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
by Gunnar Eigener
The realisation that renewable energy is going to be essential for the future is being embraced by more and more countries. With their geothermal and hydropower, Iceland’s electricity supply is 100% renewable energy. Thanks to it’s water projects, the African country of Lesotho has almost 100% renewable electricity. Albania runs on 85% renewable while Paraguay’s Itaipu dam provides 90% of its electricity and 19% of Brazils. By July 2015 Denmark had already produced 116% of its electricity needs and went on to sell its excess over the rest of the year. Infrastructure is being prepared to transform the way countries generate their power and investment is increasing. Renewable energy is becoming more and more accepted. San Jose in Costa Rica and Vancouver in Canada are just a few of the many cities committed to transitioning to 100% renewable energy over the coming decades.
Yet with so much promise for the future, how is it that oil continues to present such a complex issue?Continue Reading