Vevo Gives Up: Streaming Service Plans To Shut Down Site & Transfer Content To YouTube

first_imgVevo, the video-hosting service, was founded in 2009, aiming to compete with the monolithic video-streaming site, Youtube. On Thursday, Vevo has announced that it’ll be closing down its website and mobile apps, essentially conceding defeat to Youtube. In a blog post, the company notes,Going forward, Vevo will remain focused on engaging the biggest audiences and pursuing growth opportunities.  Our catalog of premium music videos and original content will continue to reach a growing audience on YouTube and we are exploring ways to work with additional platforms to further expand access to Vevo’s content.Despite closing down its streaming platforms, this announcement doesn’t mean that the company is calling it quits completely. Started as a joint venture between three major record labels, Vevo’s overarching goal was always to “grow the commercial and promotional value of music videos”—in fact, Vevo gained its name as an abbreviation for “video evolution,” notes Rolling Stone. Given this, the company has plans to continue advertising and sponsoring video premieres, albeit while transferring their content to their Google-owned streaming-service competitor and receiving a smaller slice of ad revenue.YouTube and Vevo’s long-embroiled battle has been ongoing, with Vevo resisting the major-streaming platform by running its own apps and website for years, and with limited success. In response, YouTube has fired back at Vevo. As explained by Rolling Stone, YouTube “recently took Vevo’s branding off its music videos, while also securing permission under a new licensing deal to sell Vevo’s clips directly to advertisers, cutting out the smaller company’s sales force.” With Vevo closing down its streaming operation, the company received a distribution deal from YouTube, which gave it a cut of revenue for transferring its content over to YouTube.This announcement comes on the heels of YouTube’s expansion, with YouTube unveiling YouTube Music this week—a music-streaming service with a free and premium-subscription service—as well as a rebranding of their premium video service, YouTube Red, which going forward will be known as YouTube Premium. (Subscribers to YouTube Premium will automatically get a subscription to YouTube Music.)[H/T Rolling Stone]last_img read more

‘One country, two systems’

first_imgAmid fears that the European debt crisis is spreading from Greece to Italy, and with the United States amid its own economic woes, Hong Kong’s chief executive touts onetime Chinese leader Deng Xiaoping’s “one country, two systems” philosophy for his region’s economic fortitude.“In some ways Hong Kong has had an easier time over the past decade than many other economies,” said Donald Tsang, M.P.A. ’82. “Our freedom from public debt, our position beside China’s growing economy, our prudent banking supervision — these have all helped to cushion us from some of the shocks that have come our way.”Tsang spoke Tuesday night at the John F. Kennedy Jr. Forum at Harvard Kennedy School. The chief executive, whose term is ending in June, focused his talk on the relationship between Hong Kong and China, and how it has worked in recent history. Once a British colony, Hong Kong now is a special administrative region of China.“Standing counterpoint to the story of economic uncertainty over the past 14 years is the story of the continued growth of Hong Kong as a unique, remarkable society,” said Tsang. “National pride and unity demanded a resumption of sovereignty; magnanimity allowed the different way of life in Hong Kong to be taken as something of value to be preserved and allowed to flourish.”Tsang also spoke about how Hong Kong is not impervious to financial crisis. “Our city is open to the rise and fall of financial markets and swirling changes of the global economy,” he said.Many of the Chinese and Hong Kong native students in attendance were more interested in hearing about what the local government was planning to do about its current problems. During the question-and-answer session, students repeatedly asked about the housing market — stressing how there just aren’t any apartments available there that they can afford. Overcrowded hospitals and universities also seemed a sensitive subject.While Tsang offered no details, he said, “I agree with you. There are a lot of things left to do,” and he encouraged the students to become part of the solution. “Perhaps some of you may even venture to Hong Kong to become part of our narrative. History has not ended.”last_img read more

