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Over 1,000 institutions to shun fossil fuels
By Vishal Gulati
Katowice (Poland), Dec 14 (IANS) Over 1,000 institutions with managed investments worth $8 trillion have committed to phasing out fossil fuels, says a report.
The number of institutions committing to fossil fuel divestment has increased rapidly and spread globally since 2012.
The report — 1000 Divestment Commitments and Counting — came to light on the margins of the ongoing UN Climate Change Conference (COP24) in Katowice.
Parties to the UN Framework Convention for Climate Change (UNFCCC) were set to adopt a “rulebook” for the Paris Agreement, which will outline the governing framework and mechanisms for full implementation of the 2015 climate pact.
According to the report, the reach and impact of the new global movement is huge with major institutions committing to remove, in whole or in part, nearly $8 trillion in assets from fossil fuel investments.
The momentum was driven by a people-powered grassroots movement, where people across the world were pushing their local institutions to work for a world powered by 100 per cent renewable energy.
The report said that in the financial world, divestment has taken on a momentum of its own as well.
Fund managers and fiduciaries are increasingly becoming aware of the risks of climate breakdown and deciding on their own to divest from morally unsound and financially risky industries.
The recent institution to divest was the Caisse des depots et consignations, which manages France’s public sector pensions, savings and investments worth 173 billion euros ($196 billion).
It had announced that from 2019 it will no longer invest in companies that generate more than 10 per cent of their business from coal.
In November 2012, 350.org Bill McKibben and a handful of young organisers hit the road to build a movement to change the terrifying mathematics of the climate crisis.
The Fossil Free campaign set out a bold, ambitious plan to take down the main culprit for the climate crisis — the fossil fuel industry.
Since 2012, the fossil fuels divestment campaign has grown faster than any previous divestment movement.
To assist developing nations to move away from coal, the World Bank, Canada and Britain on Thursday announced financial, technical and advisory support.
The Canadian government pledged up to $275 million Canadian dollars to fund the Energy Transition and Coal Phase-Out Programme.
The British government also pledged 20 million pounds to the World Bank’s Energy Sector Management Assistance Programme which is administered by the World Bank to help low and middle-income countries implement environmentally sustainable energy solutions.
(Vishal Gulati is in Katowice at the invitation of Climate Trends to cover the 24th Conference of the Parties to the UN Framework Convention on Climate Change, known as COP24. He can be contacted at [email protected])
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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