Fossil fuels a losing asset for investors
Fossil fuels a losing asset for investors
On Feb. 9, the Senate Committee on Judiciary and Labor is scheduled to vote on Senate Bill 2155, which would mandate divestment from fossil fuels for the Employees’ Retirement System. It should advance the bill to the Ways and Means Committee.
Oil prices are at a 13-year low. Coal is down 87 percent since 2007. Together, California’s two major public pension funds lost more than $5 billion on energy- related investments for their latest fiscal years. The fossil fuel age is ending, and markets are reacting.
Globally, the renewables explosion and impending avalanche of post-Paris carbon regulations are surprising many who’ve ignored warnings and studies. Divesting would have saved Bill Gates’ Foundation $1.9 billion by now. How much of retirees’ $600 million to $800 million invested in fossil fuels did ERS lose last year?
The energy sector’s radical, rapid change demands unusual, immediate attention. Waiting will only increase losses. SB 2155 needs to pass.
Brodie Lockard
Kailua
Create a safe place for homeless to live
Michael Totten’s article should be mandatory reading for all government officials and social service providers who deal with the homeless (“Homeless in Portland build themselves community of tiny homes — and hope,” Star-Advertiser, Jan. 31).
He points out that 10-year social services plans to end homelessness haven’t worked, and that the homeless really don’t want to stop using drugs or dealing with rules and structure.
Since the homeless insist on living near the ocean, the obvious place for them is Sand Island. Designate a place there to accommodate a basic temporary tent city similar to the Dignity Village complex Totten describes in Portland, Ore. These allocate small individual parcels to pitch tents or construct tiny structures. Occupants elect leaders, pay $35 monthly space rentals, and get water, electricity and sanitation. Residents must live by some basic, but not overbearing, rules.
Oahu’s homeless deserve a decent living space of their own versus being shuffled around, but they must be required to live there instead of our oceanfront public parks.
Bradley A. Coates
Waikiki
Lawmakers should impose tax on REITs
As a senior citizen concerned about the high taxes that Hawaii citizens pay, I’m surprised the Star-Advertiser did not say, “Lawmakers target REITS to restore tax revenue” (“Lawmakers target REITs for added tax revenue,” Feb. 1).
All real estate owners in Hawaii should pay the same taxes on operating revenue and sales profits. This is a special-interest law and tax loophole.
With Hawaii’s 1.4 million population, the state government needs this tax money restored. The federal government has often imposed the wrong laws for Hawaii because it didn’t consider the state’s high cost of living and lower wages, making it difficult to live here.
All working households must speak out, or we will have to pay higher taxes to make up for this loss of tax revenue.
Also, REITS are buying our highest income-generating properties, causing property taxes to continue to rise. Homes are already unaffordable for most of our young people.
Allan Lock
Waialae Nui Valley
Mayor’s promise just smoke and mirrors
Mayor Kirk Caldwell said he will not increase property taxes to pay for rail operations and maintenance.
That makes for good publicity, but Caldwell will not be mayor when the rail is finally completed sometime around 2023.
Like previous promises by mayors who championed rail, the cost, completion date, amount of general excise tax surcharge receipts, stations, amenities, rail car configurations and other assurances are just so much smoke and mirrors.
Even the executive director of the Honolulu Authority for Rapid Transportation hedged when commenting on the five-year surcharge extension, saying essentially “based on our current estimates, this should be enough to complete rail.” That’s a lot of wiggle room.
Caldwell’s promise is not a lie, just more smoke and mirrors.
Let’s see if we can hold future mayors and City Council members to pledge not to raise property taxes to pay for any part of rail, before we elect them.
Peter Chisteckoff
Mililani Mauka
Lanikai barriers installed illegally
Lanikai is different now. It’s unsightly and overcrowded with a mismatch of dilapidated houses next to mansions built one on top of the other.
Cars are carelessly parked between the unsightly rocks, trees and barriers that the residents have irresponsibly and illegally put in front of their homes. It is a safety hazard and unattractive.
To mitigate the traffic concerns and enhance the look of the neighborhood, they should follow the law and remove the numerous illegal barriers blocking the easement and available parking.
Candas Lee Rego
Kailua
Don’t step all over UH athletics program
We should be counting our blessings for having this year’s magical University of Hawaii men’s basketball team and how its members are teaching all of us to overcome adversity by believing in each other.
The NCAA sanctions could have been a sinking-ship situation, in which everyone jumped out and left us high and dry. But they have pulled together and matured to be the kind of men who exemplify honor and courage.
The arena is jammed, and jams and rocks. The fans are better than any Final Four crowd. The second-string players carry the spirit and make their own contributions to winning.
Let the legislators look upon this as the reason not to step all over our UH athletics program. Reward that giant heart the basketball team has and support them and all sports programs that will produce exceptional young people.
Go ’Bows!
James Fukumoto
Aiea
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FRAUD ALERT:
received an phishing email from “office support” spoofing amazon claiming that amazon locked the account due to suspicious activity. it asks to verify your email address.
the email is poorly written and the link asks for sensitive personal information that was not asked for by amazon to open the account.
phish was sent to amazon to investigate.
