Environmental activists plan to disrupt an exhibition of artefacts from Troy at the British Museum in protest against its sponsorship by BP. Campaigners, who want the museum’s trustees to sever ties with the oil giant, are considering occupying galleries or obstructing of entrances during the show. Opponents of financial support for the arts by oil companies have been buoyed after the actor Sir Mark Rylance, 59, resigned from the Royal Shakespeare Company as an associate artist last week over BP’s subsidy of £5 tickets for young people at performances in London and Stratford.
Times 24th June 2019 read more »
A growing consensus has emerged among asset owners and managers that there is no escape from addressing climate change. Yet there is precious little agreement on how to go about it. At one extreme is Norway’s $1tn sovereign wealth fund, the world’s biggest, which has just been given the go-ahead by the Norwegian legislature to dump shares in coal and energy companies. At the other is Japan’s $1.36tn Government Pension Investment Fund (GPIF), the world’s biggest retirement pot, which believes fund managers should engage with companies on climate change rather than divest. What these two financial behemoths nonetheless have in common is a commitment to climate-related risk reduction. In the case of Norway, which is Europe’s biggest petroleum producer, there is a national vulnerability to confront as the future of fossil fuels becomes more problematic. But the divestment is not quite as radical as it appears at first sight. The fund is retaining its holdings in integrated companies such as Shell and BP because it expects them to be the biggest future investors in renewable energy.
FT 24th June 2019 read more »
Labour will back measures deterring investment in fossil fuels as part of a new drive to stop the financial sector from funding global heating, John McDonnell will reveal this week. In the latest attempt by Labour to display its green credentials, the shadow chancellor will use a speech in the City on Monday to commit to using the “full might of the Treasury” to tackle the issue. He will commit the party to forcing the private sector into investing in the “green industrial revolution”. He will announce a review of the financial sector’s role in the climate crisis, looking at “where and how it is causing or exacerbating problems”. It will examine measures preventing financial institutions from “actively contributing to planetary heating or exposing our economy to financial instability”.
Guardian 23rd June 2019 read more »