investment

Last week, Lloyd’s of London - the world’s leading insurer which sets the global standard for risk assessment - released a report warning investors not to rush in and invest in Arctic drilling. Looking at the industrial onslaught that is likely to hit the Arctic as the sea ice melts, the report covers the environmental impacts and financial risks of industrial fishing, shipping and mining. But it's most scathing on oil drilling, and in particular of the ability of oil companies to clean up after a major spill.

Whilst international investors and oil industry representatives have been meeting today in Moscow to hatch plans to drill for oil in the Russian Arctic, Greenpeace Russia activists peacefully occupied the entrance to the conference to ensure that they heard a different message: Arctic oil drilling is dangerous and reckless. Don’t invest in the destruction of this fragile ecosystem.­­­ 

For the past couple of years, Greenpeace has been ringing the bell, taking action and highlighting the risks and dangers of drilling for oil in the Arctic, the last great wilderness on Earth, and one of the most fragile ecosystems on the planet. Drilling there will almost certainly lead to oils spills, and would be devastating for the people, polar bears, walrus, seals, caribou or any of the other amazing creatures who lives depend on the arctic environment. 

Before the election George Osborne said, “Instead of the Treasury blocking green reform, I want a Conservative Treasury to lead the development of the low carbon economy and finance a green recovery.”

We've released a report today with partners from Platform and Oil Change International about oil investment and increasingly risky sources of oil. Download the report here (pdf).

Lorne Stockman, from Oil Change International, blogs about the issues covered in the report:

Is a key valuation metric used by analysts to assess oil companies pushing big oil towards riskier and riskier projects?

Interesting news from our colleagues in Turkey, where 37 activists from Greenpeace and Global Action Group were arrested after protesting against nuclear energy last week.

The Turkish government has been busily trying to find a supplier for its first (of many, potentially) nuclear plant. But the plans have been stopped dead by... investors. Of the six companies supposedly interested in the contract, only one made a bid. And, without competition, Turkish law prevents the government from issuing the tender for a new nuclear plant.

Read more on Nuclear Reaction.