Saint Mary’s seniors reminisce on College experiences

first_imgAs another year comes to a close, members of the Saint Mary’s class of 2018 are bracing themselves for Commencement and the future while reflecting on their collegiate experiences.For some, like senior Olivia Burnett, Saint Mary’s felt like home since the beginning of their time on campus. Burnett said she fell in love with the College before fall break her first year.“Everything just felt good and happy and safe, and I was surrounded by great and supportive friends,” she said in an email. “I was enjoying my classes. My dorm room was cozy. It felt really right that I was here. Not that I ever questioned it, but I just came to be so confident in the fact that Saint Mary’s is where I was meant to be. It was the place that I was meant to grow in my education, my social life and my faith. It all felt very comfortable.”The experience that stands out above all others for Burnett took place during her first year, but she said many more instances add to what she’ll always love about her time at Saint Mary’s.“My favorite memory is hanging out with Drake Bell at his hotel after his concert at Legends freshman year,” she said. “[For others,] it’s not exactly a specific memory, but just being in the presence of my friends, laughing, hanging out in the dining hall, walking around campus, just soaking everything in.”Senior Stefanie Dyga said she did not truly experience all the College had to offer until after studying abroad, but she fell in love with Saint Mary’s in the end.“It started to feel like home my junior year, after getting back from study abroad,” Dyga said in an email. “I had wanted to transfer my first two years, but when I got back from Ireland, everything started to fall into place. I finally opened myself up to all that Saint Mary’s has to offer, and here I am now, a week from graduation and I never want to leave.”Dyga’s favorite memory is grounded in friendship and hours of work and time spent in the Cushwa-Leighton Library’s basement computer lab, the Trumper Computer Center, she said.“During November of my senior year, I was basically living in Trumper, spending upwards of 10 hours per day in there completing the grueling process that is the senior comp,” she said. “There was a night that my comp girls and I were all super stressed, so we took a study break and drove to Taco Bell at 2 a.m., laughing and singing along to music. It was then that I knew I could get through anything as long as I had them.”It is these experiences that create the lasting friendships Dyga said she will keep after leaving campus. This “sisterhood” is what senior Kate Zurovchak said she will miss the most.“I’ll miss the sisterhood and the environment — you know, seeing my friends every day and being able to walk down the hall and say hi to them and ask them about their day,” she said. “Well, I’ll be able to do this through text, but just to be there in person and hear about their day, share stories and laugh.”Zurovchak said her favorite memories revolve around outings with others, whether it be a sporting event or a 7-Eleven run.“I really enjoyed going to football games and tailgating with my friends,” she said. “For tailgates, a lot of my immediate family and extended family would come in, and then a lot of my friends and I would walk over to Notre Dame and spend the whole day together. That was really nice. Two of my friends and I would go on Coke slushie runs to 7-Eleven. We used to do it more sophomore and junior year, but those are really good memories.”Saint Mary’s provided Zurovchak with more than lasting memories and friendships, she said. The College has also given her a sense of purpose in her future occupation, nursing.“I think specifically with nursing, [Saint Mary’s has given me] a sense of empowerment and the desire to advocate for other people and the patients that I come into contact with,” Zurovchak said. “I feel like that’s been a reoccurring thing. Professors always stress that you have the power to do the good that you want to help other people.”It is lessons like these that Burnett said she will embody after graduation.“Saint Mary’s has taught me so much about myself,” she said. “Since day one, I have been uplifted and encouraged and empowered. I have learned how to carry myself as a confident woman in the world past my time here. SMC has taught me my self-worth and how to approach the real world from that confident perspective. I will hold all of those lessons near and dear to my heart for the rest of my life.”Tags: 2018 Commencement, saint mary’s, senior memorieslast_img read more

