Morgan Stanley commits to tracking climate impact of its lending activities

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first_img FacebookTwitterLinkedInEmailPrint分享Politico:Morgan Stanley will become the first major U.S. bank to publicly disclose the how much its loans and investments contribute to climate change, the latest sign that Wall Street giants are beginning to reckon with their role in heating the planet.The move comes as financial regulators in many countries are considering whether to require greater disclosure from companies about the risks they face from climate change — and as a growing number of shareholders and investors worry about their exposure to fossil fuels that could suffer from future government policies to rein in greenhouse gas emissions.“This is a journey, and I think that this is an incredibly important piece of it, because as we all know it’s harder to make people respond to something when there’s no data, it’s hard to have data when you don’t have measurement,” Audrey Choi, chief sustainability officer for Morgan Stanley and CEO of its Institute for Sustainable Investing, told POLITICO. “This is an important step towards getting more clarity.”The bank is joining the Partnership for Carbon Accounting Financials, a global body with 66 financial company members managing $5.3 trillion of assets, that will count the greenhouse gas emissions from projects and investments that are financed by asset managers, banks and other institutions. Morgan Stanley will sit on the group’s steering committee to help deliver a final methodology for financial institutions to follow this fall.Since 2016, 35 banks have poured $2.7 trillion into fossil fuel projects, according to environmental group Rainforest Action Network — and Morgan Stanley has accounted for nearly $92 billion of that total. Morgan Stanley declined to provide POLITICO details on the number of fossil fuel projects and assets are on its books.Morgan Stanley hopes its effort to tally the greenhouse gas emissions from its investments will help it to develop new sustainable investing products for investors, said Matt Slovik, who heads the bank’s global sustainable finance team, noting the company has committed to financing $250 billion of low-carbon solutions by 2030. But he declined to say whether the bank would use the information to perform stress tests of how its portfolio would fare under varying climate scenarios.[Zack Colman]More: Morgan Stanley commits to tallying its climate impact Morgan Stanley commits to tracking climate impact of its lending activitieslast_img read more

No Place Safe From Heroin’s Wrath

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first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Editor’s note: This is the first in a new monthly column exploring the local impact of the national heroin and opioid crisis. Contact the author via [email protected] a child growing up in Plainview, Garrett Kassler loved the Power Rangers and Teenage Mutant Ninja Turtles. Once a teenager, it was water and the outdoors. He wanted to open a scuba diving shop, live on the beach, and enjoy a simple life.His parents, Lee and Lisa, had moved to the upper middle-class suburb when Garrett was a baby, as it promised great schools, little to no crime, a good neighborhood and the perfect place to raise a family.“We watched our children [including daughter Erica, now 24] flourish from pre-K through high school,” Lee says. “We were active in the PTA, we both coached soccer and Little League, we watched our children closely and made sure they stayed out of trouble.”Garrett first had trouble dealing with stress while away as a college freshman. A campus doctor prescribed Xanax. His parents were comforted that it was a physician. But Garrett’s mood and behavior began changing.He eventually told his parents he couldn’t stop taking the anti-anxiety medication. They brought him home, sent him to therapy and the “Xanax problem” appeared to be resolved. Then, oxycodone and, ultimately, heroin, replaced Xanax. For the next eight years, Garrett was in and out of rehabilitation facilities.“This was our life now,” Lisa says. “We needed to accept the fact that our son was an addict and find help… . We were always proud of him, never ashamed. We learned he had a disease, and it not only affects the user but everyone in the household.”Garrett seemed to improve and enlisted in the U.S. Marine Corps. But a call came a few weeks into boot camp. Garrett, unable to meet the vigorous demands, was discharged. Home again, he continued to use drugs.In 2014, Garrett’s doctor prescribed Vivitrol®, an opioid-receptor blocker that stopped his cravings and blocked him from getting high. It worked well.Clean for 14 months, Garrett volunteered with Nassau County’s drug education and awareness programs, speaking at events and sitting on the Heroin Prevention Task Force. He helped launch the county’s “Shot at Life” (Vivitrol®) program and became a recovery coach. He planned to become a credentialed alcohol and substance abuse counselor.But he wasn’t in drug treatment. Months after stopping Vivitrol®, he relapsed, and the cycle of using and stopping began again.“Never once did he deny being an addict,” Lee says. “He’d say, ‘I am wired just a little different then many of you. No rhyme or reason. I just have to deal with it.’”On Feb. 4, 2017, excited after he passed a drug test and landed a new job, Garrett Kassler would use once more and overdose in his Plainview home at the age of 26. It was Fentanyl, and powerful painkiller often added to heroin, that killed him.Garrett was one of 195 people to die from opioids in Nassau that year, including another Plainview man his age. The other 194 came from Massapequa, Long Beach, Manhasset, Floral Park and Oceanside. No area is exempt. Suffolk County’s fatal overdose numbers are even higher than those in Nassau.“Remember, if it could happen to us, it could happen to anyone,” Lee says. “The drug crisis is real. Addiction is real.”Weeks later, the Kasslers started a nonprofit in his name: The Garrett L Kassler Memorial Fund. Their goal: “to make recovery possible – one person, one family, one life at a time.”Garrett’s high school principal wrote on the foundation’s and school’s website about the student he knew well at Plainview-Old Bethpage John F. Kennedy High School.“His tremendous smile and great laugh were infectious, and his wonderful sense of humor could brighten the darkest day,” Principal James Murray wrote. “He was friends with everyone; no peer group was excluded from his kind and welcoming heart.”On Feb . 3, 2018, Lee posted on the memorial fund’s Facebook page.“Tomorrow- One year. Our lives were changed forever. Every day is a rollercoaster of emotion. The sadness, loneliness and heartache, I wish on no one… We miss our boy terribly. Hurt beyond imagine… Life and health are precious. Do not take one moment of it for granted.”WHERE TO FIND HELPLong Island Crisis Center24/7 Crisis Hotline (Call or Text) (516) 679-1111NAFASNassau Alliance for Addiction Services Helpline: (516) 481-4000 nassaualliance.org (community treatment providers)Information & Resourcesheroinprevention.com L.I.C.A.D.D. 24/7 Hotline for Info & Referrals (631) 979-1700For those affected by a loved one’s Substance Use Disorder:• Nar-Anon (516) 318-6134 nar-anon.org• Al-Anon/ Alateen (516) 433-8003 alanon-nassau-ny.org• Families Anonymous (516) 204-3202 familiesanonymous.orgFor Free Naloxone (Narcan) Training Community Calendar of Opioid Overdose Trainingshealth.ny.govlast_img read more

