Aviva&Coal AVeryLongEngagement 05102018.pdf

Transcript

1 © pixabay.com Aviv A nd Co A l A A ery l ong v e ng A gement May 2018

2 2 build more than 90 GW of new coal power. Among from €310 million in 2015 to €422 in 2017. nies, which plan more than 8 GW of new coal plants, va has increased its holdings in Polish coal compa within the European Union, starting in Poland. Avi them are five companies planning new coal plants 31 coal plant developers, including 11 which plan to Yet at this time, Aviva has $621 million invested in activities are fueling dangerous global warming. Thermal coal is the largest single source of carbon isting plants as key steps to achieve international cli Europe’s fifth biggest insurer recognises the risk that climate change poses and has committed to supporting the development of a low-carbon economy. It has de clared its support for the 2015 Paris Climate Agreement including its goal of keeping global warming “well be low” 2°C above pre-industrial levels. However, Aviva still emissions. Last year the UN called for no new coal-fired mate goals actively supports coal and tar sands companies whose plants worldwide and an accelerated phase-out of ex of worldwide coal capacity must be retired every year e xe Aviv A C A 2 nd Co . In order to meet the Paris target, 100 GW utive summ A l : a Very Long Engagement coal A ry 3 . - - - - - - lion according to Swiss Re. The company warned that billion, leaving insurers with record losses of $144 bil billion in a single year and other weather-related events cost the world $330 such as hurricanes Harvey, Irma and Maria, wildfires ing severe disruption. In 2017, natural catastrophes events and that future losses to insurers could top $250 Global warming has reached 1.1°C and is already caus global warming was increasing the frequency of these achieving its goals is to “shift the trillions” from fossil The Paris Agreement recognizes that a crucial step for fuels to energy efficiency and renewable energy. investment in new tar sands production is inconsistent yet there are plans to expand production by 70% by 2040. with the Paris Agreement health and lifestyles of Indigenous communities, environmentally destructive and threatens the pipelines. This industry is highly carbon-intensive, sands or currently planning to build major tar sands vested in companies operating in Canadian tar On top of this, Aviva also has over $634 million in Research by Oil Change International found that 5 . 4 . © pixabay.com - - - AXA also committed to divest from major pipelines and tar sands production companies. companies which plan to develop new coal projects, and 30% of their business revenue associated with thermal coal mining or coal power generation and undertook focused en gagement with them, including 51 in-depth conversations AXA have specifically announced that they will divest from In 2015, Aviva “identified 40 companies (C40) with more than process of divesting assets totalling £11 million from an ad other countries ditional 15 companies, Up to now, Aviva has divested from only two of them, the Japanese utility J-Power and the Polish PGE, and is in the selected because of their real potential to transition away them. Engagement is inherently non-transparent and Aviva has not been able to report any substantive progress through its en gagement strategy. Going forward, the its engagement on a small number of fossil fuel companies, from coal and tar sands within one year, in line with the Paris Agreement. Because companies still planning new carbon-intensive projects are unlikely to align with Paris climate targets, Aviva should automatically divest from coal and other fossil fuel companies panies, have supported this effort by divesting assets from More than 850 institutions, including major insurance com parties in its divestment. This is another limitation of the Engaging fossil fuel companies can be a useful strategy to accel investment managers, recently said: “The reason we are sham va does not include any of the assets it manages for third ing [the worst performers] is that we gave them a number of Unlike Zurich, AXA and other investment managers, Avi years and they did not take any notice. There comes a time when we should vote with our feet. We will be divesting from As Helena Morrissey, the head of personal investing at Legal those companies.” and expand its divestment from respective companies. the amount covered by its new round of divestments is so Aviva to speed up its transition away from coal and tar sands small. insurer’s approach to coal companies and may explain why erate the transition to a low-carbon economy. Yet any such en consequences in the absence of positive results. It is time for gagement needs to be intense, time-bound and linked to clear and General Investment Management, one of Europe’s biggest 7 . 8 including six from China and nine from 6 . Insurers Allianz and insurer should focus Aviv ”. - - - - - - - - A A nd Co uninsurable, climate change will render significant portions of the economy response to climate change market. shrinking our Left unchecked, addressable Aviva warned in its 2015 strategic A l : a Very Long Engagement coal 1 3

