News of Otsego County

Serving Otsego County, NY, through the combined reporting of Cooperstown's Freeman's Journal and the Hometown Oneonta newspapers.
 BREAKING NEWS 
 POLICE & FIRE 
 IN MEMORIAM  
 HOMETOWN PEOPLE 
 COLUMNS 
 EDITORIALS 
 LETTERS TO THE EDITOR 

 EMPLOYMENT  
 DINING & ENTERTAINMENT  
 REAL ESTATE  
 AUTOMOTIVE  
 REMEMBRANCE  
 GOODS & SERVICES

Search Results for: Arthur Strong, 91; Delivered Oil, Meals On Wheels

Arthur C. Strong 91; Delivered Oil, Then Meals On Wheels

IN MEMORIAM:  Arthur C. Strong 91;

Delivered Oil, Then Meals On Wheels

Art Strong

MILFORD – Arthur C. Strong, 91, of Milford, passed away early Friday morning, Oct. 11, 2019, at his home in the Town of Westford.

He was born May 21, 1928, at Parshall Hospital in Oneonta, a son of Milo and Florence (Wood) Strong.

Art attended kindergarten at the Bugbee School in Oneonta, then the Middlefield School No. 2 in Westville, and graduated from Milford Central School with the Class of 1946.

Arthur Wannamaker,91; WWII Veteran Moved To County In 1950s

IN MEMORIAM: Arthur Wannamaker,91;

WWII Veteran Moved To County In 1950s

CHERRY VALLEY – Arthur Adam Wannamaker, a World War II veteran who moved from Long Island to Cherry Valley in the 1950s, died Dec. 13, 2018. He was 91.

Born March 28, 1927, in Springfield, Long Island, to Charles Wannamaker and Wilhelmina H. Shriefer. He grew up in Brooklyn, and at the Wartburg Orphans Farm School in Mount Vernon.

Arthur R. Maine, 72; Certified Brunswick Bowling Mechanic

IN MEMORIAM: Arthur R. Maine, 72;

Certified Brunswick Bowling Mechanic

ROXBURY – Oneonta native Arthur Ronald Maine, 72, of Roxbury, a certified mechanic for Brunswick Bowling machines,  passed away on Monday, Feb. 15, 2016.  For a time, he also lived in Gilbertsville.

Arthur was born on Dec. 29, 1943, in Oneonta, a son of the late George, Sr. and Alice (Cope) Maine.  Arthur married Molly Travis from Walton in November 1967.

He received his certification from American Machine & Foundry as a mechanic for Brunswick Bowling machines. He worked at Pla Mor Bowling Lanes in Statesville, N.C., until his retirement. Arthur enjoyed meeting new people and loved talking. He enjoyed reading and taking walks. He will always be remembered for his smile and his sense of humor.

This Week — Oct. 17-18, 2019

THIS WEEK’S NEWSPAPERS

The Freeman’s Journal • Hometown Oneonta

Oct. 17-18, 2019

PHOTO OF THE WEEK

Mary Margaret Sohns of Cooperstown, having recuperated from a heart transplant required after the debilitations of Lyme Disease, celebrated after raising more than $17,000 for the “Heart & Sole” walk she participated in in Verona, N.J. The money raised will help the heart failure and transplant teams at Beth Israel Medical Center in Newark.

