standards" for ESG, the term is part of the "wild west" right now. Basically, Tech, Renewables/Renewable Utilities are what are viewed as ESG investments. A basket of those (etfs or stocks) would likely (attempt to) outperform the S&P and this product over the longer term. 27+% of this ESG etf is IT sector anyways.

I view this product as another non-disguised attempt by an etf provider to throw another investment vehicle out there that likely provides little (to no) performance advantages.
Last edited by DealRNothing on Sep 30th, 2020 12:23 pm, edited 1 time in total.

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