3 4 divesting”, it can use its leverage as investor to in demonstrate sufficient progress is also prepared to divest if a coal company does not fluence these companies. The insurer states that it reinforce each other. However, the following analysis In its 2017 climate-related disclosure Combining both engagement and divestment makes Aviva’s engagement strategy. raises serious questions regarding the effectiveness of sense, as the two approaches can complement and panies its climate-related financial disclosure and taking mate challenge. As part of this effort, at least 851 insti public positions against disastrous projects such en several meaningful steps, notably by enhancing when it comes to coal, Aviva’s generally strong cli mate policy is flawed. Aviv in the finance industry. ish insurer Aviva is widely considered a climate leader Burning coal is the top contributor to climate change. If vested their assets from coal and other fossil fuel com Allianz, AXA, SCOR and Zurich, have in recent years di tutions, including major insurance companies such as C Known for its bold statements on climate change, Brit ciency and renewable energies in addressing the cli “shifting the trillions” from fossil fuels to energy effi The Paris Agreement recognizes the crucial role of be retired over the coming decades. coal power plants can be built and existing plants must the goals of the Paris Agreement are to be met, no new as the Carmichael coal mine in Australia. However, focus of its investment strategy is to engage with coal companies rather than to divest from them. In July 2015, Aviva began engagement with 40 com panies which derive over 30% of their revenue from thermal coal in the process of divesting £11 million from an addition that it had added PGE and J-Power to an Investment Stoplist, had divested from these utilities and was also lim Aviv 10 . Aviva stands out within this trend, as the main A A nd Co A A 11 . Aviva argues that rather than “just ’s broken A te l : a Very Long Engagement coal The multiline insurer has tak C h A 12 nge . 13 , Aviva revealed A ppro - - - - - - - - - - - - ning new coal plants. Six companies in which Aviva con plans to build 38 GW of new coal power, making it the in China’s Huaneng Group and $26 million in India’s world’s biggest coal plant developer. NTPC is devel oping the 1.3 GW Rampal coal plant, threatening the shares and bonds of no less than 31 companies plan vember 2017, Aviva held investments of $621 million in In 2017, Aviva still held $22 million of investments ects adjacent to World Heritage Sites. est mangrove forest, which supports the livelihood of 500,000 people and is a UNESCO World Heritage Site. on ESG criteria, for example by planning new coal proj nies in which Aviva continues to invest score very low As the following sections demonstrate, other compa NTPC. Both plan to build new coal plants totalling ty than J-Power, one of the utilities Aviva divested from. more capacity than the entire UK coal fleet. tinued to invest planned to build more new coal capaci National Thermal Power Corporation investees are Sunderbans in southern Bangladesh, the world’s larg panies to be divested from would be counterproductive for the engagement process, but said that it would “dis close the names of the companies post divestment”. Aviva claims to divest from companies that still plan to expand their coal generating capacity India al 15 companies, including six from China and two from 14 powerful tool for that engagement can be a more change than simply coal, but we know Aviva is no f riend of Investment Officer, Aviva Investors Steve Waygood, Chief Responsible walking away. AC . Aviva claims that disclosing the names of com h to 15 . Yet in No 9 NTPC - - - - - - - - - - decisions. ($15 million) from 15 coal companies, including six nies. These figures suggest that Aviva is either not divesting from NTPC and Huaneng, two companies in which it holds no less than $48 million, or is only di vesting a small part of its holding, As mentioned Aviva is currently divesting £11 million third parties and doesn’t cover them by its divestment unnamed Chinese and two unnamed Indian compa Continuing to finance coal and tar sands might be justi fied, provided that Aviva’s engagement produced clear progress towards an exit from these fuels. Yet so far Avi va has not been able to produce meaningful successes through its engagement strategy. In its climate-related financial disclosure 2017 manages other investments in these coal companies for If the process is selective, well-resourced, time-bound lected for engagement. Other large insurers such as AXA tial divestment approach. Aviva should focus its engage is exposed to, or even with the 40 companies it has se approach, but should complement it with a consequen In conclusion, Aviva should not abandon its engagement investment universe. to the exclusion of hundreds of companies from their cannot effectively engage with all the coal companies it ects, Aviva should automatically divest from them. ment. If companies still plan new carbon-intensive proj acknowledge the fact that with its limited ESG capacity it tar sands within one year, in line with the Paris Agree have adopted sector-wide divestment criteria which led of their real potential to transition away from coal and sition to a low-carbon economy. However, Aviva should panies can be a useful strategy to accelerate the tran of the 40 coal companies it engaged with have commit and linked to consequences, engaging fossil fuel com ted to Science Based Targets following their discussions. As ExxonMobil’s 2018 Energy and Carbon Summary shows, such aspirational targets and reports can easi ment on a small number of companies, selected because ly turn into empty public relations exercises. At a time when massive reductions in greenhouse gas emissions are required, they are completely insufficient. 17 , the insurer reported that five possibly because it - - - - - - - - - - - - - Aviv will be naming and we should vote with comes a time when any notice. There divesting f rom those Management our feet. We will be Investing,Legal and General Investment Next month we companies. faming, and naming and shaming. The reason we are shaming [the worst performers] is that we gave them a number of years and they did not take Helena Morrissey, Head of Personal A A nd Co A l : a Very Long Engagement coal 16 5