BEWARE.
Yeah? I get about 200 emails per day. About 30 of them are phishing. It really doesn’t take a genius to figure it out. Look at the sender’s address and the address to which it’s sent. No big deal. Use an email filtering app.
Phishing has become a major problem since Time-Warner took over Oceanic’s email system.
IRT “Lanikai barriers installed illegally”. Laws help but what really works is good planning. Lots of stuff just evolves into a mess without a good plan. Hello Mr. Mayor where is your leadership??
In the pothole.
IRT Brodie Lockard “Fossil fuels a losing asset for investors” – The only things the state should be worried about is 1) funding the ERS and 2) maximizing returns for the ERS. Divesting from fossil fuels with bill SB2155 is only a feel good measure. The legislators definitely couldn’t beat the market return if they were to manage the ERS themselves. And while the stock of oil companies (Exxon & Chevron) are taking a beating due to low oil prices, stocks of oil refiners have been doing well as they can refine more oil.
You can thank President Obama and the environmentalist wackos for the demise of the coal industry. Didn’t he promise them if elected he would destroy Americas Coal Industry??? And you guys wonder why people wanted the president to fail. You get what you voted for.
Rubio was right on Saturday. Obama intentionally out to transform America and destroying our oil industry is part of it. And then we are back in OPEC’s chains when oil back at $100.
A $10 tax on US oil? How about a $20 tax on OPEC OIL?
“Obama intentionally out to transform America and destroying our oil industry is part of it”
Is that why America is now producing nearly double what it did before him?
Apparently destroying an industry to you means doubling its production and boosting payroll.
America was producing nearly double what it did in spite of Obama. Can you explain how a $10 tax on a barrel of oil is not an attempt to destroy our oil industry? You do not appear to understand the exploration and production industry.
So Obama is trying to destroy the industry, yet it’s booming? And you seem wildly unaware that America is at least several trillion dollars behind in road, highway and bridge replacement.
Most of us don’t live under a rock Sarge.
Remember when obama said he had shovel ready jobs in road, highway and bridge replacement. You must have had that vomit bag on again. You have to listen instead of calling people names. Kinda like fifth grade stuff. With oil at $30 dollars and your hero proposing a $10 barrel tax. Insane
Still running away from the ugly fact America needs to invest several trillions REGARDLESS OF WHO IS IN POWER into our roads and bridges?
You make everything political.
I wasn’t participating in this debate but I noted how you childishly want to insult someone’s educational level because your statements (without supporting evidence) are allegedly correct and everyone else is wrong.
Really? You do not appear to understand that the Death of Coal was started when the first government engineer pioneered fracking. Natural gas is killing Coal. Note that the decline of coal started well before Obama got into office (a linear time fact lost on partisan tool bags). And the West Virginia coal mines are being displaced by lower cost product from Wyoming. Australia’s coal is being decimated by natural gas. Want to tell me how Obama is at fault there?
Coal is being destroyed primary by the change in market competition. Blame Natural Gas for coal’s (and nuclear’s) doom.
From 2007 to 2013, coal’s share of the U.S. electricity mix declined from about 50% to 39% while natural gas generation’s share grew from 22% to 27%.
And coal is more radioactive than nuclear.
Tell me why we shouldn’t switch to cleaner and CHEAPER alternatives. Not that you will. Partisan vomit bags never ever defend their beliefs.
Natural gas is a good thing and has a great future. You may need it when the wind doesn’t blow and the sun doesn’t shine. Time to pull that vomit bag over your head. I think you filled it up.
Where did I mention wind in that post you replied to Sarge?
Clearly, you are another failed product of the DOE.
Thing is Sarge, I point out why you are wrong and then I insult you.
You and your pathetic lot of mental degenerates personally attack me first and completely fail to actually refute anything I said. The funny thing is, you often AGREE with what I said but because you are so hateful (well, can’t blame you after getting destroyed so many times), you must insult me.
Obama puppies are all alike. You seldom point out why I’m wrong and instantly proclaim victory. Have you noticed how the oil industry is suffering, losing jobs and cutting capital expenditures? Better update your talking points. You never answered my question on $10 tax on a barrel of oil. Instead you mention Obama’s failed infrastructure projects. Still have that bag on your head I see.
Seldom? You mean like right now with your foolish statement on hydrocarbons you’re running away from?
Debating with choyd is like like trying to play chess with a pigeon — it knocks the pieces over, craps on the board, and flies back to its flock to claim victory.
Keolu, that actually defines you. I provide an argument. You and sarge insult me, NEVER address it and then declare yourselfs right all while cowardly running away.
Show me where you or Sarge even ATTEMPT to prove how the small hydrocarbon market prevented a meltdown.
Failure to do so constitutes your second cowardly fleeing from that argument.
Dude, if you live in a glass house, don’t throw stones.
Have you checked the prices of the oil refiners of late? They have not done well. It’s about time for oil stocks to move up as the big banks are taking a beating on the loans to the oil companies. We all know who runs the show and got the bail outs.
