Is your pension fund funding the next Biparjoy
On a hot April day in Kerala, a bunch of us visited a beach in Thrissur. It was 6:30 in the evening and I was looking forward to dipping my toes in the beach and cooling down.
But instead of the cool waves that always greeted me in the evenings and nights I was greeted by a warm gush of water. It was uncomfortable dipping my feet into warm water. Ocean waters did get a little warm during summers but this time it was different.
When I asked my friends from the place if it was normal, they said it was. Assuming I was being hyper-sensitive I ignored the heat emanating from the waves.
I forgot about it until I heard about Biparjoy. Meaning calamity/disaster in Bengali the hurricane is quickly living up to its name. While the coordinated efforts of the center and state governments have ensured that the loss of life has been minimal, the cyclone has caused enough wreckage that threatens the socio-economic fabric of the regions that it has touched
Here is a short explainer from Carbon Copy on what causes cyclones. It also explained the heat I felt from the sea on that warm April day
Ocean warming has been happening for a long time now, but not at the current scale. While the Bay of Bengal has always been notorious for floods and cyclones, we are now seeing occurrences on the West Coast of India as well. While Governments work on relocation and rehabilitation the constant threat of flood pushes people from marginalized sections into the depths of poverty.
A snippet by award-winning photographer Supratim Bhattacharjee shows the extreme impact on the lives of the marginalized when rain causes havoc.
Immediate relief and rehabilitation are the focus but beyond that, our interest evaporates. All of these events are inter-connected, and it is time we understood how
Climate disaster is fuelled by many things
Heavy dependence on the Fossil fuel industry, a resource-rich diet, and lifestyle, and financial institutions continue to fuel disasters to name a few. There is enough steam around the first two topics, but the latter is a dark truth our banks want to keep from us.
Here is an interesting take on this
India’s largest bank continues to not take a stance
The transition in India from fossil fuels to renewable is heavily dependent on financial institutions besides government policies. While coal is the lifeline of the Indian energy industry and banks like SBI claim to support the nation’s growing ambitions, what is unclear is the support of projects like the Carmichael project in Australia.
Why would India’s leading bank need to support the expansion of fossil fuel in Australia when it feels conflicted about supporting fossil fuels?
I will secure funds for my green investments and use them to fund my coal dreams
Adani has pledged Adani Green shares to secure funding for the Australian coal project. Investors who invested in Adani Green hoping to fuel India’s transition to renewables were taken aback by this scam. The Norwegian pension fund which is one of the world’s largest pension funds exited the fund.
What about Indian pension funds
When it comes to our pension funds there is a lot of grey area. People usually invest and forget, but across the world Pension funds are some of the largest funds that can cause tectonic shifts. Organizations like Make my money matter are asking crucial questions when it comes to pension funds. Funds like EPFO do not speak about climate across any forums, and we do not question them. A good starting point would be to ask
Is the fund that is meant to secure our future securing the planet’s future
It is time to look at our investments and divest from pure fossil fuel players.
Else we might get deliveries such as this