4 6 While a growing number of countries and subnational entities have committed to phasing out coal plants and investments in bonds and shares at the most recent filing date as important steps to achieving international climate goals d The UN recently called for a halt to new coal power (research from November 2017) plants and an accelerated phase-out of existing plants Coal plant developers in which Aviva held more than US $20 million must exit the coal sector by 2030, while other coun tries need to phase out their coal fleets by 2050 coal power capacity every year if the goals of the Paris requires the world to retire a minimum of 100 GW of Agreement are to be met PGE Energa CEZ Tauron Enea KEPCO AES Corporation Group China Huaneng NTPC Aboitiz Power Corporation PLN Persero Total eepening the world’s Aviv 18 Comp . According to Climate Analytics, OECD countries A A nd Co A ny A l : h a Very Long Engagement coal Czech Republic e A South Korea Philippines Indonesia d-qu 20 Poland Poland Poland Poland China India . USA A rters South Korea, Botswana, Indonesia, Philippines, Swaziland, Vietnam, India, Bangladesh India, Philippines Countries of China, Pakistan Czech Republic exp South Africa Philippines Indonesia Poland Poland Poland Poland A 19 nsion . This - have placed a moratorium on new coal plants that lack carbon capture and storage, over 630 GW of new coal capacity currently remain in planning or under con struction the top of every divestment list. aggressive coal plant developers and should be at In 2017, 120 companies were planning to build over combined coal fleets of India, the United States and 550 GW of new coal plant capacity – equal to the Germany Co produ A 21 power l sh 22 > 95% > 90% . 47% 57% 39% 94% 34% 94% 68% 52% 71% C . These companies are the world’s most C A o tion re of A l Co exp 92,614 MW 10,795 MW 38,372 MW 1575 MW 20,750 MW 10,880MW 5,260 MW 1410 MW 1344 MW pl A 910 MW 500 MW 818 MW A l power A A nsion ns ddi 27 28 investments C t tion ot 198 605 59 55 78 43 54 27 26 22 22 21 A l - Aviva the world’s 54th biggest investor in the most aggressive coal plant developers lion in shares and $93 million in bonds Further investments in these companies are an for its own account and for third parties, $528 mil found to have invested $621 million in 31 of them entry ticket to a 4°C world. Yet, in 2017 Aviva was developers. Aviva figures among the four biggest in va’s investments in the top coal plant developers, still an, in particular Polish. Together, they attracted $444 vestors in PGE, Enea, Energa and Tauron, four Polish companies planning 8,245 MW of new coal capacity. In addition, Aviva holds smaller investments in five oth times the British coal fleet. The five coal plant devel planned more than 90 GW of new coal capacity, six million or 70% of Aviva’s total investments in coal plant er Polish coal companies, for example ZEPAK, a compa In 2017, 11 companies, which attracted 97% of Avi ny which plans to create new open-pit mines holding of coal more than 1 billion tonnes of lignite, the dirtiest form opers in which Aviva invested the most are all Europe Polish coal companies in their portfolio, for Aviva’s own The strong holdings in Polish coal developers indicate role in supporting or blocking the European coal phase- out, with immense implications for climate change and account and for third parties. public health. hold at least €513 million of shares and bonds in nine that Aviva’s investment decisions play an important 26 . Three Aviva asset managers are estimated to 25 . 24 . This makes - - - - - - - Aviv Jad Ariss, AXA’s head of public affairs and Coal is the most polluting industry and the most damaging for world temperature... for us it is critical to stop corporate responsibility production of new coal capacity. A A nd Co A l : a Very Long Engagement coal 23 © Torsten Kellermann 7

