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Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories

A Palestinian man lifts a national flag and flashes the victory sign as Israeli armoured vehicles including a bulldozer drive on a street during a raid in Tulkarem on September 3, 2024, amid a large-scale military offensive launched a week earlier in the occupied West Bank. (AFP)
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A Palestinian man lifts a national flag and flashes the victory sign as Israeli armoured vehicles including a bulldozer drive on a street during a raid in Tulkarem on September 3, 2024, amid a large-scale military offensive launched a week earlier in the occupied West Bank. (AFP)
Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
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An Israeli soldier takes position next to an army vehicle on a street damaged by bulldozers during a raid in the centre of Jenin in the occupied West Bank on September 3, 2024. (AFP)
Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
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Men walk through debris in a building that was hit by Israeli bombardment in the Sheikh Radwan neighbourhood in the north of Gaza City on September 3, 2024 amid the ongoing war in the Palestinian territory between Israel and Hamas. (AFP)
Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
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A Palestinian civil defence member stands near a building on fire that was hit by Israeli bombardment in the Sheikh Radwan neighbourhood in the north of Gaza City on September 3, 2024 amid the ongoing war in the Palestinian territory between Israel and Hamas. (AFP)
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Updated 04 September 2024

Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories

Norway wealth fund may divest companies that aid Israel in Gaza war, occupied territories
  • According to nongovernmental organizations, they make weapons used by Israel in Gaza, where its military offensive has killed nearly 41,000 Palestinians
  • The new definition of ethical breaches is based on the ICJ finding that “the occupation itself, Israel’s settlement policy and the way Israel uses the natural resources in the areas are in conflict with international law,” the letter said

OSLO: Norway’s $1.7 trillion wealth fund may have to divest shares of companies that violate the fund watchdog’s new, tougher interpretation of ethics standards for businesses that aid Israel’s operations in the occupied Palestinian territories.
The Council on Ethics for the world’s largest sovereign wealth fund sent an Aug. 30 letter to the finance ministry, seen by Reuters, that summarises the recently expanded definition of unethical corporate behavior. The change has not previously been reported.
The letter did not specify how many nor name companies whose stocks might be sold but suggested it would be a small number, should the board of the central bank, which has the final say, follow recommendations that the council makes.

HIGHLIGHTS

• Norway fund is world's largest sovereign wealth fund

• Companies active in occupied West Bank under review

• US arms producers being probed over Gaza war

• Watchdog expects to recommend "a few" companies for divestment

One company has already been identified for disinvestment under the new definition, it said. “The Council on Ethics believes the ethical guidelines provide a basis for excluding a few more companies from the Government Pension Fund Global in addition to those already excluded,” the watchdog wrote, giving the formal name for Norway’s sovereign wealth fund.
The fund has been an international leader in the environmental, social and governance (ESG) investment field. It owns 1.5 percent of the world’s listed shares across 8,800 companies, and its size carries influence.
Since the start of the war in Gaza in October, the fund’s ethics watchdog has been investigating whether more companies fall outside its permitted investment guidelines. The letter said that the scope of exclusions was “expected to increase somewhat” under the new policy.
Among the companies that the watchdog could be looking at are RTX Corp, General Electric and General Dynamics. According to nongovernmental organizations, they make weapons used by Israel in Gaza, where its military offensive has killed nearly 41,000 Palestinians. The companies did not immediately reply to requests for comment.
The fund held investments worth 16 billion crowns ($1.41 billion) in Israel as of June 30, across 77 companies, according to fund data, including companies involved in real estate, banks, energy and telecommunications. They represented 0.1 percent of the fund’s overall investments.

NEW LEGAL OPINION
On Gaza, the council is focusing on weapon producers in countries not participating in the Arms Trade Treaty, a 2014 agreement on conventional weapons trade. “This mainly concerns American companies,” the letter said, without naming any.
It added, “There are very few relevant companies remaining in the fund” partly because many US defense manufacturers were already barred for producing nuclear weapons or cluster munitions.
The fund’s ethical rules are set by Norway’s parliament. The updated ethics definition by the watchdog results partly from a July opinion by the International Court of Justice regarding Israel’s occupation of Palestinian territories.
The court took positions on “several new facts and legal issues” that could make “companies with a less direct connection to violations of norms” in breach of the ethics rules, the letter said without providing examples.
The new definition of ethical breaches is based on the ICJ finding that “the occupation itself, Israel’s settlement policy and the way Israel uses the natural resources in the areas are in conflict with international law,” the letter said.
The fund previously divested from nine companies operating in the occupied West Bank under its prior policy. Their operations include building roads and homes in Israeli settlements in East Jerusalem and the West Bank and providing surveillance systems for an Israeli wall around the West Bank.
The Council on Ethics makes recommendations to the board of the central bank, which operates the fund. The bank often follows the watchdog’s advice to exclude firms, but not always.
The bank can also put a company on notice to change its behavior or ask the fund’s management to engage with it directly. Companies designated for disinvestment are not named until the fund has sold the shares.