FRONT PAGE

AS GOES OTEGO-LAURENS, SO GOES COUNTY

Brockway Family Legacy Makes Politics Natural

National Strife Motivated Ogden Campaign

Adult, 4 Teens Arrested In Worcester Slaying

Cardiff Giant Still Excites 150 Years After Hoax

Slow EMS Response Brings Towns Together

EDITORIAL

McEvoy Memo Warns GOP: You May Lose

COLUMNS

McEVOY: Manager Certain, But Not Energy, Pot

ATWELL: She Would Have Loved That Smile

JEROME: Worldwide, Polio Almost Quelled

LETTERS

FLEISHER: Marcellus To Shallow To Frack

NORTHRUP: Too Little Gas In NYS To Profit

STERNBERG: Revolution’s NOT Yet Won

HAMMOND: Standoff With Bassett K9s Seen

HEWLETT: Porn Root Of Many Modern Evils

WRBA: Where’s Superman When Needed

ALLOTSEGO.life

With A New Heart, Life Renewed

MITT of the Future Coming Our Way

HISTORY COLUMNS

BOUND VOLUMES: Oct. 17, 2019

HOMETOWN HISTORY: Oct. 18, 2019

IN MEMORIAM

Barbara Rankin, 74; Retired Stewardess

Arthur Strong, 91; Delivered Oil, Meals On Wheels

Virginia Martindale, 93; Seven Offspring Survive

Ronald Bouchard, 86; Foster Dad To 250 Children

Wayne King, 62; Radio Personality In Sidney

HAPPENIN’ OTSEGO

ISSUU ONLINE EDITIONS




Previous Edition Click Here

300 Otsego Children Receive Free Meals During Summer

300 Otsego Children Receive

Free Meals During Summer

Food-clip-art-free-free-clipart-images copyMore than 300 children in Otsego County are receiving free summertime meals through VISTA’s 2015 Summer Food Service Program, the Food & Health Network of South Central New York reports in a study released today.

FaHN is coalition that works to increase access to healthy, local food and support a strong regional food system in eight Central NY counties, including Otsego.

Professor Demurs: ‘Well-To-Wheels’ Efficiency Twice As Great In Electric Cars

LETTERS

Professor Demurs:
‘Well-To-Wheels’
Efficiency Twice As
Great In Electric Cars

To the Editor:
In his Jan. 24-25 column, former DEC Commissioner Mike Zagata makes an argument that is theoretically interesting but falls apart when you look at the actual numbers behind it.
Zagata compares electric cars to conventional gas-powered vehicles and points out that, while electric cars are responsible for lower carbon emissions during the driving part of their life cycle, it’s more energy intensive to manufacture them.
This sets up a kind of decision that’s familiar to business people or households: Should I go for Option A that’s more expensive to buy but cheaper to operate, or Option B that’s cheaper off the shelf but costlier to use?
It’s a good question to ask, and most people would then want to know how much cheaper is Option B to buy, and how much more expensive to operate?
Mr. Zagata doesn’t ask that, but instead jumps right to his preferred conclusion: Electric cars are a bad idea.
It turns out people have run the numbers, and Mr. Zagata’s claim is wrong. The higher carbon emissions during manufacture are easily made up for, and more, by the lower carbon emissions while driving. And that’s true even if you don’t recycle the battery, so recycling makes the case for the electric car even stronger.
And it’s true even if your electricity is from coal.
An electric car is 80 percent to 90 percent efficient in terms of turning the electricity in the battery into the car’s motion. A gasoline-powered car ranges from 0 percent (when it’s idling) to 30 percent.
By the time you figure in additional considerations, like the energy lost in generating the electricity (assuming it’s from a coal- or gas-fired plant), or the energy spent pumping, shipping, and refining the oil that powers a conventional car, the “well-to-wheels” efficiency of the electric car is about 28 percent, while a gasoline car comes in around 14 percent. That difference is what allows electric cars to make up for the slightly larger impact they have during manufacturing. And if the electricity comes from cleaner sources than coal or gas, so much the better.

HOMETOWN HISTORY, February 8, 2013

HOMETOWN HISTORY, February 8, 2013

125 Years Ago
The Local News – The electric light company have decided to construct a building and supply their own power. A lot on Prospect Street opposite the freight house has been secured from Moody and Gould, and work will soon commence upon a new brick building 60 x 80 feet. Four steam engines will be used, for which steam will be furnished from a 250-horsepower boiler. A duplicate set of arc and incandescent dynamos will be put in, and set to be kept in reserve in case of accident. Plans for the building are being prepared in New York and the company hopes to have it completed within 60 days.
February 1888

100 Years Ago
T.J. Gendron described the virtues of the Standard Oil Company’s high pressure road oil sprinkler for the benefit of members of the Board of Public Works and City Engineer Gurney with Commissioner Elwood present. Using a high grade product known as Oil No. 4, the oil is applied not upon the gravity principle as formerly, but with the use of a high pressure sprinkler which forces the oil into the dirt and macadam with 85 pounds pressure to the square inch at a cost of 1.2 cents per square yard. The company is prepared to inform the public of the advantages of street oiling. Mr. Gendron figures that he would oil Elm Street by this process for the length of 3,048 feet over a width of 24 feet at $97.52 as compared with an actual cost of something like $350 under the method employed last year. The proposed contract would require assurance of using at least one large tank of oil here, enough to oil about 20 streets like Elm. Mr. Gendron displayed photographs of many streets in Massachusetts which have been treated with oil under pressure where it is claimed street maintenance costs have been reduced 60 to 80 percent while disposing of the dust problem.
February 1913