5 8 pge C o Aviv A A A , the dirty d nd Co l se A l : a Very Long Engagement coal C tor A PGE is currently building two 900 MW hard coal units at its Opole premature deaths due to air pollution. Polish coal plants are PGE’s coal fleet is the dirtiest in Europe, causing the most Based on the 2013 emissions of all EU coal power plants, every Euro invested in renewable energies. capacity. In 2017, PGE invested €127 into conventional energy for estimated to cause 5,830 premature deaths a year ised the acquisition of the Rybnik hard coal power plant from constructs huge new greenfield mines. PGE also recently final plant at Turów. PGE also plans to expand its Turów mine and power plant and adding 460 MW of capacity to its lignite power 1,140 in Poland, 110 in the UK and 4,580 in other countries French utility EDF. Coal comprises more than 90% of PGE’s power Aviva held PGE shares worth $198 million at the last filing elsewhere sure of portfolios to companies we have chosen to divest from land in respect of the investment strategy and independent gov most 1,300 premature deaths each year. date in November 2017, which made it the second biggest investor in the company. A briefing paper by the Unfriend “due to regulatory restrictions around pension provision in Po “active beneficial holdings wherever possible”. Aviva added that, it had added PGE to its Investment Stoplist and had divested its ernance arrangements, we are not able to influence the expo In its latest climate-related financial disclosure, Aviva stated that PGE operates two of the continent’s most polluting coal plants: through its Polish pension fund (OFE). Coal campaign found that Aviva holds €122 million in PGE Belchatów and Turów. Belchatów alone is estimated to cause al Poland’s PGE is Europe’s second biggest CO2 emitter and plans to build 5,260 MW of new coal power capacity, making it the largest coal power developer in Europe might hold onto its investments through other channels as Stoplist and divest from the company. Aviva will certainly in PGE might not be affected by its decision to put PGE on a well. maintain its investment in the company through its OFE and rling of 31 ”. This means that the bulk of Aviva’s investment the p olish 29 . , including 30 - - - - - . ganisation and Functions of the Retirement Funds other words, Aviva claimed to have no choice but to in vest in Polish coal companies. In fact, article 141 of Poland’s Act Concerning the Or ers in Poland to invest 70% of their pension customers’ and ShareAction asked Aviva to divest from these com Foundation “Development YES - Open-Pit Mines NO” that it was “no friend of coal” but favoured engagement assets in “stocks on the Warsaw Stock Exchange Aviva the second biggest insurance investor in Pol over divestment. The insurer also referred to a legal ob In response to the Unfriend Coal briefing, Aviva stated panies at its 2017 annual general meeting. ligation which, it claimed, requires local pension provid ish coal companies through its OFE FORCED TO INVEST IN POLISH COAL ? In February 2018, a briefing paper by the Unfriend lion of investments in nine Polish coal companies Coal campaign discovered that Aviva held €422 mil through its local pension fund (OFE) 70% of the OFE’s assets in assets denominated in Pol ish currency. This requirement does not however de termine the level of investment in companies listed on quires Aviva and other pension funds to invest at least . The Polish NGO 32 . This makes 33 34 ”. In re - - - - - - - - - - Poland SA were found to hold €91 million of assets in €422 million at the end of 2017. nies. As an example indicating this flexibility, Aviva’s investments into Polish coal companies is due to a raising share value of several companies, but also to purchases of new shares in Energa, JSW the Warsaw Stock Exchange, even less in coal compa flexible in how to implement the pension funds law, while unlike other insurers, Aviva isn’t making use of this flexibility. Finally, Aviva has a second asset manager based in Po and Famur. All of this indicates that investors are land called Aviva Investors Poland SA, which does not fall under the legal obligation to invest in companies listed on the Warsaw Stock Exchange. Aviva Investors ish pension fund of Allianz has invested 1.94% of its PGE, Enea, Energa and Tauron at the most recent filing date in November 2017. pension customers’ assets in Polish coal companies compared with 4.42% for Aviva. The value of Polish coal companies shares in Aviva’s Polish pension fund portfolio amounted to €310 million at the end of 2015, €319 million at the end of 2016, and Aviv A A nd Co A l : a Very Long Engagement coal The 2017 increase of ©Belchatow kopalnia the Pol - - - 9

