BP Spends ‘Low Carbon’ Money on Finding and Using Fossil Fuels
The oil giant BP has used money from a “low carbon transition” fund to buy shares in companies developing new ways to find and use fossil fuels, Unearthed can reveal.
The oil giant BP has used money from a “low carbon transition” fund to buy shares in companies developing new ways to find and use fossil fuels, Unearthed can reveal.
The one thing I am sure of, however, is that there’s too much hedging going on both in politics and the private market. We’ll never prevail in keeping below the temperature thresholds scientists are warning of by hedging climate defense investments with continuing investments in fossil fuels.
Climate action has been repeatedly drowned by a devastating surge and flood of money from the fossil fuel industry — nearly $2 billion in lobbying since 2000 alone.
There is a psychology that sets in once the corner is turned on fossil investments that may make a big difference in the political debate about climate change.
From an oil chill in the financial world to the recent U.S.-China agreement on climate change, recent developments are raising a question that might once have been considered unthinkable: Could this be the beginning of a long, steady decline for the oil and coal industries?