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Victoria councillors are calling for wethical investments PDF Print E-mail
Justice News
Posted by Joan Russow   
Wednesday, 21 October 2015 07:40

JANUARY 12, 2015 09:31 PM

Jeremy Loveday and Ben Isitt, pictured during the municipal election campaign in October, are calling for more ethical investing by the City of Victoria.   Photograph By BRUCE STOTESBURY, Times Colonist


Victoria councillors Jeremy Loveday and Ben Isitt hope to encourage more ethical investments of city dollars.

The two, in co-operation with the University of Victoria Student Society, are hosting a town-hall meeting tonight to explore alternatives to the current situation, in which municipal funds are invested in pooled portfolios largely out of the city’s control.

Right now, the city’s capital reserves of about $120 million and short-term assets are invested in the portfolios, administered by the Municipal Finance Authority through fund manager Philips, Hager & North Ltd., along with funds from other municipal governments. “So the city has no control, beyond that the funds go to the MFA,” Isitt said. “I guess in a delegated way we do have representation on the MFA through the [Capital] Regional District.”

Isitt said a concern he has, for example, is that Philips, Hager & North has taken the position that investment in the oilsands is consistent with the principles of socially responsible investing.

“Many people have a different view,” Isitt said. The purpose of the town hall, he said, is to explore how to ensure city funds are being used “as a force for good rather than for harm” in terms of environmental and social issues.

“We do know that [the MFA] pooled fund includes investments in Enbridge and Trans Mountain Pipeline and other oil and gas industries, which many members of the public think aren’t the best destination for public dollars,” he said. “We believe it’s important to invest the public’s money in enterprises that advance, rather than undermine, social justice and the environment.”

Unfortunately, Isitt said, the city’s discretion is limited legislatively.

He said he’d like to see amendments by provincial legislature to allow local governments to invest responsibly. “The city’s had an investment policy on its books for about a decade that includes a very clear commitment to socially responsible investing where possible,” he said. “Unfortunately it’s the ‘where possible’ that’s the legislative straitjacket that we’re in.’ ”

Speakers at the event include Kelsey Mech, chair of the Canadian Youth Climate Coalition, Nathalie Chambers of the Farmland Protection Coalition, and peace activist and former Green party leader Joan Russow.

The event is planned for 7 p.m. tonight at the Downtown Community Centre, 955 Pandora.

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- See more at: http://www.timescolonist.com/news/local/victoria-councillors-call-for-the-city-to-make-ethical-investments-1.1728773#sthash.OuCBIoH7.dpuf
Site C Dam ‘Devastating’ for British Columbians, Says Former CEO of BC Hydro PDF Print E-mail
Earth News
Posted by Joan Russow   
Sunday, 09 August 2015 14:29

nnBy Emma Gilchrist • Wednesday, August 5, 2015 - 09:27


In an exclusive interview with DeSmog Canada, former BC Hydro CEO Marc Eliesen says ratepayers will face a “devastating” increase in their electricity bills if the Site C dam is built and emphasizes there is no rush to build new sources of power generation in B.C.

“With Site C, BC Hydro ratepayers will be facing a devastating increase of anywhere between 30 and 40 per cent over the next three years,” Eliesen told DeSmog Canada in his first interview on the subject.

“There’s no rush. There’s no immediate need for Site C or any other alternative energy,” he said.

B.C. NDP oppose oil pipeline approval PDF Print E-mail
Earth News
Posted by Joan Russow   
Saturday, 08 August 2015 20:51
An oil tanker is boomed off and docked at Kinder Morgan
An oil tanker is boomed off and docked at Kinder Morgan's Burnaby terminal to take on oil from the Trans Mountain pipeline. The number of tankers plying Burrard Inlet would increase from five per month to 34 if the pipeline is twinned. 
— Image Credit: File P
Victoria City Council passed a motion taking the first step towards fossil fuel divestment PDF Print E-mail
Earth News
Posted by Joan Russow   
Friday, 24 July 2015 12:15

By Divest Victoria



Divest Victoria's photo.
Divest Victoria Supporters rallying before going into Victoria Counci[
Last Updated on Friday, 24 July 2015 12:31
March Against Monsanto 12:45 PDF Print E-mail
Earth News
Posted by Joan Russow   
Friday, 22 May 2015 12:01

image 1

Last Updated on Friday, 22 May 2015 12:58
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