6 10 indigenous investing community is already experiencing high cancer rates open-pit tar sands mine producing 260,000 barrels of bitumen per day. New and expanded projects continue to be proposed on the recognised traditional territories of Indige investments in the Canadian mining company Teck nous peoples in spite of their clear, stated opposi tion. Teck Resources, is located in the traditional territory of the Athabasca Chipewyan First Nation. The Indigenous linked to industrial pollution. They have rejected the Resources, which is currently planning a huge new air contamination and fishing practices and pose severe risks of water and areas crucial for wild bison, threaten traditional hunting project because it would devastate forests and muskeg ing well below 2°C. Tar sands should also be phased out quickly, as they are one of the most carbon-intensive, Phasing out coal will not be enough to keep global warm environmentally destructive and financially risky fossil to over 70% by 2040 plans for new projects which would increase production fuel sectors. Nevertheless, the tar sands industry still has oil and gas projects and ICA’s vision, mission, and values”. The organization’s Executive Director Eriel Deranger stat ed: “Our organization is working to support Indigenous rights and address the climate crisis while Aviva is in vesting in corporations proposing or operating tar sands won the CDN$150,000 Aviva Canada Community Leg In November 2017, projects that threaten water, land, the climate and Indig enous rights. acy Award through the Aviva Community Fund com petition. In a stark demonstration of protest, ICA decided to turn down the award, contradiction between Aviva’s financial relationship with In 2017, Aviva held more than $634 million of in vestments in corporations operating in Canadian tar sands or planning to build major tar sands pipe lines Aviv The Frontier Project, which has been proposed by 36 . For example, Aviva held close to $7 million in A A nd Co 38 ” A l : 37 . a Very Long Engagement coal 35 Indigenous Climate Action (ICA) . in rights “because of a direct t A r s A viol nds - - - - - - - - - - Action’s Executive Director Eriel Deranger, Indigenous Climate change. to global climate and contribute violate the rights of associated with Indigenous peoples that is financially projects that f rom a corporation accept an award fossil fuel energy good conscience We cannot in A A tions nd Aviv A A nd Co A l : a Very Long Engagement coal ©priceofoil.org 11

