End fossil fuels by buying substantial shares in oil and gas companies

I support all these ideas for increasing renewable energy production. However, if governments aross the world do not have a plan to simultaniously wind down fossil fuel production emissions will continue to rise and the overall plan to avoid full climate breakdown will fail. 

The only oil and gas company that has a comprehensive plan to move away from fossil fuels and into 100% renewables is Ørsted A/S. What makes this company unique is that they 51% of the shares are owned by the Danish government. A company with typical shareholders would never do this - why would they when they are still making huge profits from fossil fuels? Only national governments, taking into account the long-term interests of their citizens, are in a position to do this. 

Therefore, my suggestion is to buy 51% shares in any oil and gas company. Work with other governments to do likewise. We need a plan to actively steer us all away from fossil fuels and this is a proven solution that should be scaled up immediately. 

Why the contribution is important

Any plan to decarbonise the economy needs to address the fact that the oil and gas industry has no intention whatsoever of voluntarily doing this. Every claim they make about investing in green energy or zero carbon targets turns out to be tokenistic or greenwash when compared with their actual actions. Governments must intervene if they are serious about reducing emissions and this is a solution which has already worked in a country not that different from Scotland. 

 

by anniewild on October 26, 2020 at 12:33PM

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