“The fossil fuel age is ending, and markets are reacting”
I don’t think so, they are reacting to cheap oil prices caused by a glut of fossil fuels.
Companies that invested heavily in expensive processes, such as Canadian tar sands, or shale, are suffering.
God Forbid the market from acting how it should. We should all blame Obama for not stepping in and messing with the free market to save big oil.
Oh wait. Sorry, this Republican sponsored book of “how to hate Obama” doesn’t make sense.
The oil and natural gas industry in North America saved Obama from complete economic melt down. Coal use in the U S is dead but you may check out China and India. Natural gas in the energy of the future and the market will reflect that. You don’t need the book to see what a failure Obama is. Fossil fuels will do just fine.
Considering that hydrocarbons are a small portion of the economy, and oil took a steep drop in 2008-2010 along with hydrocarbon investment, Sarge is literally making things up.
Tell me how a tiny portion of the total economy that saw major cash outflows saved North America from complete economic meltdown. This is going to be like watching a Creationist try to defend the geological record.
I know one thing Sarge, I don’t need a book to see what a failure you are in your education.
Thanks for the complement. Now go do your homework and see if you can get a passing grade for a change.
When choyd gets schooled, he likes to make insulting comments about someone’s education level. Pretty petty if you ask me.
Keolu, since Sarge can’t defend his argument that hydrocarbons saved the economy from a meltdown, can you? I apparently got schooled by pointing out how Sarge is wrong, he runs away from that and I’m wrong?
Boy you two are totally failed products of the DOE.
Note how I FIRST prove you are wrong and dumb THEN declare you are dumb. Both of you skip to the last part.
choyd, you saying something doesn’t make it a fact.
Did you learn that in high school? It looks like your maturity level stopped growing in high school.
Show me how the small hydrocarbon market prevented a meltdown.
Or you are just as dumb as Sarge. If not dumber.
Notice how I first challenge you. You fail. Sarge fails. And then I insult you.
You and Sarge insult me first and then cowardly run away from every challenge ever given to you in your lives.
“””Choyd said: Show me how the small hydrocarbon market prevented a meltdown.
Or you are just as dumb as Sarge. If not dumber.
Notice how I first challenge you. You fail. Sarge fails. And then I insult you.
You and Sarge insult me first and then cowardly run away from every challenge ever given to you in your lives”””
I’m not participating in this debate. I’m just pointing out how you are quick to make claims without actual supporting evidence and then when you are challenged you start tossing out insults.
If you think sarge and I run away from every challenge, why don’t you challenge sarge and I to meet you in person face to face and see if you still want to toss cheap insults around?
Choyd’s absence speaks volumes.
Of course the mayor will “say” he opposes raising property taxes to pay for the rail but when the legislature was debating whether to pass the GE tax extension, the mayor was quick to threaten to raise property taxes up to 40% to cover the rail construction. I believe he’s lying through his teeth and will raise property taxes in a heart beat to pay for rail.
Frankly, the rail has been poorly planned and poorly managed and the costs are now out of control.
Aaaaaaaand cue ukuleleblueballs…
Hmm after 10am,maybe from Colorado.
On Time and On Budget. I hope voters remember those words come election time.
The legislature needs to stop micromanaging the retirement system and dictating where its assets are invested. They wouldn’t even promptly make up the deficits which the State and county governments intentionally caused.
Indeed. Imagine how bad it would be if we elected the Raider-In-Chief Ben Cayetano to Mayor? We would be fully funded if Ben hadn’t raided the ERS.
Ben Cayetano raided the ERS? Link please.
http://the.honoluluadvertiser.com/article/2002/Aug/16/bz/bz03a.html
http://the.honoluluadvertiser.com/article/2002/Nov/15/bz/bz02a.html
And Wes Machida publicly stated in front of then Senator Ige in a WAM 2014 session hearing that if the amount taken during that period was not taken, the compounding of earnings would have resulted in a 100% fully funded ERS.
SA’s link policy is wonky.
Google: Ben Cayetano raided ERS
And Wes Machida publicly stated in front of then Senator Ige in a WAM 2014 session hearing that if the amount taken during that period was not taken, the compounding of earnings would have resulted in a 100% fully funded ERS.
Learn how to Google = “Cayetano raid ERS.” First article. “Beginning in 1999, Act 100 allowed the Legislature during Cayetano’s second term to skim off the top of the Hawaii State Employees Retirement System (ERS) by cutting back on the State’s Annual Required Contributions (ARC) in years when investment income was high. In 1999, 2000, 2001 and 2002 the ERS was raided for hundreds of millions of dollars. The practice stopped when Lingle took office.”
Ben Cayetano could not single handedly raid the ERS.
Keolu, hence why I stated “Raider-In-Chief.” Once Lingle came in, the raiding ending.
We would be fully funded if the Raider-In-Chief stopped the stealing. He choose not to.
So are you vested in the ERS?
Bradley A. Coates, I agree with you except for the part that ‘the homeless DESERVE a decent living space of their own’. DESERVE?
Seems like I’ve heard this song before.
My comment is awaiting moderation.
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