7 12 will meet in Katowice, Poland, to agree on next steps to Paris Agreement. It should divest from the companies it is serious about its commitments to the goals of the Aviva should take immediate action to demonstrate that the European Union and more particularly in Poland.” that years after the adoption of the Paris Agreement projects and companies in the coal sector, notably in posing air pollution and to withdraw their support from calling on the international insurers “to commit to op In May 2018, the Paris city council passed a motion energy sources. ciers, in undermining the transition from coal to clean C Polish companies, including their investors and finan ference will focus global attention on the role played by implement the Paris Agreement. The UN’s COP24 con In December 2018, delegates from nearly 200 countries Con on Aviv A A nd Co C C lusion lusion A l : a Very Long Engagement coal 39 - - - cover both the insurer’s own assets and assets man action on climate change. which holds insurers to account for their action and in This briefing is part of the Unfriend Coal campaign aged on behalf of third parties. continue to develop new coal and tar sands projects, and in so doing, avoid facing escalating pressure from grassroots movements and civil society organizations. Aviva should focus its engagement on a small number of companies which have promising potential to adopt a strategy to transition away from coal and tar sands within one year, in line with the goals of the Paris Agree to the coal and tar sands sector. Divestment should ment. The insurer should divest from other companies, starting with those which plan investments in new coal or tar sands infrastructure, or have significant exposure ©GettyImage - - - meet Paris target: study 9 - 4 - will ditch your shares: LGIM’s threat to dirty companies 3 - 5 - 2 - 8 - pushed natural catastrophe insurance to record high last year, study shows 1 - 7 - 23, 2018. Scorecard on Coal and Climate Change. and Unfriend Coal, November 2017, information given to the author by Aviva. 6 - 14 - 20 - 19 - 13- Scorecard on Coal and Climate Change. and Unfriend Coal, November 2017, 10 - April 19, 2018. April 19th, 2018. 11 - 12 - 15 - 16 - will ditch your shares: LGIM’s threat to dirty companies 23, 2018. 17 - 18 - 21 - meet Paris target: study cy Profundo. Profundo was mandated to identify the institutional bond-and 23 - 22- try 24 - [email protected] Mines NO”, The Sunrise Project d May 2018 This briefing paper and further materials on coal insurance and investment are available at Author: com p All images : d sour ublished by esign: irty UNEP, The Emissions Gap Report, October 2017. Oil Change International, September 2016, “ Aviva, Medium, February 9, 2018, “ See gofossilfree.org/divestment/commitments, viewed on April 19, 2018 The Independent, April 10, 2018, “ Reuters, March 22, 2018, “ Helena Morrissey quoted in The Telegraph, “ Aviva’s strategic response to climate change Aviva’s climate-related financial disclosure ”, viewed on April 19th, 2018. See gofossilfree.org/divestment/commitments, viewed on April 19, 2018 Aviva, Medium, February 9, 2019, “ UNEP, The Emissions Gap Report, 2017. See CoalSwarm, Sierra Club, Greenpeace, Aviva’s climate-related financial disclosure See coalexit.org, viewed on April 18, 2018. Helena Morrissey quoted in The Telegraph, “ Reuters, March 22, 2018, “ Aviva’s strategic response to climate change Aviva’s climate-related financial disclosure According to information given to the author by Aviva. Aviva’s climate-related financial disclosure Financial data for this briefing was compiled by the research consultan The Financial Times, January 8, 2018, “ . For any additional information or feedback, contact European Unfriend Coal coordinator Lucie Pinson at: ”, viewed on April 19, 2018. Climate Analytics b usiness: Edouard Marchal - edwarden.fr Lucie Pinson Pixabay ; Belchatow kopalnia ; Torsten Kellermann ; Priceofoil ; Getty Image 350.org, Association Workshop for All Beings, EcoUnia, Foundation “Development YES - Open-Pit C Aviva and Coal: a Very Long Engagement es ”, viewed on April 19, 2018. ”, viewed on April 19, 2018. , viewed on April 19, 2018. New coal plants falling but not enough to New coal plants falling but not enough to A Insuring Coal No More: An Insurance Insuring Coal No More: An Insurance Hurricanes Harvey, Irma and Maria We are no friend of coal We are no friend of coal nd Boom and Bust 2018 Insurers go cold on coal indus The Sky’s Limit Hit climate target or we 2017, p.4 and according to Hit climate target or we 2017, p.4. , 2016 update, p. 14. 2017, p.4. 2017, p.4. , July 2015, p. 11. C redits ”, viewed on April ”, viewed on April ”, p. 5. , p. 7. ”, viewed on ”, viewed on - - cember 2017. nancial databases such as Thomson EIKON and Bloomberg. Available data is generally far from complete and it is therefore likely that Aviva’s investments in the bonds and shares of coal plant developers are in fact significantly high er than the$ 621 million that was identified. 25 - 32 - is ranked 32th with holdings of $894 million in these companies, 1.4 times bigger than Aviva’s. At the end of 2017 AXA divested from these holdings. 26 - 31 - wald in the Coal Plant Developers list - see coalexit.org. Profundo used fi in w Polsce. Stan na 31 2016, p.33/36. 27 - 2016, pre-permitted, permitted and under construction. As stated in the Global Coal Exit List, the numbers of Megawatt planned are prorated, calculated according to the company’s ownership of the project or the number of com 30 - panies involved. 28 - 29 - shareholders of the 2017 120 top coal plant developers as identified by urge 39 36 - April 19th, 2018. 37 - Action rejects $150,000 award from Aviva Canada due to moral conflict Solving the World’s Big Environmental Challenges or a Sunset Indus Exchange Commission. 35 - try? du secteur de l’assurance dans la pollution de l’air 33 - 38 ket-in-poland/pension-funds. 28 August 1997. with Aviva investments 34 - - - Polish Geological Service, December 12, 2016, Bilans zasobów złóż kopal Groupe Ecologiste de Paris, May 2, 2018, Unfriend Coal, The 1075 hard-coal unit at Kozienice TPP has been operational since De Aviva, Medium, February 9, 2019, “ For comparison, AXA, which manages 1.6 times more assets than Aviva, Claudia Cattaneo, Financial Post, September 28, 2017 “ According to Aviva PLC’s WWF European Office, CAN Europe, Sandbag, HEAL in Brussels, June Ustawa o organizacji i funkcjonowaniu funduszy emerytalnych from Indigenous Climate Action, December 6, 2017, “ Aviva’s climate-related financial disclosure Rainforest Action Network, November 2017, See coalexit.org, viewed on April 19, 2018. Aviv ”, viewed on April 19, 2018. Coal power expansion plans include projects that are announced, Europe’s Dark Cloud A A nd Co www.mf.gov.pl/ko/ministry-of-finance/financial-mar Dirty Business A l : ”, viewed on April 19, 2018. . a Very Long Engagement coal most recent 13-F filing to the Securities and , February 2018, p. 6. We are no friend of coal Vœu relatif à la responsabilité Funding Tar Sands. www.unfriendcoal. 2017, p.4. , viewed on May 3, 2018. Indigenous Climate Alberta’s Patch: ”, viewed on - - - - - - - - 13

