Fossil fuel change to save planet
Dear Editor The General Election in Scotland seems to be dominated by two issues: Brexit and Independence, both of which are, in the final analysis, irrelevant and a waste of time unless the greatest issue facing the world is seriously tackled.
We, the people of this planet, have to make huge progress in reducing our carbon emissions and be approaching carbon neutral by 2030. What are the chances of the UK achieving their contribution to this massive task? The answer is close to zero.
Whilst many candidates are making polite noises about tackling climate change, and promising a billion or so to enable it to happen it is not, by a long way, enough. This is especially so when we look at how much the fossil fuel industry is prepared to invest in planning and extracting further unnecessary fossil fuels.
The NGO Global Witness in April 2019 identified £3.9 trillion being set aside for new coal, oil and gas projects around the world in the next decade. This comes on top of £1.5 trillion invested in the fossil fuel industry since 2015.
They estimate that 15 per cent of this investment is coming from UK banks, coal and oil companies. The UK is one of the largest investors in the extraction of fossil fuels.
UK banks invest heavily in the dangerous fuels. The top three UK banks investing in fossil fuels in 2018 were Barclays, £46.8 billion; HSBC, £31.2 billion, and Santander, £7.8 billion (source: Rainforest Action Network).
In 2018 the two UK oil giants, Shell and BP, emitted globally 1,173 million tonnes CO2, over three-times the entire UK’s carbon emissions of 354 million tonnes.
The human race, in its worship of mammon, is trashing this planet and we are rapidly heading for oblivion unless we, with great urgency, reverse the trend from ever increasing investments in destructive industries and significantly increase investments in far less destructive industries for our energy needs.
For this change to take place we need strong political leadership but this unfortunately lacking at this time.
Nowhere is this more noticeable than in many politicians attitudes to their own pension funds where, from my experience, they rigidly adhere to the mantra that they are required to invest in fossil fuels to maintain the returns on investments.
This attitude carries over into the pension funds over which they have some say and to which they make significant contributions: mainly local authority pension funds. This all to the detriment of the environment, the planet and our children’s and grandchildren’s futures.
Local authorities have over £16,105 million invested in fossil fuels. NHS, Police and other public employees pensions probably have, at least, that amount again invested in fossil fuels.
For the sake of the future of our children and grandchildren, will the candidates standing in
Stirling give the electorate a firm undertaking that they will commit themselves, whether elected or not, to unreservedly campaign to divest all public servants’ pension funds, including the MPs’ pension fund, of fossil fuel investments and reinvest in renewable energy.
If our politicians took this small step to protect the planet it would considerably increase their moral authority when dealing with banks and oil companies. I have campaigned for my own works based pension fund to divest and this looks hopeful.
Perhaps, editor of the Observer, you could look into your own company’s pension fund and discover what your situation is with regards to reliance upon fossil fuel investment.
Walter Attwood James Street Whins of Milton, Stirling