Travel Diary: Discover The History, The Beauty & The Glory Of Greenport

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Sponsored Content Brought To You By NY Auto GiantA truly memorable road trip includes several distinct characteristics.A choice destination must be unique. It must stand on its own as a place of intrigue, fascination. It must exude a certain magnetism that captures your imagination and systemically draws you in, leading you ever so closer with each passing thought or mention, inevitably rendering you powerless to resist its enigmatic allure and compelling you to transport yourself and/or a loved one to its inviting, heartstring source.A choice destination must be memorable. It must leave a lasting impression on your very soul and forever imprint a small part of itself on who you are and all you may do afterward.A choice destination must also be welcoming and exciting, offering delectable food and drink, of course, yet also possessing an equal amount of options that foster relaxation and contemplation, creating those choice and too-rare moments to reflect upon your life and your loved ones, and meditate on these special gifts and those with whom you share it, heal your spirit and rejuvenate your soul.Fear not, fellow day-tripping motorists and adventure-seekers, you need not journey to the ends of the Earth to experience such a place. Long Island is loaded with these exact hometown hotspots.Renowned for its rich history, natural splendors and present-day wonders, the idyllic village of Greenport on Long Island’s North Shore is but one, attracting like-minded expeditionists the world over to relish in its breathtaking beauty and majestic glory.Some might say it’s one of LI’s best-kept secrets.Yet the road to such a magical realm demands an equally choice chariot, and luckily, NY Auto Giant possesses a vast array of extraordinary vehicles to ensure your trek to this storied village is as memorable as the amazing experiences you’ll have once there.NY Auto Giant can put you behind the wheel of your very own 2015 Cadillac ATS 2.0-Liter Turbo Coupe today!Wait, what’s that you say? Style, elegance, power!?Ah, yes, dear friends. A 2015 Cadillac ATS 2.0-Liter Turbo Coupe radiates all these virtues, and so much more. Yes, she will bring you to this fantastical nook, dear adventure vagabonds. She will bring you home.This beauty boasts turbocharged performance, a roomy and luxurious interior and style, style, style!Because whether it’s the sweet, healing elixirs at Kontokosta Winery you seek or the aromatic hues of Lavender By The Bay–a family run lavender farm in nearby East Marion and one of the largest in the country–the road to Greenport is paved with adventure.Roll up to Sep’s Farmstand on your way into town, won’t you, and toss some farm-fresh vegetables and fruit in a basket in the back seat—maybe a gorgeous, fresh-cut bouquet of flowers for the lady friend? Of course! Road trips are romantic, especially when riding into town in a pink rose-scented Cadillac!Yes, dear road warriors, unfortunately, it is true that what we call time is ever fleeting. So a stop at Tick Tock Miniature Golf is just what the doctor has ordered to help sear this epic road journey into your go-to-stories-to-share for generations to come!If it’s history that’s your love, you are surely in the right place! Greenport was once a bustling whaling and shipbuilding port, and there are many, many sights to see from its long-ago seafaring past!Check out the 1840 Schoolhouse Museum, pay a visit to the Blacksmith’s Shop, the East End seaport Museum, the Lighthouse, the Greenport Jail and Police Museum, Railroad Museum, the Stirling Historical Society Museum-Ireland House, and 4-acre Mitchell Park, right in the center of the village!Next, take a Walking Tour and learn all about this historic village’s past, a trip across the bay aboard the environmentally friendly vessel Glory, the Fireboat Fire Fighter floating museum, or soak in the vibes and spirits on a North Fork Wine Tour!Hungry? Thirsty? Of course you are!Supercharge those engines at Aldo’s Coffee and Biscotti and Coronette Luncheonette, munch on some pastries over at the Blue Duck Bakery, a slice or pie at 1943 Pizza Bar, Emilio’s, La Capricciosa and Rolling In Dough Pizza, toss back a pint or two at the Biere Bar and Restaurant and Whiskey Wind, and devour the most succulent seafood treats at Claudio’s Clam Bar, Claudio’s Crabby Jerry’s on the waterfront, Deep Water Bar and Grille, Little Creek Oyster Farm and Market, Skipper’s, Vino N Vittles, or more!Enjoy some craft brew at Greenport Harbor Brewing Company, revel in the bizarre cinematic wonders of the Camera Obscura—one of the world’s only such public-access dark rooms—catch some live music at Billy’s By The Bay, then go and sing your own true song down by the harbor!Click Here To Learn More About NY Auto GiantNo visit to Greenport would be complete without a spin or three on the backs of some of the majestic creatures whirling about the village’s Antique Carousel. and as you twirl atop those colorful vintage critters, one hand on the reins, your other in the soothing grip of your loved ones, shout it out with pride to all those curious bystanders watching from the lawn: “New York Auto Giant! New York Auto Giant! New York Auto Giant!”To get behind the wheel of your very own supercharged 2015 Cadillac ATS 2.0-Liter Turbo Coupes, head on over to NY Auto Giant’s Atlantic Chevrolet Cadillac!last_img read more

Two-thirds of managers are afraid of this…

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » A recent Havard Business Review article highlighted a scary survey result.Two-thirds of managers are afraid to have conversations with employees. Here are the results from HBR.If this affects nearly 70% of managers, chances are that some folks in your shop have the same issue.The article gives some good advice on how to have good discussions with employees. But I think it also is important to remember the value of good, frank advice that you received.last_img read more

