Dirty Harry's and Dirty Sarah's Paradise

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Dirty Harry's and Dirty Sarah's Paradise

Dirty Harry's and Dirty Sarah's Paradise

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As his comment indicates, there is concern that pressure from investors for companies to offload carbon-intensive assets can lead to those assets being snapped up by private owners such as hedge funds, which face less environmental scrutiny. This may make divestment less effective, particularly given the growth in private capital.

Some, though, saw value in divestment. “Divestment (or the threat of it) has a key part to play in achieving the Paris goals,” one responded. Another wrote: “Divestment has the potential to remove the social licence to operate from industries or sectors which are at risk of becoming socially unacceptable.” The essence of Dirty Harry is to put on a show Blondie would give the nod to and in true punk style we can embrace any sort of venue, function or odd request so feel free to test us out. Her better half Francois (Mathew Tisserand, in a non-sex role), throws both of them out, and Stella, with tiny overnight bag in hand, heads to stay at a friend's mansion.

Those that favour divestment at scale argue that this creates the moral opprobrium needed to prompt policymakers to introduce tougher regulation. The divestment movement also unites people around action on climate change, says Richard Brooks, climate finance director at Stand.earth, a Canadian campaign group. Some want to move away from a dualistic debate. More can be achieved, they say, by looking at which strategy to use and when, by combining approaches and tailoring strategies to different asset classes, sectors and types of investments.

Scottish Widows, the UK pension fund, cited this concern in March when it announced a strategy of environmental, social and governance divestment. This includes not investing in any company that derives more than 10 per cent of its revenue from tobacco or 5 per cent from thermal coal and tar sands. Pressure from investors, regulators and consumers could, it said, turn such operations into stranded assets. Anne Simpson agrees. “We must keep our eyes on the prize, which is the real economy,” says the global head of sustainability at Franklin Templeton, the asset manager. “The question is are you trying to transform the economy or are you trying to come up smelling of roses in your own portfolio?”

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There are but a few great second acts, but for those that can deliver in style, the applause lingers long after the curtain comes down and the critics have put down the sword…” Pity he never caught Atomic Kittens version of Tide is High!!

Other critics also point out that investors who sell shares in fossil fuel companies lose the ability to influence those groups.Moreover, with asset owners seeking to achieve different forms of social or environmental impact through different asset classes and sectors, investment professionals need to arm themselves with new knowledge and to create a more joined-up approach.



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