Pakistani province declares health emergency due to smog and locks down two cities

Pakistani province declares health emergency due to smog and locks down two cities
Updated 5 sec ago

Pakistani province declares health emergency due to smog and locks down two cities

Pakistani province declares health emergency due to smog and locks down two cities
  • Smog has choked Punjab for weeks, sickening nearly 2 million people and shrouding vast swathes of the province in a toxic haze
  • Average air quality index readings in parts of Lahore exceeded 600 on Friday
LAHORE, Pakistan: A Pakistani province declared a health emergency Friday due to smog and imposed a shutdown in two major cities.
Smog has choked Punjab for weeks, sickening nearly 2 million people and shrouding vast swathes of the province in a toxic haze.
A senior provincial minister, Marriyum Aurangzeb, declared the health emergency at a press conference and announced measures to combat the growing crisis.
Time off for medical staff is canceled, all education institutions are shut until further notice, restaurants are closing at 4 p.m. while takeaway is available up until 8 p.m. Authorities are imposing a lockdown in the cities of Multan and Lahore and halting construction work in those two places.
“Smog is currently a national disaster,” Aurangzeb said. “It will not all be over in a month or a year. We will evaluate the situation after three days and then announce a further strategy.”
Average air quality index readings in parts of Lahore, a city of 11 million, exceeded 600 on Friday. Anything over 300 is considered hazardous to health.
The dangerous smog is a byproduct of large numbers of vehicles, construction and industrial work as well as burning crops at the start of the winter wheat-planting season, experts say.
Pakistan’s national weather center said rain and wind were forecast for the coming days, helping smoggy conditions to subside and air quality to improve in parts of Punjab.
Dr. Muhammad Ashraf, a professor at Jinnah Hospital Lahore and Allama Iqbal Medical College, said the government must take preventative measures well before smog becomes prevalent.
“It is more of an emergency than COVID-19 because every patient is suffering from respiratory tract infections and disease is prevailing at a mass level,” he said earlier this week.

Primary schools empty as smog persists in India’s capital New Delhi

Primary schools empty as smog persists in India’s capital New Delhi
Updated 15 November 2024

Primary schools empty as smog persists in India’s capital New Delhi

Primary schools empty as smog persists in India’s capital New Delhi
  • New Delhi and the surrounding metropolitan area, home to more than 30 million people, consistently tops world rankings for air pollution in winter
  • The smog is blamed for thousands of premature deaths each year and is an annual source of misery for residents

NEW DELHI: Residents in India’s capital New Delhi again woke under a blanket of choking smog on Friday, a day after authorities closed primary schools and imposed measures aimed at alleviating the annual crisis.
Delhi and the surrounding metropolitan area, home to more than 30 million people, consistently tops world rankings for air pollution in winter.
The smog is blamed for thousands of premature deaths each year and is an annual source of misery for residents, with various piecemeal government initiatives failing to measurably address the problem.
All primary schools were shut by government order on Thursday night with young pupils – particularly vulnerable to smog-related ailments due to their age – instead moving to online lessons.
“I have an eight-year-old kid and he has been suffering from a cough the past couple of days,” Delhi resident Satraj, who did not give his surname, said on the streets of the capital.
“The government did the right thing by shutting down schools.”
Thursday’s edict also banned construction work, ordered drivers of older diesel-powered vehicles to stay off the streets and directed water trucks to spray roads in a bid to clear dust particles from the air.
Delhi’s air quality nonetheless deteriorated to “hazardous” levels for the fourth consecutive day this week, according to monitoring firm IQAir.
Levels of PM2.5 pollutants – dangerous cancer-causing microparticles that enter the bloodstream through the lungs – were recorded more than 26 times above the World Health Organization’s recommended daily maximum shortly after dawn on Friday.
Critics have consistently said that authorities have fallen short in their duty to tackle a crisis that blights the city each year.
“We haven’t responded to the emergency with the same intensity with which we are facing this crisis,” Sunil Dahiya of New Delhi-based advocacy group Envirocatalysts said.
The acrid smog over New Delhi each year is primarily blamed on stubble burning by farmers in nearby states to clear their fields for plowing.
A report by broadcaster NDTV on Friday said that more than 7,000 individual farm fires had been recorded in Punjab state, to the capital’s north.
Emissions from industry and numerous coal-fired power stations ringing the city, along with vehicle exhaust and the burning of household waste, also play a part.
“Since we haven’t yet carried out any systemic long-term changes, like the way we commute, generate power, or manage our waste, even the curtailed emissions will be high,” Dahiya said.
Cooler temperatures and slow-moving winds worsen the situation by trapping deadly pollutants each winter.
A study in The Lancet medical journal attributed 1.67 million premature deaths to air pollution in the world’s most populous country in 2019.