80 Years Ago
Arthur Jansen, 45 years old, 1745 Railroad Avenue “B,” Schenectady, a former resident of Oneonta, succumbed in Ellis hospital, Schenectady, Saturday morning after being critically burned in a fire that destroyed the cab of D & H Engine No. 1116. Jansen, a veteran engineer was operating a “pusher” engine on a Mechanicville-Binghamton freight train when a back draft from the locomotive’s firebox suddenly engulfed the interior of the cab. The train was then just south of the Crescent tower about five miles north of Schenectady. The blast of flame set the interior of the cab ablaze and also the clothing of the engineer. Jansen leaped from the cab with his clothes afire. His plight was discovered by other members of the crew who extinguished his burning clothes. However, little hope was given for his recovery and he died at 7:30 a.m. Jansen was well-known in railroad circles and for a number of years held a “run” out of Oneonta.
February 1933

60 Years Ago
Final arrangements are all but complete for the serving of ‘umteen thousand or so pancakes, with sausage and fixins, all for the benefit of Fox Hospital, on Thursday. The pancake meal will be served from 8:30 a.m. to 8 p.m. in the electrical center of the Oneonta Department Store with all of the proceeds going to benefit the hospital. The event is staged under the auspices of the Oneonta Kiwanis Club, which hopes to raise at least $1,000. Mrs. Edith Rich, manager of the Health Bar, will supervise preparation of the pancakes, sausage and coffee. Mrs. Ursel Beach of the electrical center is in charge of table and serving arrangements. Kiwanians will serve as waiters throughout the day. Flour and syrup have been donated by Pillsbury Pancake Mills, milk and cream by Meridale Farms, Inc., and Oneonta Dairy Co. Coffee is the gift of Sexton Co. and Standard Brands. Hudson Falls Paper Mills are contributing paper plates, cups and napkins. Towels are furnished by Abelove’s Laundry. The American Legion Post is loaning the griddles and the First Methodist Church is providing tables and silverware. Entertainment will be supplied by the Waltones, a barbershop quartet.
February 1953

40 Years Ago
A ten-page report compiled by the State University Federation of Teachers (SUFT) shows that 33 faculty members and 10 administrators earn salaries of $20,000 or more. However, a cover letter accompanying the report states that SUCO is, overall, “the lowest paying of the state’s four-year colleges.” Union leaders say the information demonstrates that salary abuses exist and contend there are many people receiving salaries that are not commensurate with their degrees and experience. Sources said this is particularly true of teachers who do not have doctorates and also true of many women. “They know they can get away with paying less because these people won’t leave,” one SUFT member said. The Education Department has the most $20,000-plus personnel with 11 of 57 members in that range. The report notes that college vice-president Cary Brush’s salary increased $9,000 over two years to $31,925.
February 1973

20 Years Ago
Local poet, Carol K. Frost has won a $20,000 federal grant from the National Endowment for the Arts, making her a two-time recipient. Frost said the award for the calendar year 1993 is a vote of confidence in her work. The work Frost submitted to support her application includes several 11-line poems written in a complicated form of her own invention. The Otego resident was chosen from among about 2,500 applicants in poetry and fiction. About 89 grants were awarded.
February 1993

10 Years Ago
The price of gasoline is on the rise. The price of a gallon of regular unleaded went up to $1.69 Thursday, a seven-cent increase from the day before at a station in Cooperstown. At Stewart’s shop in Oneonta, a gallon of regular unleaded was $1.63 on Thursday afternoon. Earlier that morning, the price at the same pump was $1.59. “I’ve never seen it this high before ($1.59), and it looks like the sky’s the limit so far,” said Don Scanlon, district manager for Red Barrel. “It’s going up daily. Two weeks ago, unleaded regular was $1.55.”
February 2003

Julie Hopper Fiora, 67; Daughter Of Minas Oil Field Discoverer

IN MEMORIAM: Julie Hopper Fiora, 67;

Daughter Of Minas Oil Field Discoverer

COOPERSTOWN – Julie Hopper Fiora, whose father was involved in the discovery of the largest oil field in Southeast Asia, died unexpectedly Monday night, Nov.  30, 2015, at the lakeside summer home of her brother, Dr. William Hopper. She was 67.

