Coal producer axes dividend as industry’s woes mount. Peabody Energy, the world’s largest private sector coal producer, has suspended its dividend as low fuel prices upset plans.
FT 6th Feb 2020 read more »
The aid budget is attacked today by climate campaigners for giving £750 million to an investment group promoting fossil fuels in poor countries. Britain is accused of hypocrisy for hosting an international conference on global warming in November while spending public money on gas and oil projects. Global Witness, an anti-corruption campaign organisation, said the Private Infrastructure Development Group (PIDG) had committed the money to support fossil fuel projects. These include power plants in Senegal and Mali that use “heavy fuel oil”, condemned as a big cause of climate change.
Times 6th Feb 2020 read more »
Guardian 6th Feb 2020 read more »
The world’s leading central banks should purge coal-related assets from their balance sheets and set rules discouraging the financial system from financing polluting industries, according to the New Economics Foundation. A report by the London-based think tank estimates central banks in the euro area, the U.K., the U.S., Japan, China and Switzerland own more than $12 billion in bonds and stocks exposed to coal. That figure assumes the share of brown assets in those institution’s holdings is roughly equivalent to that in the Swiss National Bank’s U.S. equity portfolio — the only publicly available data on private-sector investments by a central bank.
Bloomberg 5th Feb 2020 read more »
Barclays is facing a fresh revolt from the UK’s most powerful investor group amid mounting concerns over its role as the biggest European financier of fossil fuel companies.
Guardian 5th Feb 2020 read more »
At 3am this morning (5th Feb), 100 Greenpeace activists delivered 500 solar panels with a total area of over 800 square metres to BP’s London Headquarters in St James’ Square, London. All six office doors around the building have been blocked with activists locked to dirty oil barrels to prevent staff from entering. Police prevented the activists from installing the panels on the pavements and roads surrounding the offices but there are currently 50 activists blocking the road outside the HQ. BP has caused more carbon emissions in the last fifty years than any other European company, and is currently the highest-spending lobbyist against climate legislation amongst the oil majors.
Greenpeace 5th Feb 2020 read more »