USC hosts US-Australian conference

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first_imgThe Political Student Assembly, in partnership with the USC Dornsife College of Letters, Arts and Sciences’ School of International Relations, held a conference Tuesday concerning U.S.-Australian relations and the rise of the Pacific Rim in world politics.The event was sponsored by G’Day USA, an Australian think tank dedicated to promoting U.S.-Australia relations through fundraisers and its website. Allied with the Australian Consolate-General, G’Day USA is sponsored by the Dow Chemical Company, Chevron and the Australian Trade Commission.Consisting of four panels and a lunch, the event attracted notable experts on Pacific Rim policy, such as Isaac Stone Fish, associate editor of Foreign Policy, and Lisa Scaffidi, Lord Mayor of Perth, the capital city of Western Australia. These panelists were chosen by Justin Bogda (Director of PSA), Christina Gray (Assistant Director of Programming for the School of International Relations) and Cate Partain, a senior majoring in international relations and an intern at the Australia Consulate-General.“I reached out to the School of International Relations because they wanted do a partnership with PSA at some point this year,” Bogda said. “We wanted to have a large conference at USC at one point, and from there we worked with the Australia consulate to get different officials and experts on these topics.”Partain expressed optimism in collaborating with the university.“It’s really about giving the best experience to the people who will be in attendance,” Partain said. “At the consulate, we were very excited to work with USC, to make sure that students were aware that this is an opportunity. It’s an amazing networking event for USC students.”These networking opportunities came during the first panel, titled “U.S. and Australian Alliance in the Asia-Pacific.” The panel featured Kim Beazly, Australian ambassador to the United States and Jeff Bleich, former U.S. ambassador to Australia.The second panel, “Growing Regional Trade through the Trans-Pacific Partnership (TPP),” addressed Trade Promotion Authority and TPP, two trade agreements that could affect U.S.-Australia relations. The authorities on this panel, including former U.S. Secretary of Commerce Mickey Kantor, supported the agreements.In the third panel, “China, the U.S., and Australia,” experts discussed the new assertiveness of China within the Pacific and whether or not Australia has to choose between the U.S. and China. From the Australian perspective, presented by Robert Hill, the former Australian Defense Minister, such a decision isn’t even in the minds of Australian officials.“Business Opportunities and Challenges of an Expanding Asian Middle Class,” the final panel, presented economic, health and political issues of the expanding middle class in Asia, with its effects on air quality in the Pacific, tourism and the film industry. Scaffidi discussed how Perth and Western Australia hold economic significance in the region.“We’ve actually trademarked this term, ‘in the zone,’” Scaffidi said. “We recognize that Western Australia is in the same time zone as 61 percent of the world’s population, and we use that as a marketing point. We are a very strong connector for that reason. In regards to the growth of the middle class, it’s a great opportunity to our state.”Gray felt that the event was a huge success, particularly due to USC’s ability to draw major figures such as Scaffidi.“I think G’Day USA in partnering with USC was attracted to the School of International Relations,” Gray said. “You already have a great range of faculty and research and students who are actively involved in public diplomacy, and that focus is on international affairs. It’s a faculty base that opens itself to the idea of opening itself up as a university to other governments.”Bogda, however, sees these events’ success as being in the hands of the students.“[Students] have to attend. They have to tell their professors that they are interested in these kinds of events,” he said. “I’m hoping that in the future we can get more and more students to come out. If you‘re studying economics or international trade this is an opportunity to hear ambassadors speak on real-world things now.”last_img read more