World’s most polluting cities revealed at COP29 as frustration grows at fossil fuel presence

World’s most polluting cities revealed at COP29 as frustration grows at fossil fuel presence
Updated 15 November 2024

World’s most polluting cities revealed at COP29 as frustration grows at fossil fuel presence

World’s most polluting cities revealed at COP29 as frustration grows at fossil fuel presence
  • Cities in Asia and the United States emit the most heat-trapping gas that feeds climate change, and Shanghai is the most polluting
  • That’s according to new data that combines observations and artificial intelligence to quantify emissions around the world

BAKU: Cities in Asia and the United States emit the most heat-trapping gas that feeds climate change, with Shanghai the most polluting, according to new data that combines observations and artificial intelligence.
Nations at UN climate talks in Baku, Azerbaijan are trying to set new targets to cut such emissions and figure out how much rich nations will pay to help the world with that task. The data comes as climate officials and activists alike are growing increasingly frustrated with what they see as the talks’ — and the world’s — inability to clamp down on planet-warming fossil fuels and the countries and companies that promote them.
Seven states or provinces spew more than 1 billion metric tons of greenhouse gases, all of them in China, except Texas, which ranks sixth, according to new data from an organization co-founded by former US Vice President Al Gore and released Friday at COP29.
Using satellite and ground observations, supplemented by artificial intelligence to fill in gaps, Climate Trace sought to quantify heat-trapping carbon dioxide, methane and nitrous oxide, as well as other traditional air pollutants worldwide, including for the first time in more than 9,000 urban areas.
Earth’s total carbon dioxide and methane pollution grew 0.7 percent to 61.2 billion metric tons with the short-lived but extra potent methane rising 0.2 percent. The figures are higher than other datasets “because we have such comprehensive coverage and we have observed more emissions in more sectors than are typically available,” said Gavin McCormick, Climate Trace’s co-founder.
Plenty of big cities emit far more than some nations
Shanghai’s 256 million metric tons of greenhouse gases led all cities and exceeded those from the nations of Colombia or Norway. Tokyo’s 250 million metric tons would rank in the top 40 of nations if it were a country, while New York City’s 160 million metric tons and Houston’s 150 million metric tons would be in the top 50 of countrywide emissions. Seoul, South Korea, ranks fifth among cities at 142 million metric tons.
“One of the sites in the Permian Basin in Texas is by far the No. 1 worst polluting site in the entire world,” Gore said. “And maybe I shouldn’t have been surprised by that, but I think of how dirty some of these sites are in Russia and China and so forth. But Permian Basin is putting them all in the shade.”
China, India, Iran, Indonesia and Russia had the biggest increases in emissions from 2022 to 2023, while Venezuela, Japan, Germany, the United Kingdom and the United States had the biggest decreases in pollution.
The dataset — maintained by scientists and analysts from various groups — also looked at traditional pollutants such as carbon monoxide, volatile organic compounds, ammonia, sulfur dioxide and other chemicals associated with dirty air. Burning fossil fuels releases both types of pollution, Gore said.
This “represents the single biggest health threat facing humanity,” Gore said.
Climate talks wrestle with fossil fuel interests
Gore criticized the hosting of climate talks, called COPs, by Azerbaijan, an oil nation and site of the world’s first oil wells, and by the United Arab Emirates last year.
“It’s unfortunate that the fossil fuel industry and the petrostates have seized control of the COP process to an unhealthy degree,” Gore said. “Next year in Brazil, we’ll see a change in that pattern. But, you know, it’s not good for the world community to give the No. 1 polluting industry in the world that much control over the whole process.”
Brazil President Luiz Inácio Lula da Silva has called for more to be done on climate change and has sought to slow deforestation since returning for a third term as president. But Brazil last year produced more oil than both Azerbaijan and the United Arab Emirates, according to the US Energy Information Administration.
On Friday, former UN secretary-general Ban Ki-moon, former UN climate chief Christina Figueres and leading climate scientists released a letter calling for “an urgent overhaul” on climate talks.
The letter said the “global climate process has been captured and is no longer fit for purpose” in response to Azerbaijan’s president Ilham Aliyev saying that oil and gas are a “gift of the gods.”
UN Environment Programme Executive Director Inger Andresen said she understands much of the frustration in the letter calling for massive reform of the negotiation process, but said their push to slash emissions fits nicely with UN Secretary-General Antonio Guterres’ constant prodding.
One key benefit of the UN climate talks process is it is the only place where victim small island nations have an equal seat at the table, Andersen told The Associated Press. But the process has its limits because “the rules of the game are set by member states,” she said.
An analysis from the Kick Big Polluters Out coalition said Friday that the official attendance list of the talks featured at least 1,770 fossil fuel lobbyists.
At a press conference with small island nations chair Cedric Schuster said the negotiating bloc feels the need to remind everyone else why the talks matter.
“We’re here to defend the Paris agreement,” Schuster said, referring to the climate deal in 2015 to limit warming to 1.5 degrees Celsius (2.7 Fahrenheit). “We’re concerned that countries are forgetting that protecting the world’s most vulnerable is at the core of this framework.”