Born July 26, 1948, Julie Frances Hopper was the daughter of the late Dr. Richard Hutchinson Hopper, a native of California, and Renèe May Rudd, a Swiss-educated Australian.

She was born in the City of Djakarta on the Island of Java, Republic of Indonesia, during the time her father, who worked over 30 years in the oil industry at Caltex/Chevron, was discovering the Minas oil field.

Hannaford Campaign Gives 50 Meals To Salvation Army

Hannaford Campaign Gives

50 Meals To Salvation Army

Oneonta Salvation Post Commander Sharon Harford receives 50 meals donated through the “Hannaford Helps Fight Hunger” campaign this afternoon from the company’s Southside store Manager John Ray and Assistant Manager Christine Gallup.  The boxes include chicken chunks, green beans, instant oatmeal, canned pineapple and other nutritious items.   In addition periodic Hannaford contributions like today’s, Ray said the supermarket gives shoppers a chance to buy a “Give A Meal” box (a $13 value for $10) during the Christmas season to be donated to local needy families; this past season, 700 meals were donated that way.  The company,  headquarters in Portland, Maine, has been implementing the hunger-fighting program as long as it’s been in the market, 20 years now.  (Jim Kevlin/AllOTSEGO.com)
Ekofisk Trip Builds Camaraderie Among Phillips Petroleum Directors

ON NORTH SEA RIG

Ekofisk Trip Builds Camaraderie

Among Phillips Petroleum Directors

A 1990 trip to a Phillips Petroleum drilling platform in Ekofisk, a huge North Sea oil field, built camaraderie between old-line board members and “interlopers” such as Dolores Wharton, the oil giant’s first woman and black director.

Editor’s Note:  Dolores Wharton of Cooperstown and NYC, the SUNY system’s former First Lady, was the first black woman, as well as the first black, on a number of Fortune 500 boards.  In her new memoir, “A Multicultural Life,” she describes Phillips Petroleum directors’ 1990 camaraderie-building trip to a North Sea oil rig, which helped “the old guard (adjust) to us interlopers.”

By DOLORES WHARTON • from “A Multicultural Life”

In a mandatory wet suit, Phillips Petroleum board member Dolores Wharton prepares to board a 20-passenger helicopter headed for the Ekofisk, the North Sea oil rig. To her left is CEO Bill Couce. (from “A Multicultured Life.”

The intense exchanges during our meetings soon relaxed as the old guard adjusted to us interlopers. A sense of camaraderie evolved during a field trip undertaken by the entire board and company officers to ekofisk, the gigantic oil drilling platform twenty miles off the coast of Norway. That trip – the full board’s first-ever excursion to the platform – was at my request and to fulfill my desire to experience an actual drilling platform located in the North Sea.

Discovered in 1969, Ekofisk oil field, was so huge that at its peak, its oil and gas output amounted to more than a third of Phillips’ total energy production. Our party, arriving from different parts of the United States, gathered in London. From there, one of the company’s ocean-crossing planes took us to Stavanger, Norway, where a twenty-passenger helicopter that droned for two hours, brought us over the vast North Sea.

Funeral Services Wednesday For Arthur Bean, Franklin

Funeral Services Wednesday For Arthur Bean, Franklin

FRANKLIN – A Time of Celebration and Reflection and Military Honors for Arthur Bean, who passed away on Friday, May 16, 2014, will be held at 2 p.m. Wednesday, June 18, at the Kenneth L. Bennett Funeral Home, 425 Main Street, Franklin.

