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Fossil fuel industry spills money and power in year of tumult

Image by Petra Wessman

When a ship is plain sailing, it’s hard to knock it off course. That’s been the conundrum for us rubber-dinghied climate activists for decades now as we try our best to push the supertanker that is the global economy towards sustainability.

But in 2020 the ship hit the rocks – and hard. As the keel started to list most of us were preoccupied with more immediate concerns. But down below the waves the supposed engine room of our economy – the fossil fuel industry – was breached. 

The Coronavirus pandemic’s impact on fossil fuels was of historic proportions. The market value of giant companies like Shell and BP dropped by more than half in a matter of days. Demand for oil crashed so severely that oil commodity prices fell below zero: traders would effectively pay you to take oil off their hands. 

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How to divest a nation from fossil fuels

Scotland as a nation is still heavily invested in the companies most responsible for climate change. To get a glimpse of how we might turn this situation around we need only look across the Irish Sea. The Republic of Ireland’s world-beating divestment policy provides a fantastic example for Scotland to follow as it moves to establish its new public bank, the Scottish National Investment Bank.

Ireland’s parliament, the Oireachtas, passed the Fossil Fuel Divestment Bill in July 2018. It’s a very simple piece of law that instructs Ireland’s Strategic Investment Fund not to invest in new fossil fuel supply companies, and to wind down its current investments within five years. Continue reading

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Royal Bank of Scotland: 10 years of climate campaigning

Creativity and crises over the last 10 years of the publicly-owned polluter.

“Make It Happen” was an RBS slogan that meant far more than they intended. In the mid-2000s activists had spent years of fighting oil spills, pipelines and mega coal mines and the damage they cause. When they began to look deeper into how these projects came about they found that, more often than not, it was banks like RBS who provided the money to make it happen.

Back in 2007 RBS boasted “Whether your oil and gas finance requirements are straightforward or complex, RBS will bring its broad and deep experience of the hydrocarbon sector to bear on them”, and “the thing that makes us different is that we are a truly oil and gas bank.” In case you missed the point, they promoted their services on the website www.TheOilAndGasBank.com.

London-based group Platform started the charge on RBS in a report entitled ‘The Oil & Gas Bank‘ by Mika Minio-Paluello published with the support of Friends of the Earth Scotland, People & Planet, NEF and Banktrack.

Minio-Paluello set it out: “the bank is intimately involved in transforming the carbon locked in oil and gas reservoirs thousands of metres underground into atmospheric carbon dioxide – the main cause of climate change. If carbon dioxide molecules had corporate tags of responsibility, the atmosphere would be filled with RBS logos.” Continue reading

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