8 © pixabay.com l A A nd Co A Aviv A v ery l ong gement e ng A MAY 2018

Related documents

CityNT2019TentRoll 1

CityNT2019TentRoll 1

STATE OF NEW YORK 2 0 1 9 T E N T A T I V E A S S E S S M E N T R O L L PAGE 1 VALUATION DATE-JUL 01, 2018 COUNTY - Niagara T A X A B L E SECTION OF THE ROLL - 1 CITY - North Tonawanda TAX MAP NUMBER ...

More info »
G:\COMP\PHSA\PHSA.bel

G:\COMP\PHSA\PHSA.bel

G:\COMP\PHSA\PHSA-MERGED.XML PUBLIC HEALTH SERVICE ACT [As Amended Through P.L. 115–408, Enacted December 31, 2018] References in brackets ¿ ø¿ ø are to title 42, United States Code TITLE I—SHORT TITL...

More info »
RIE Tenant List By Docket Number

RIE Tenant List By Docket Number

SCRIE TENANTS LIST ~ By Docket Number ~ Borough of Bronx SCRIE in the last year; it includes tenants that have a lease expiration date equal or who have received • This report displays information on ...

More info »
Programming Guide for ZPL II, ZBI 2, Set Get Do, Mirror, WML (en)

Programming Guide for ZPL II, ZBI 2, Set Get Do, Mirror, WML (en)

Programming Guide ZPL II ZBI 2 Set-Get-Do Mirror WML

More info »
doj final opinion

doj final opinion

UNITED STAT ES DIS TRICT COURT IC F OR THE D ISTR T OF CO LU M BIA UNITED STAT F AMERICA, : ES O : : la in t if f, P 99 No. on cti l A vi Ci : 96 (GK) -24 : and : TOBACCO-F UND, : REE KIDS ACTION F : ...

More info »
MDS 3.0 RAI Manual v1.16 October 2018

MDS 3.0 RAI Manual v1.16 October 2018

Centers for Medicare & Medicaid Services Long-Term Care Facility Resident Assessment Instrument 3.0 User’s Manual Version 1.16 October 2018

More info »
Numerical Recipes

Numerical Recipes

Sample page from NUMERICAL RECIPES IN C: THE ART OF SCIENTIFIC COMPUTING (ISBN 0-521-43108-5) Permission is granted for internet users to make one paper copy for their own personal use. Further reprod...

