As predicted, Labour’s manifesto, published this morning, includes a promise to ban fracking. It also said Labour was committed to renewable energy projects, including tidal lagoons, and transform energy systems, investing in “new, state-of-the-art low-carbon gas and renewable electricity production”. The manifesto also said a Labour government would ensure that 60% of the UK’s energy came from zero-carbon or renewable sources by 2030 and electricity generation would be taken into public ownership. So will Labour’s candidates get behind the ban? DrillOrDrop reviews the opinions of Labour hopefuls standing in constituencies in the fracking front line. We will look at the other party manifestos when they are published over the coming days.
Drill or Drop 16th May 2017 read more »
The UK is the largest European investor in thermal coal production and is among the top ten biggest investors globally according to a new report by Influence Map. As the new report published today shows, UK shareholders own a total 0.9 percent stake in the world’s thermal coal reserves. British Investment bank Elara Capital (the world’s eighth biggest investor in thermal coal) has $15 million worth of assets under management representing 170 million tons of coal reserves. Influence map analysed the links between coal mines, the companies that operate the mines, and the shareholders (such as pension funds and banks) invested in these companies. There is a total of about $185 billion in shareholder value tied to the 117 listed thermal coal producers and owners. These listed companies produce 3 billion tons of coal per year and control 150 billion tons of reserves. These 150 billion tons are equal to about 43 percent of the remaining global carbon budget if the world hopes to meet its 2C warming target – it’s six times the budget if we try to limit warming to just 1.5C. Thermal coal is mainly used for power generation and for heating rather than for industrial processes such as making steel. The report comes as one of Britain’s largest managers of ethical funds divested its £20 million in fossil fuel companies.
Desmog 16th May 2017 read more »