 

DIVESTMENT — Investors, Cooperstown Included, Can No Longer Ignore Climate Change

Investors, Cooperstown Included,

 Can No Longer Ignore Climate Change

Op-Ed by LOU ALLSTADT

The Freeman’s Journal, Thursday, Nov. 11, 2016

Editor’s Note: Cooperstown Village Board voted Oct. 26 to shift $140,000 in its firefighters’ and emergency squad retirement fund away from fossil-fuel stocks on the advice of Trustee Lou Allstadt, the retired Mobil executive vice president.  That prompted an analysis by attorney David Russell, a former pension-fund counsel in the state Comptroller’s Office.  This is Mr. Allstadt’s response to Mr. Russell.

divestment-page-4-11-11I am writing to clarify and respond to several points made in David Russell’s opinion piece in last week’s editions of The Freeman’s Journal and Hometown Oneonta on the Village of Cooperstown’s LOSAP retirement fund.

► What is LOSAP?

LOSAP is the Length Of Service Award Program that provides retirement benefits to firefighters and emergency responders based each individual’s activity level each year. It is a great way to recognize the contributions of these unpaid volunteers and encourage new volunteers to join.

The program is relatively new. It was started with an initial contribution from the village with additional amounts contributed each year as determined by an actuary based on the amount already in the program and the projected retirement payouts over future years.

Those annual contributions will continue for many years and the payouts will stretch out over many years. The latest contribution of about $65,669 brings the total fund to a little over $900,000.

Investment of the fund’s assets is administered by RBC Wealth Management (part of the Royal Bank of Canada), which has an office that specializes on administering LOSAP for a large number of municipalities in New York State. The administrator oversees the distribution of retirement checks and the day-to-day management of investments under guidelines provided from time to time by the village board of trustees.

The Village Board’s finance committee reviews the status of the LOSAP each month and the board of trustees again reviews the status at its monthly meeting. LOSAP is also audited. Village committee and board meetings are open to the public and the investment account statements are public information.

► How is plan administered?

From time to time the finance committee has called in the administrator to discuss the investment mix as well as the fees charged by individual funds. For example, a series of meetings and conference calls early in 2016 resulted in shifting both fixed income (bond) investments and equity (stock) investments from high cost mutual funds into exchange traded funds (ETFs) with similar returns but with low fees – a significant ongoing reduction in costs to the village.  That resulted in a widely diversified portfolio including large and medium sized U.S. and international equities as well as a range of U.S. and international bonds.

About two years ago, questions on investments in fossil fuels arose in the finance committee, the economic development and sustainability committee and the full Board of Trustees. Part of the concern was the environmental impact of fossil fuels and part was the growing perception of financial vulnerability among the fossil fuel companies. The administrator was asked to research and discuss alternatives with the finance committee.

At that time, there was no cost-effective way to divest and maintain a widely diversified portfolio, so no action was taken. Later, it became possible to invest in the individual business sectors of the S&P 500, so you can now buy all of the sectors except energy. This was discussed briefly but not pursued because it would rule out all energy, not just fossil fuels, and because it would result in higher transaction fees to buy the ten non-energy sectors.

More recently, it became possible to buy the S&P 500 ex fossil fuel as a single ETF. This fund tracks all of the S&P 500 companies except those that have fossil fuel reserves. Both indexes are calculated and published by S&P Dow Jones. The SEP500 ex fossil fuel index was initiated in December 2011, around the time when many investors started looking for a way to reduce exposure to fossil fuels. Since the initiation of the index, the S&P500 ex fossil fuels index has had higher annualized returns and higher risk adjusted annual returns than the full S&P 500 index. Details can be found at the following link (click methodology).

https://us.spindices.com/indices/equity/sp-500-fossil-fuel-free-index  

What Fiduciary Responsibilities Apply to Investments?

The U.S. Department of Labor has published interpretive bulletins to help fiduciaries in considering what they call economically targeted investments (ETIs) that involve environmental, social or governance (ESG) considerations. The most recent interpretive bulletin IB 2015-1 was issued on Oct. 26, 2015 replacing the previous bulletin from 2008. The 2015 bulletin covers the issue raised by Mr. Russell. Here is the most relevant portion:

“The Department believes that in the seven years since its publication, IB 2008-01 has unduly discouraged fiduciaries from considering ETIs and ESG factors. In particular, the Department is concerned that the 2008 guidance may be dissuading fiduciaries from

“(1) pursuing investment strategies that consider environmental, social, and governance factors, even where they are used solely to evaluate the economic benefits of investments and identify economically superior investments, and

“(2) investing in ETIs even where economically equivalent. Some fiduciaries believe the 2008 guidance sets a higher but unclear standard of compliance for fiduciaries when they are considering ESG factors or ETI investments.”

