by Gunnar Eigener
The Republican Party’s war on the environment has begun in earnest.
The US Army Corps of Engineers have approved the final easement to complete the Dakota Pipe Line (DAPL). The Keystone XL Pipeline has also been approved. Republican senators have introduced a bill to disband the Environmental Protection Agency. The Stream Protection Rule has been repealed using the Congressional Review Act. The Securities & Exchange Commissions (SEC) transparency rule has been repealed. The Interior Department methane rule is currently going through the repeal process. Trump has promised to disband the Clean Power Act and the EPA website has removed all pages relating to climate change. Trump’s America First Energy Plan neglected to mention solar energy jobs and, although the initial plan to sell of 3.3 million acres of national land has been withdrawn, proposals have been put forward to transfer federal land to state control. In the UK, the government is pushing forward with the intention to sell the Green Investment Bank and renewable energy ventures look set to slashed even more. A report by the Energy and Climate Committee has predicted that the UK will fail to meet its renewable energy targets. The closing of the Department of Energy and Climate Change led to its operations being transferred to the Department for Business, Energy and Industrial Strategy, casting doubt of the ability to prioritise the environment over business. Continue Reading
by Olivia Hanks
The news that Royal Bank of Scotland has cut its investment in fossil fuels by 70% is only the latest in a string of decisions by high-profile investors to pull back from oil and coal. Norway’s sovereign wealth fund has divested from companies that derive more than 30% of their sales from coal; and, last month, the Rockefeller Family Fund announced that it would no longer invest in fossil fuels.
The fact that both Norway and the Rockefeller family derive their wealth from oil has not been lost on commentators. Whether or not you consider it hypocritical to invest ‘dirty’ wealth in ‘clean’ projects (if so, what should be done with it instead?), the low price of oil and coal has offered a perfect PR opportunity with no financial sacrifice.Continue Reading