Daesh group gunmen kill politician in Pakistan

Daesh group gunmen kill politician in Pakistan
Updated 15 November 2024

Daesh group gunmen kill politician in Pakistan

Daesh group gunmen kill politician in Pakistan
  • Attackers escaped after shooting the Islamist politician in Bajaur district, near the border with Afghanistan where militants remain active

PESHAWAR, Pakistan: Gunmen from the regional branch of the Daesh group have killed a politician in northwest Pakistan, police and the militants said Friday.
“Jamaat-e-Islami Bajaur leader Sufi Hameed was leaving the mosque after offering prayers after sunset (Thursday) when two masked men on a motorcycle opened fire on him,” senior police official Waqar Rafiq said.
The official said the attackers escaped after shooting the Islamist politician in Bajaur district, near the border with Afghanistan where militants remain active.
Islamic State Khorasan (IS-K) said its “soldiers shot an official of the apostate political party,” in a message on Telegram.
The local chapter of the Daesh group accuses religious political parties of going against strict religious preachings and supporting the country’s government and the military.
IS-K has recently carried out several attacks against political parties, including a suicide bomb blast at a rally in Bajaur last year which killed at least 54 people including 23 children.
“In this year alone, they have killed at least 39 people in targeted attacks and bomb explosions” in Bajaur, a senior local security official said on the condition of anonymity.
In both Khyber Pakhtunkhwa province, where Bajuar is located, and Balochistan province in the southwest, armed Islamist or separatist groups regularly target security forces and state representatives.
Militants operating in Pakistan include Tehreek-e-Taliban Pakistan (TTP), the country’s homegrown Taliban group.
Pakistan has seen a sharp rise in militant attacks in regions bordering Afghanistan since the Taliban returned to power in the country in 2021.


Fire breaks out at a Spanish nursing home, killing at least 10 people

Fire breaks out at a Spanish nursing home, killing at least 10 people
Updated 15 November 2024

Fire breaks out at a Spanish nursing home, killing at least 10 people

Fire breaks out at a Spanish nursing home, killing at least 10 people
  • Authorities were alerted of the blaze early Friday morning in Villa Franca de Ebro
  • Fire took place just weeks after devastating flash floods in Valencia killed more than 200 people

MADRID: At least 10 people died in a blaze at a nursing home in Zaragoza, Spain, before firefighters managed to extinguish it, local authorities reported on Friday.
Authorities were alerted of the blaze early Friday morning in Villa Franca de Ebro, about 30 minutes from the northeastern city.
The cause of the fire was not yet known, local media reported.
Jorge Azcon, head of the regional government of Aragon, whose capital city is Zaragoza, confirmed the deaths and said on X, formerly Twitter, that all government events in the region were canceled for the day.
Spanish Prime Minister Pedro Sanchez also expressed his shock over the fire and deaths.
The fire took place just weeks after devastating flash floods in Valencia killed more than 200 people and destroyed thousands of homes. The floods were the worst natural disaster in Spain’s recent history.