Some of the world’s best-known climate campaign groups have taken millions of pounds in donations from a foundation run by billionaire hedge fund bosses whose investment fund has invested in fossil fuel companies, the Guardian has learned.
Groups including the European Climate Foundation, the Carbon Tracker Initiative and the World Wide Fund for Nature (WWF) have taken millions of pounds in grants over the past two years from Quadrature Climate Foundation, according to filings with the Charity Commission. WWF told the Guardian on Tuesday it would investigate the donation.
Quadrature Climate Foundation was set up by Quadrature Capital, a multibillion-pound investment fund founded by the enigmatic billionaires Greg Skinner and Suneil Setiya. Quadrature Capital has stakes worth more than $170m (£135m) in fossil fuel companies, according to filings with US regulators.
The fund’s most recent filings with the US Securities and Exchange Commission show that as of the end of March, Quadrature had stakes in 45 fossil fuel companies, mostly in North America.
They included a $24m stake in ConocoPhillips, the multinational oil and gas company named by the Guardian in 2019 as one of the world’s most polluting companies. The fund had also invested more than $26m in Cheniere Energy, a major US producer of liquified natural gas for export. And it had a $20m stake in Cenovus Energy, a Canadian company that was recently reprimanded by regulators after 1,000 litres of diesel leaked into a fishing lake in Alberta.
Its climate foundation gave grants to 45 green groups worth about £175m in 2021 and 2022. They included £4m to the European Climate Foundation, which promotes net zero policies in Europe; £2.7m to the Carbon Tracker Initiative; and more than £3m to the WWF.
ECF has previously given money to the Guardian, but before Quadrature Climate Foundation was established.
The foundation continues to expand its activities: the Conscious Advertising Network, an initiative by the Integrated Society of British Advertisers to “decarbonise the advertising industry”, recently announced Quadrature as a funder. The CAN urges brands to ask their advertising agencies: “Do you know if they work with any clients that further the interests of fossil fuels?”
A spokesperson for Quadrature said: “Climate change is already pushing many parts of the world beyond critical temperature tipping points, with uncertain and potentially severe consequences particularly for the poorest and most vulnerable countries.
“Since 2019, Quadrature Climate Foundation has deployed over £200m to almost 150 climate organisations. The foundation expects to increase funding substantially over the coming years, focused on unlocking the most urgent climate solutions that can help society address the new climate reality.”
A spokesperson for Global Witness, which received £1m from Quadrature last year, said: “Global Witness is very grateful to Quadrature Climate Foundation for their support to our work to tackle powerful interest groups driving the climate crisis.
“We deeply value the donations we receive from a great number of individuals and institutions and encourage them to align their investments with their values and the goals of their philanthropy.”
Mark Campanale, founder and director of the Carbon Tracker Initiative, said: “We are aware Quadrature Capital’s investment strategy (separate to the foundation) is based on algorithmic trading, ie the stocks are constantly turned over using complex trading models and are not actively picked or held long term. We believe in transparency and the names of our funders are published in our annual report on our website.”
A spokesperson for WWF said: “Thank you for bringing this to our attention. We will be looking into this with the Quadrature Climate Foundation.”
Other green groups that have taken the fund’s money did not respond to a request for comment.
Quadrature Capital was founded in 2010 by Skinner and Setiya. The pair previously worked for DE Shaw, the New York-based fund manager, and for De Putron Fund Management, an investment firm set up by Peter de Putron, a Tory donor and the brother-in-law of the former business secretary Andrea Leadsom.
The fund trades using algorithms to decide which stocks to buy, and one person familiar with it said it took a “market-neutral trading strategy” that did not involve analysing their underlying business model or holding stocks for long periods of time.
The strategy appears to be paying off. Its most recent accounts reveal the fund made £560m in pre-tax profits for the year ending 31 January 2022. That allowed it to pay nearly £357m in salaries to its 98 staff – an average pay of £3.6m a person. The two directors took £3.2m each, less than the average across the firm.
In 2021, Bloomberg reported Setiya was considering bidding about $153m for one of London’s most expensive apartments in the One Hyde Park development.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
