The archbishop of Canterbury has criticised the investment industry for inaction over the climate crisis and called on fund managers to push companies to reduce their impact on the environment. Justin Welby said fund managers had “not sufficiently stepped up to the plate” to use their ownership of companies to press for change. He said investors should tell firms to help meet targets set by the Paris climate agreement. Welby said: “The situation we find ourselves in has rightly been called a climate emergency. We know it’s unquestionable that investors acting together can influence outcomes on everything, including climate change.
Guardian 27th Aug 2019 read more »
The fledgling shale gas sector has faced plenty of hurdles in its battle in the last decade to make fracking commercially viable in the UK. But the highs and lows of the last fortnight have proved extreme, even by the industry’s own standards. Just over a week after starting on a second well at its Preston New Road site near Blackpool, Cuadrilla, the private company spearheading the UK shale gas drive, was forced to suspend fracking. The cause was a series of earthquakes over the bank holiday weekend that increased in magnitude and culminated in the biggest at a magnitude of 2.9 early on Monday morning. Cuadrilla was already operating against the clock as it opted to frack the second well in a race to prove that the technique could become a viable industry in the UK before its planning permission at the site expires at the end of November. In the meantime, it has applied to Lancashire county council for an 18 month extension. Seismic activity has plagued attempts by Cuadrilla to convince policymakers and critics that the industry has a future in the UK. The company was only able to partially frack its first well on the same site last year after having to suspend work on numerous occasions because of earth tremors that exceeded the permitted limit.
FT 28th Aug 2019 read more »