Departing HHS chief cites pandemic flu, food tampering as top concerns

first_imgDec 3, 2004 (CIDRAP News) – In announcing his resignation today after 4 years as US Health and Human services (HHS) secretary, Tommy G. Thompson cited pandemic influenza and food biosecurity as two of his biggest worries.Thompson, who presided over massive increases in federal spending for public health preparedness and biodefense research, said in response to a question, “There are two things that really worry me yet. The big one is pandemic flu.”He cited the widespread concern that H5N1 avian influenza could trigger a human flu pandemic. Noting that the virus has sickened about 40 people in Asia and killed 30 of them (official figures are 44 and 32), he said, “That is huge lethality. No other disease has had that kind of lethality before.”He added that no vaccine is currently available for the virus. HHS researchers are working on a vaccine, but current egg-based vaccine production methods are very slow, Thompson noted. He said he wants to push the development of cell-culture technology for producing flu vaccines.”I’m putting in the budget this year for $125 million for pandemic flu,” he said. “I really consider this a huge bomb out there that could really impact on the health of the world.” The World Health Organization has estimated that “30 million to 70 million people could die” in a pandemic, he added. “We made great progress on pandemic flu, but we’re not there yet.”Thompson said his second big concern is that terrorists will strike the food supply. “I cannot understand for the life of me why the terrorists have not attacked our food supply, because it’s so easy to do, and we’re importing a lot of food from the Middle East and it’d be easy to tamper with that,” he said.He said the government has made some progress in food biosecurity: food-import inspections have increased from 12,000 to 98,000 per year, and laws now require businesses to give advance notice of the arrival of food shipments from abroad.”But it still is a very minute amount that we’re doing,” Thompson said. “We’ve got more tools, but those two areas [pandemic flu and food security] need a lot more work.”In his teleconference this afternoon, Thompson said he had told White House Chief of Staff Andrew Card about a year ago that he was thinking of resigning, but Card asked him to stay on for the rest of President Bush’s first term. He said he agreed to stay but made it clear he would probably leave after that. Today Thompson said he would stay until Feb 4, 2005, or until his successor is confirmed.When he was asked what he considered his major achievements at HHS, Thompson cited the rebuilding of the public health infrastructure at the state and federal levels as third on the list. For his top two accomplishments, he cited the overhaul of Medicare, with the prescription drug benefit for seniors, followed by efforts to raise people’s awareness of the need for a healthy lifestyle.Last April HHS officials said that federal spending for public health preparedness and biodefense had increased from $294 million in 2001 to $5.2 billion in fiscal year 2004, a 17-fold jump.The secretary also mentioned bioterrorism preparedness efforts in his prepared announcement. “From the day I arrived, we spoke of the need to better prepare for bioterrorism, and together we helped this nation weather the first biological attack on its people with the anthrax letters,” he said in a reference to the anthrax attacks in the fall of 2001.”We expanded our cache of smallpox vaccine, so we can now protect every man, woman, and child if this vicious disease were to return,” he added. He said the government has stockpiled more than 400 million doses of the vaccine.In other comments today, Thompson said the nation may need an agency independent of the Food and Drug Administration to monitor the safety of drugs after they are on the market. He also expressed a hope that Congress will consider requiring food supplement manufacturers to demonstrate the safety of their products before they can be sold, instead of putting the burden on government to prove that a product is unsafe before it can be removed from the market.last_img read more

Unai Emery breaks silence over Ainsley Maitland-Niles’ sending off during Arsenal’s defeat to Leicester

