Blog Archive: stranded assets Archives - Bright Now

15

Oct

2016

Fossil fuel expansion has reached the sky’s limit, says new report

If you’re in a hole, stop digging. That’s the conclusion of a new study released by Oil Change International, in partnership with 14 organisations from around the world including 350.org, Christian Aid and the Global Catholic Climate Movement.

The report, entitled ‘The Sky’s Limit: Why the Paris Climate Goals Require a Managed Decline of Fossil Fuel Production’, provides strong scientific evidence to support the growing movement to keep carbon in the ground, of which Bright Now is a part. Read more

17

Feb

2016

The Paris Agreement – what does it really mean?

The Paris Agreement, presented to the world in December last year, caught many people by surprise. In the aftermath of the UN conference the contribution from faith communities and the Church in the run-up to COP 21 has been roundly praised. But what does the agreement really mean and what level of change is needed to keep the world below the 1.5 deg C threshold? Read more

14

Dec

2015

COP21 – We must, we can, we will.

If you woke on Sunday morning wondering if the previous night’s announcement in Paris was a dream, it’s OK – it wasn’t. But after years when the main concern after the December COP was to try and find something, anything, even vaguely positive to say you’d be excused for thinking it might have been.

To get just shy of 200 countries to agree to anything at all is remarkable. To get agreement on a 2°C target, with the aspiration to limit average warming to 1.5° is, frankly, stunning.

It is a testament to the extraordinary efforts of Christiana Figueres, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) and her team. Read more

3

Oct

2015

Assets come home. Has the financial sector accepted the reality of ‘stranded assets’?

Mark Carney Stranded Assets

“Stranded assets” and the risks to the fossil fuel sector from concerted efforts to address climate change have been widely discussed amongst those campaigning for divestment, and largely dismissed by the financial sector – until now. Read more

4

Nov

2014

Aligned!

Decision by Swedish Pension fund to drop fossil fuel companies shows financial and ethical considerations are now aligned and puts onus on Churches to demonstrate prudence.

Nearly 50 Churches and faith-based organisations around the world have now decided to disinvest from fossil fuel companies. They have done so for compelling theological, moral and scientific reasons. They are aware that climate change is already here and will intensify rapidly, hurting in particular poor communities in geographically vulnerable regions.

Maybe these organisations have also been aware of the financial reasons for disinvestment – that the fossil fuel companies are continuing to invest heavily in finding new reserves, despite the evidence that, if we are going to keep the increase in global warming below 2 degrees centigrade, over half of the world’s known reserves will have to be left untouched in the earth. This evidence has recently been endorsed by Mark Carney, the Governor of the Bank of England.

Read more

15

Jul

2014

Irrational investors

Leonard Beighton wonders why Churches haven't divested from fossil fuels already given the financial risks and poor returns.

Operation Noah very rightly concentrates on drawing attention to the reasons from faith and science for promoting disinvestment by the Churches from fossil fuels. But it is arguably surprising that it should be necessary for it to do so. Sophisticated institutional investors – and it is to be hoped that the financial assets of the Churches are looked after by sophisticated people – should already be disinvesting from fossil fuels for financial reasons before the bubble bursts and the market crashes spectacularly when it takes on board the extent of the likely changes in the energy markets over the next decade. Read more