More info »
HANDBOOK of METAL ETCHANTS

HANDBOOK of METAL ETCHANTS

HANDBOOK of METAL ETCHANTS Editors Perrin Walker William H. Tarn CRC Press Boca Raton Boston London New York Washington, D.C. © 1991 by CRC Press LLC

More info »
CalCOFI Atlas 33

CalCOFI Atlas 33

THE EARLY STAGES IN OF THE FISHES CALIFORNIA CURRENT REGION CALIFORNIA FISHERIES COOPERATIVE OCEANIC INVESTIGATIONS ATLAS NO. 33 BY THE SPONSORED STATES OF COMMERCE DEPARTMENT UNITED OCEANIC AND ATMOS...

More info »
Microsoft Word   A) Division 245.docx

Microsoft Word A) Division 245.docx

tables Attachment Division 245, including A: Nov. 15-16, 2018, EQC meeting 1 of 121 Page Division 245 CLEANER AIR OREGON 340-245-0005 Purpose and Overview (1) This statement of purpose and overview is...

More info »
Department of Defense   Law of War Manual (June 2015)

Department of Defense Law of War Manual (June 2015)

D E A R T M E N T O F D E F E N S E P N A L O F W A R M A W U A L J U N E 2 0 1 5 O F F I C E O F G E N ER A L C O U N S E L D P A R T M E N T E O F D E F E N S E

More info »
vol9 organic ligands

vol9 organic ligands

C HERMODYNAMICS HEMICAL T OMPOUNDS AND C OMPLEXES OF OF C U, Np, Pu, Am, Tc, Se, Ni and Zr O ELECTED WITH RGANIC L IGANDS S Wolfgang Hummel (Chairman) Laboratory for Waste Management Paul Scherrer Ins...

More info »
LawReferenceBook2018

LawReferenceBook2018

California Contractors License Law & Reference Book 2018 Edition With Rules and Regulations Contractors State License Board State of California Edmund G. Brown, Jr., Governor

More info »
NB18

NB18

Table of Contents National Board Pressure Relief Device Certificati ons NB-18 FOREWARD... 1 NATIONAL BOARD PRESSURE RELIEF DEVICE CERTIFICATION... 2 DETERMINATION OF CERTIFIED RELIEVING CAPACITIES... ...

More info »
June2018CUR

June2018CUR

CHANCELLOR'S UNIVERSITY REPORT JUNE 25 2018

More info »
oldnew 11.dvi

oldnew 11.dvi

C ́edric Villani O ptimal transport, old and new June 13, 2008 Springer Berlin Heidelberg NewYork Hong Kong London Milan Paris Tokyo

More info »
MCO 1200.17E MILITARY OCCUPATIONAL SPECIALTIES MANUAL (SHORT TITLE: MOS MANUAL)

MCO 1200.17E MILITARY OCCUPATIONAL SPECIALTIES MANUAL (SHORT TITLE: MOS MANUAL)

DEPAR T MENT THE NAVY OF ADQ UARTE UNI T ED ST ATE S MAR INE CORPS HE RS RINE COR N PS PENT 3000 MA AGO 20350-3000 NGTON, HI D.C. W AS 7E 00 .1 12 MCO 465 c AUG 0 8 013 2 ORDER 1200.17E MARINE CORPS C...

More info »
An Introduction to Computer Networks

An Introduction to Computer Networks

An Introduction to Computer Networks Release 1.9.18 Peter L Dordal Mar 31, 2019

More info »
CRPT 116hrpt9 u2

CRPT 116hrpt9 u2

U:\2019CONF\HJRes31Front.xml APPRO. SEN. [COMMITTEE PRINT] REPORT { } CONGRESS 116TH 1st HOUSE OF REPRESENTATIVES Session 116- FURTHER APPROPRIATIONS FOR MAKING CONTINUING OF HOMELAND SECURITY FOR THE...

More info »