Scottish local authorities are investing £1.7 billion in 52 fossil fuel companies blamed for causing climate chaos, according to a new report. Pension funds for more than half a million council staff are being poured into oil, gas and coal companies despite the danger that they will crash when the carbon financial bubble bursts. The revelation has shocked pension fund members, angered campaigners and upset trade unionists, who are all calling for fossil fuel investment to be phased out. But the investments have been defended by councils and the industry. The company given the most money by Scotland’s 11 council pension schemes is the oil and gas giant, Shell, which received nearly £130m of investments in 2015-16. The coal and mining multinational, Rio Tinto, was given £74m, BP £64m and Exxon £44m.
Ferret 13th March 2017 read more »
The oil and gas industry risks losing public support if progress is not made in the transition to cleaner energy, Royal Dutch Shell Plc Chief Executive Ben van Beurden said on Thursday. The world’s second largest publicly-traded oil company plans to increase its investment in renewable energy to $1 billion a year by the end of the decade, van Beurden said, although it is still a small part of its total annual spending of $25 billion. The CEO said that the transition to a low carbon energy system will take decades and government policies including putting a price on carbon emissions will be essential to phase out the most polluting sources of energy such as coal and oil.
Reuters 9th March 2017 read more »