An important purpose of this Interpretive Bulletin is to clarify that plan fiduciaries should appropriately consider factors that potentially influence risk and return. Environmental, social and governance issues may have a direct relationship to the economic value of the plan’s investment. In these instances, such issues are not merely collateral considerations or tie-breakers, but rather are proper components of the fiduciary’s primary analysis of the economic merits of competing investment choices.

Similarly, if a fiduciary prudently determines that an investment is appropriate based solely on economic considerations, including those that may derive from environmental, social and governance factors, the fiduciary may make the investment without regard to any collateral benefits the investment may also promote.

Fiduciaries need not treat commercially reasonable investments as inherently suspect or in need of special scrutiny merely because they take into consideration environmental, social, or other such factors. When a fiduciary prudently concludes that such an investment is justified based solely on the economic merits of the investment, there is no need to evaluate collateral goals as tie-breakers.”

https://www.federalregister.gov/documents/2015/10/26/2015-27146/interpretive-bulletin-relating-to-the-fiduciary-standard-under-erisa-in-considering-economically     

This Department of Labor’s interpretive bulletin (above URL) makes it perfectly clear that the Board of Trustees’ decision is consistent with its fiduciary responsibilities.

Also, to put this in perspective, the change affects only the large capitalization equities portion of the $900,000 LOSAP portfolio. It has no impact on our bond investments that make up more than half of the portfolio, or on other classes of domestic and international equity investments. The change will be phased in over one year, a common method to average the price over time. The net effect after one year will be that approximately $10,000 (1.1 percent of the total) will be moved out of companies that have fossil fuel reserves and into all of the non-fossil fuel companies that make up the rest of the S&P 500. The LOSAP investments will remain a widely diversified portfolio.

On the other hand, I completely agree with Mr. Russell that investments for LOSAP should not be judged by the same criteria used in personal investing. For example, I would not support a LOSAP investment in renewable energy because of the present small size of the companies and the volatility of their results, even though I personally own a number of mutual funds and ETFs that are concentrated in various aspects of renewable energy.

►Fossil Fuel Investment Risks

Mr. Russell’s comments imply that he thinks fossil fuels are a safe investment. I am afraid that he is ignoring a number of serious warnings.

Possibly the most relevant warning for our situation comes from Tom Sanzillo, who like Mr. Russell, used to work in the state Comptroller’s Office. From 2003 to 2007, Mr. Sanzillo was the first deputy comptroller for the State of New York. Among his responsibilities was the supervision of a $150 billion globally invested public pension fund, with significant fossil-fuel holdings. This was probably a better vantage point to judge fossil fuels’ investment than Mr. Russell had during his earlier stay in the Comptroller’s Office. In a recent report for the Institute for Energy Economics and Financial Analysis, “Red Flags on ExxonMobil: Core Financials Show a Company in Decline,” Mr. Sanzillo wrote:

“The oil industry, led by ExxonMobil, the world’s largest publicly traded international oil and gas company, once provided its investors with outsize returns. This is no longer the case. Today annual cash distributions to investors are less than half of the annual average payout for the last decade. ExxonMobil’s future is one of diminished prospects.

“The principal drivers of oil industry profitability have eroded in recent years, and investors – institutional investors in particular, because of their fiduciary responsibilities to their shareholders – are faced now with hard questions about oil industry finances and about the suitability of owning stock in companies like ExxonMobil.

“Fiduciaries for institutional funds have a choice to make. They can ignore the downside and weak outlook of fossil fuels and thwart the world-wide search for alternatives (which is what happened when coal markets began to turn five years ago). Or they can act responsibly, directing their money managers and professional staff to construct investment plans that are increasingly fossil free.”

