UK Govt oil industry links hinders low carbon policy – report

c0a6officials oil industry links dependency UK Govt oil industry links hinders low carbon policy   report

The report says up to a third of the ministers in the coalitionhave past or present links to oil and gas, or to the financial andservice companies which support them reports the Guardiannewspaper.It also reveals close connection between oil companies and thebig banks, with many executives sitting on the boards of both atthe same time.The connections themselves did not surprise the report’s authorsbut the scale.Among the leading coalition names to have worked for Shell orother oil companies are Business Secretary Vince Cable, ForeignSecretary William Hague and International Development Minister AlanDuncan. The Education Secretary, Michael Gove, is among those whohave received financial backing from Aidan Heavey, the boss ofTullow Oil. Greg Barker, Energy and Climate Change Minister, wasformerly employed at the Russian oil business Sibneft, while MariaMiller, Secretary of State for Culture, was on the staff at Texacoand Alan Robathan, a Defence Minister, was at BP.On top of this, Education Minister Elizabeth Truss was acommercial manager at Shell while Robert Goodwill, who works in theGovernment whips’ office, holds shares in Russian oil and gasmajors Lukoil and Gazprom.The report claims the top UK banks underwrote $255 bn in bondsand share issues for fossil fuel companies between 2010 and2012.”We desperately need regulation to stop banks and otherinvestors ploughing billions into unsustainable fossil fuels – willthis happen when Government, big finance and big oil are so closelyintertwined?” wonders WDM campaigner Alex Scrivener.This kind of interconnection between the British government andthe oil industry obviously increases the dependence on a highcarbon energy policy, which is pushing the planet to the brink ofclimate catastrophe, the research argues.The Guardian tried to contact those mentioned in the report forcomment but had received no reply by the time of going topress.

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UK Govt oil industry links hinders low carbon policy – report


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