Transform the Oil & Gas Industry to 'Not for profit'
The oil and gas industry is the elephant in the room when it comes to decarbonising our economy. It supports a significant number of livelihoods, but at the same time the industry both directly and indirectly significantly contributes to the climate crisis through production emissions and emissions from its products. Also, no matter how hard they try, the corporations are beholden to maximising a return to their investors. Thus, oil and gas is still more profitable. This prevents the rapid and just transition to the industry that we need in order to respond to the climate crisis in a fair and equitable way.
Therefore I propose that all licenses are revoked and the Scottish Government set up a 'not for profit company' to oversee the continued oil and gas production. This is not nationalisation, but the Scottish people (through Scottish Government) will be the trustees. These will then directly oversee the rapid and just transition for workers and communities. The workers remain the same, but the purpose of the industry is there to serve the interests of the people of Scotland, rather than corporate interests. Profits from oil and gas revenues can be retain and reinvested into developing renewables, energy efficiency, mass ecosystem restoration which will support thousands more jobs.
We already have examples of this set up in public transport.
Why the contribution is important
What to do with the domestic oil and gas industry is a huge problem. We need to support livelihoods but also reduce emission, of which the industry is a huge contributor. Turning the industry into a 'not for profit' is a way to orientate the purpose of the industry to citizens and respond to the climate crisis through the much needed rapid just transition.
by ScottH82 on October 23, 2020 at 12:43PM