A few months earlier in July, Mr. Sanzillo and I participated in a press conference and webinar introducing an extensively documented report, “Unconventional Risks:  THE GROWING UNCERTAINTY OF OIL INVESTMENTS.” That report lays out the dismal financial results of the major oil companies – reduced profits, reduced cash flow, decreased investments, increased borrowings, decreased bond ratings, decreased share buybacks, decreased dividends. All of which are exacerbated by low energy prices, as well as gradually increasing competition from renewable energy and energy conservation, reduced access to low cost reserves in most of the world, and increasing measures to address climate change.

http://www.asyousow.org/ays_report/unconventional-risks-the-growing-uncertainty-of-oil-investments/

There are a number of other reports that warn investors of problems now and in the future for the fossil fuel industries. Citing all of them would take far too much space and would be fairly repetitious. One of the most succinct is a recent report from Black Rock, the largest asset management company in the world ($5 trillion under management). Excerpts from the report’s summary are quoted below.

“Adapting portfolios to climate change:  Implications and strategies for all investors”

 Summary

  • We start by detailing how climate change presents market risks and opportunities through four channels:

1) physical: more frequent and severe weather events over the long term;

2) technological: advances in energy storage, electric vehicles (EVs) or energy efficiency undermining existing business models;

3) regulatory: tightening emissions and energy efficiency standards, and changing subsidies and taxes;

4) social: changing consumer preferences and pressure groups advocating divestment of fossil fuel assets.

  • These factors can play out immediately (often the regulatory variety), in the medium term as economies transition to a lower-carbon world (often technological), and in the long run (often physical). Investor time horizons differ as well – and may require different approaches. The longer an asset owner’s time horizon, the more climate-related risks compound. Yet even short-term investors can be affected by regulatory and policy developments, the effect of rapid technological change or an extreme weather event.
  • We then show how all asset owners can – and should – take advantage of a growing array of climate-related investment tools and strategies to manage risk, to seek excess returns or improve their market exposure…

Investors can no longer ignore climate change. Some may question the science behind it, but all are faced with a swelling tide of climate-related regulations and technological disruption. Drawing on the insights of Black Rock’s investment professionals, we detail how investors can mitigate climate risks, exploit opportunities or have a positive impact. Climate-aware investing is possible without compromising on traditional goals of maximizing investment returns, we conclude.

We then reflect on steps that stakeholders in the climate debate are considering, including the use of carbon pricing as a cost-effective way to reduce emissions.

Our overall conclusion: We believe all investors should incorporate climate changeawareness into their investment processes.”  (emphasis added)

https://www.blackrock.com/investing/literature/whitepaper/bii-climate-change-2016-us.pdf

►Conclusion   

In my view, the trustees would be remiss in their fiduciary responsibilities not to consider reports like these and many others in evaluating investment decisions in the LOSAP portfolio.

A Few Minor Points
of Clarification

Mr. Kevlin is notorious among readers of this paper for not getting things exactly right. There is no S&P 475. It is a figment of Mr. Kevlin’s imagination. The ETF in question is the S&P500 excluding fossil fuels, whose symbol is SPYX. There is no 360.org, it is 350.org. And, apparently, a report in The Freeman’s Journal provided some erroneous background information about my investment and tax adviser to Mr. Russell, leading Mr. Russell to incorrectly, and I believe inappropriately, speculate on tax motivations for my selling ExxonMobil stock. Also, I have no idea what advice my adviser might
have given to my former
colleagues. She (not he) would never disclose such information.

 

On WAMC’s ‘Morning Headlines’, Editor Tells Of Cooperstown Divesting Oil Stocks

On WAMC’s ‘Morning Headlines’, Editor

Tells Of Cooperstown Divesting Oil Stocks

Village Trustee Lou Allstadt, left, and Village Treasurer Derek Bloomfield offered differing view on using taxpayers money for "social investment."  (Ji m Kevlin/AllOTSEGO.com)
Village Trustee Lou Allstadt, left, and Village Treasurer Derek Bloomfield offered differing view on using taxpayers money for “social investment.” (Jim Kevlin/AllOTSEGO.com)

WAMC-logo_1 (1)In Thursday’s weekly radio report on WAMC, Northeast Public Radio, Jim Kevlin, editor/publisher of www.AllOTSEGO.com (and Hometown Oneonta & the Freeman’s Journal), reported on the Cooperstown Village Board’s first-in-the-nation decision to divest one of its pension funds of all oil, coal and gas stocks.

CLICK HERE TO LISTEN TO THIS WEEK’S  REPORT
Posts navigation

21 Railroad Ave. Cooperstown, New York 13326 • (607) 547-6103