first_imgUnai Emery breaks silence over Ainsley Maitland-Niles’ sending off during Arsenal’s defeat to Leicester Comment Metro Sport ReporterSunday 28 Apr 2019 3:11 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link305Shares Ainsley Maitland-Niles received his marching orders against Leicester (Getty Images)Unai Emery has criticised Michael Oliver for sending off Ainsley Maitland-Niles during Arsenal’s below-par 3-0 defeat to Leicester City at the King Power Stadium.Arsenal started the game on the back foot and their hopes of gaining a positive result were dealt a huge blow when Maitland-Niles was sent off ten minutes before half-time for a second yellow.A header from Youri Tielemans and a late double from Jamie Vardy in the second half handed Leicester a comprehensive victory while condemning Arsenal to a damaging defeat.Maitland-Niles was dismissed for two fouls on James Maddison, however, Emery felt that the 21-year-old’s first yellow card after eight minutes shouldn’t have been given.ADVERTISEMENT Advertisement Unai Emery had to be calmed down by Michael Oliver in the second half (Getty Images)‘For me the first yellow card is not. I do not agree with this decision and it has conditioned a lot our match,’ Emery told BBC Sport after the game.AdvertisementAdvertisement‘Our gameplan with one player less is difficult and Leicester they have good players.‘But we needed to continue. We prepared at half-time some changes to keep the possibilities in the match but knowing it would be difficult.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityEmery was furious with Michael Oliver’s decision to brandish the red card and he had to be calmed down by the referee midway through the second half.Following Tottenham’s 1-0 defeat to West Ham on Saturday, Arsenal had a big opportunity to close the gap on their north London rivals in the race for the top-four with a win over Leicester.However, they never got going and Bernd Leno was comfortably their best player even before Maitland-Niles’ sending off, making nine saves over the course of the match.Arsenal have now suffered three successive Premier League defeats following losses to Crystal Palace and Wolves and find themselves fifth in the Premier League table.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Advertisementlast_img read more

Mikel Arteta reveals what it was like being coached by Jose Mourinho at Barcelona

first_imgMourinho and Van Gaal during the 1997/98 season with Barcelona (Picture: Getty)The pair actually worked together, with Mourinho taking a number of sessions with the Barcelona B team – for whom Arteta made 42 appearances – as he began his move into becoming a manager in his own right.AdvertisementAdvertisementADVERTISEMENTArteta looks back on that time fondly and says Mourinho’s approach with Barca’s young players was the complete opposite of the image that is painted of him as someone who is reluctant to give youth a chance.Asked what Mourinho was like as a coach at Barca B, the Arsenal boss said: ‘He was great! He used to coach us, as you said, with the Barcelona B team.More: Manchester United FCRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseEx-Man Utd coach blasts Ed Woodward for two key transfer errors‘He used to come to our training sessions. He had an incredible energy with young players. He was always very, very supportive and [we] all liked him.’The feeling was mutual, with Mourinho revealing at his own pre-match press conference that he is still extremely fond of the ‘kid’ he used to coach – though he will put their personal relationship aside on Sunday.‘Look I met Mikel when Mikel was a kid in Barcelona. I was there with Mr Van Gaal, Mikel was a kid. Really, really a kid,’ he said Comment Mikel Arteta reveals what it was like being coached by Jose Mourinho at Barcelona The two managers’ paths crossed in Catalonia over two decades ago (Picture: Getty Images)Mikel Arteta has revealed what it was like to be coached by Jose Mourinho during their brief time together at Barcelona and has dispelled the notion that the Spurs boss is wary of young players, saying he was ‘very supportive’.Mourinho is often derogatorily remembered simply as Bobby Robson’s ‘translator’ during their time together at Camp Nou in the 1996-97 season, though he was a prominent part of the coaching team and stayed on as part of Louis van Gaal’s staff.At the same time, Arteta – who will be in the opposite dugout for Sunday’s north London derby – was coming through Barca’s famed La Masia academy. Metro Sport ReporterFriday 10 Jul 2020 11:17 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.3kSharescenter_img Arteta did not make a senior appearance for Barca and was loaned to PSG before joining Rangers permanently in 2002 (Picture: Getty)‘So I know him from there and when you know these kids at this age, time flies but in the end you always look at them as the kid that you have a great feeling for.’He added: ‘Of course I like him very, very much. I hope everything goes well for him in his career, but I have to admit in this moment he is at a rival club, a club that fights in this moment for the same things we fight – which is a European position. And I cannot wish him good in this situation.’MORE: Jose Mourinho responds to Mikel Arteta’s praise and reveals his nickname for the Arsenal bossMORE: Arsenal boss Mikel Arteta praises Jose Mourinho’s start at Tottenham ahead of north London derby clashFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement Advertisementlast_img read more

