With oil prices remaining low, the world’s oil industry is facing bleak years ahead, writes Paul Brown. The global push to decarbonise the economy, combined with surging renewable energy and the trend to more efficient and electric vehicles, is denting investor confidence and pointing to the shrinking away of a once mighty and profitable industry.
Ecologist 15th May 2017 read more »
Opponents of plans to frack in North Yorkshire have welcomed confirmation by Barclays that it plans to sell its stake in Third Energy “at some point”. Barclays owns 97% of Third Energy, which has permission to frack for shale gas at its KM8 well at Kirby Misperton in North Yorkshire. Barclays Chairman, John McFarlane, told shareholders last week that the rundown of what the bank calls non-core assets, including Third Energy, was being accelerated. Friends of the Earth emailed supporters today describing the decision as “a massive blow for the fracking industry” and urged them to keep up pressure on the bank. The local campaign group, Frack Free Ryedale, said it was “amazing news” and Frack Free South Yorkshire congratulated the bank on what it described as a “momentous decision”.
Drill or Drop 15th May 2017 read more »
One of Britain’s biggest managers of ethical funds is to dump £20m of shares in fossil fuel companies in one of the biggest divestments so far because of climate change. Shares in BHP Billiton, the Anglo-Australian mining giant, will be among those sold by BMO Global Asset Management’s range of “responsible” funds, which manage £1.5bn of assets. They were previously known as the “stewardship” funds, the first ethical funds launched in Britain. The archbishop of Canterbury, Justin Welby, played a crucial role in the divestment, as president of BMO’s responsible investment council. The Church of England has already pulled out of investing in companies that make more than 10% of its revenues from thermal coal or oil from tar sands.
Guardian 15th May 2017 read more »