Should Wychavon withdraw from Fossil Fuel investments?

by steve on February 16, 2015

Members and friends of Transition Evesham Vale (TEV) met at imaGine in Evesham on Global Disinvestment Day, February 13th, to debate the idea of withdrawing investments from oil companies like Shell and BP. This has become an increasing issue as these companies are spending more and more money looking for oil and gas when they already have enormous reserves. Climate scientists now say that if we burn all the coal, gas and oil already discovered, it will increase the earth’s temperature by a very dangerous 5 degrees centigrade.quitdirtycoal

There was a lively difference of opinion. Some present felt it was important to make a symbolic statement to Big Oil, saying we don’t want to make money that way any longer. Others thought we should engage with the companies and seek to persuade them to change their ways. All recognised that we will need fossil fuels for some time to come, however the companies do not seem to be looking ahead to alternative forms of energy, leaving it to Governments to almost force them to change direction.

It was pointed out that many people had pensions coming from funds which would have investments in these companies, so many of us must take some responsibility in this area. It was also said that local churches, charities and the local Councils may also have such investments, and should all take a decision whether to retain investment and press the companies on their policies, or make a symbolic withdrawal. TEV secretary David Haslam said he would raise this with the Council, to find out what their policy was. Leading environmentalist Jonathan Porritt who has been engaged in dialogue with BP and Shell for several years says he has given up, they can’t change. Some Churches and other charities are urging Shell and BP to put forward a business plan which sees them moving towards renewable forms of energy and perhaps Wychavon could support this as an initial step.

Further information      David Haslam  01386 442042

For more information visit  www.350.org

For photos of the international day of action visit  www.gofossilfree.org/photos

 

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