Arsenal refuse to back down in Lucas Torreira negotiations as Fiorentina end pursuit

first_imgArsenal are standing firm over their valuation of Lucas Torreira (Getty Images)Arsenal’s refusal to compromise in their negotiations to sell Lucas Torreira has led to Fiorentina pulling out of the race to sign the midfielder, according to reports in Italy.The Gunners are open to selling the Uruguay international this summer as Mikel Arteta is keen to strengthen his midfield options with the arrival of Thomas Partey from Atletico Madrid.However, Atletico will only allow the Ghana international to leave if his €50m (£43m) release clause is met and the Gunners are currently unable to match that fee.Arsenal have held talks to sell Torreira in order to bolster their funds and Fiorentina believed they were closing in on a deal for the 24-year-old.AdvertisementAdvertisementADVERTISEMENTHowever, Firenze Viola reports that Fiorentina have now ended negotiations with Arsenal after the Gunners refused to budge over their asking price.Arsenal are demanding €30m (£26.9m) for the Uruguayan and have turned down Fiorentina’s offer of €25m (£22.4m) to be paid in two installments. Arsenal refuse to back down in Lucas Torreira negotiations as Fiorentina end pursuit Advertisement Fiorentina have pulled out of the race to sign Lucas Torreira (Getty Images)However, Torreira, who was signed by Arsenal from Sampdoria for £26m in 2018, is also wanted by Torino.Torino are now managed by Marco Giampaolo, who worked with Torreira at Sampdoria, and the Italian is keen to be reunited with the midfielder.Speaking last week, Giampaolo’s brother, Federico, revealed that confirmed that Torino are interested in a move.‘Taking Torreira will be very difficult because it is an operation that involves a great outlay from the club,’ he told Tuttosport.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘And it is a negotiation unrelated to the simple will of the player, so many factors come into play. But in football, you never know.‘Maybe Marco convinces him, and [Davide] Vagnati [Torino’s sporting director] gets a yes from Arsenal: everyone in Turin wishes him well. ‘It is a city that lives on football and Torreira can ignite enthusiasm like few other players.’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Comment Advertisement Metro Sport ReporterTuesday 8 Sep 2020 8:24 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link8.1kShareslast_img read more

What does aligning with the Paris climate agreement mean?

first_imgIn addition to identifying working definitions for key concepts, the project aims to identify different approaches and methods relevant to the objectives of aligning portfolios to the Paris Agreement.“There are emerging tools for some asset classes but there is not yet an agreed definition of what being aligned to ‘below 2°C’ or ‘net zero by 2050’ means for a pension fund”Adam Matthews, Church of England Pensions BoardThe Church of England Pensions Board is co-chairing the IIGCC initiative, and Adam Matthews, its director of ethics and engagement, said the pension fund wanted to be able “to demonstrate transparently that it had delivered on its commitment to be aligned to the Paris Agreement”.  “However, we need to be honest,” he added. “The lack of consensus on frameworks and methodologies means that its simply not yet possible to make such statements when investing across multiple asset classes.“There are emerging tools for some asset classes but there is not yet an agreed definition of what being aligned to ‘below 2°C’ or ‘net zero by 2050’ means for a pension fund.”Faith Ward, chief responsible investment officer at the £30bn (€35) Brunel Pension Partnership, said the project would help the local authority pension pool move ahead “in a fully informed and effective way” with developing a comprehensive approach to managing climate risk across all its portfolios.At a UN-convened climate conference in Paris in December 2015, 195 countries agreed a long-term goal of keeping global warming to well below 2°C above pre-industrial levels and to pursue efforts to limit the increase to 1.5°C.The plans set out by individual countries so far would lead to warming well above either of those targets, according to estimates, although recommendations for a 2050 net-zero emissions target issued to the UK government this week have been hailed as “a new dawn for climate change action” by the Confederation of British Industry. European asset owners are coming together for a project aimed at developing a common understanding of what it means for portfolios to be aligned with the climate change goals agreed at a UN-convened gathering in Paris in December 2015.The project was launched by the Institutional Investors Group on Climate Change (IIGCC) and is being steered by a committee initially comprising Nordic and UK pension investors: AP2, Brunel Pension Partnership, Church of England Pensions Board, LGPS Central, PKA and TPT Retirement Solutions.Aligning with the Paris Agreement has become a relatively established part of the narrative about finance and climate change, but the IIGCC said the concept remained poorly defined despite a “growing body of evidence in specific areas”.“Moreover, the different potential approaches and methodologies that can be used to support alignment of portfolios are not well understood by investors, nor fully tested in the context of different asset classes and sectors,” it added.last_img read more