So we’re in this moment where we thought this was a politically important COP that’s going to get a lot of coverage, and we want to help Christians understand why it should matter to them and also give them something concrete to do in the midst of this moment. That’s why this has expectations, because we’re going to get a really good sense coming out of it of where the world is headed in terms of commitments that countries are making. That means that every five years countries are going to come and bring new commitments to the table based on the science, based on where we’re headed. GMT, Meyaard-Schaap helped lead roughly 500 Christians in 30 locations around the globe (from Singapore to Santa Barbara to the Democratic Republic of Congo) in a simultaneous candlelight vigil to, as the literature states, “pray, sing, and reflect on what it means to be Christ-followers in the age of climate change.”Ĭan you tell me about the idea behind the vigil?īaked into the Paris Agreement is what’s called a five-year stocktake. Yet he believes that caring for the climate is exactly what Christians are called to do - not in spite of their faith, but because of it. “As a Christian working on climate issues, I have received significant pushback,” Meyaard-Schaap has told me. According to a 2020 Pew Research Center poll, 62 percent of non-religious adults believe that climate change is happening because of human activity, while only 24 percent of white evangelical Protestants do. White evangelicalism has come to be seen as almost synonymous with climate change denial, making Meynaard-Schaaps’ activism - on the surface, at least - no less incongruous than taking a private jet to a climate conference. As vice president of the Evangelical Environmental Network, he helps helm what he realizes may be one of the most head-scratching movements in modern history. Now, the diplomats hunker down in Scotland’s capital of industry, parsing through the promises made and seeing what might stick, while the rest of us are left to hope and pray that something actually will.įor Kyle Meyaard-Schaap, that prayer happens quite literally. The remaining contractual maturity of the securities lending agreements is overnight and continuous.The private jets have departed from Glasgow, shuttling their VIP passengers home from the annual UN Climate Summit (COP26) on thousands of gallons of jet fuel. Securities lending transactions are accounted for as secured borrowings.
The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day any additional collateral required due to changes in security values is delivered to the Funds the next business day.
The Funds bear the risk of loss on cash collateral investments. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund - Class Z. Under the terms of the Funds’ securities lending agreement with U.S. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. Within this arrangement, the Funds act as the lender, U.S. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. The Funds may lend their securities to approved brokers to earn additional income.
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