The World Bank has decided to support the climate pledges made in the Paris Agreement and take radical steps to decarbonise the world by halting funding for fossil fuel industries after 2019.
This is a significant gesture that will not only help in the mitigation process to limit global warming to 2°C by the end of the century, it also gives a green light for more investment in renewable energy around the world. It might be the breakthrough we have been waiting for as it presents big opportunities to develop promising clean technologies that have suffered from a lack of investment.
This will hopefully mean an acceleration of renewable energy projects around the globe, and the creation of many new job opportunities for communities that desperately need them. Furthermore, we will all be able to enjoy such benefits as decreased levels of pollution, cleaner air, and a healthier climate!
Another benefit of this decision is that it could help exciting new technologies become available for everyday use, such as solar panel-integrated windows or efficient energy storage systems.
We must remember that fazing out fossil fuels will not happen overnight. Polluting power stations will continue to operate for as long as they are financially viable and as long as they are supported by tax-breaks and subsidies from governments.
However, the fact that action is being taken by the World Bank, a major influential institution, brings hope that change is coming. This announcement not only sends a clear message that the days are numbered for the fossil fuel industry, but it simultaneously encourages governments and other institutions to follow suit.
Gyorgy Dallos, Greenpeace International climate campaigner, told The Guardian:
“The world’s financial institutions now need to take note and decide whether their financing is going to be part of the problem or the solution.” (2017, 12th Dec)
While there is still uncertainty ahead and a need to keep up the pressure, this news is a positive step and brings fresh wind into the energy sector. Please support BHESCo in creating our clean energy future by becoming a member.
22 Nov 2016
A giant £100 billion black hole is predicted to dominate the coming year’s economic outlook for the taxpayer, judging by recent comments made by our new Chancellor, Philip Hammond. This eye-watering annual deficit represents a doubling of the national debt since the economic crisis of 2008.
Naturally, the government will continue its slash and burn tactics to supposedly lower the national debt by making more cuts to the valuable social services that distinguish us as human beings. The impending Autumn Statement is expected to announce the continued pursuit of policies (disguised as an economic strategy) that do not yield improvements to our collective quality of life, lead to economic recovery, strengthen our currency or even deliver the promise of balancing our national budget.
Failure to deliver on this last point in particular makes it abundantly clear from Mr Hammond’s Autumn Statement that the relentless pursuit of austerity is ideological, magically aspirational and zealously misguided. Even Conservative Ian Duncan Smith accused the Government of balancing the books on the backs of the most vulnerable in society.
The way out of this black hole is not by cutting social services. It is by investing in important infrastructural projects like renewable energy and public transport networks, and increasing lending to creative, responsible entrepreneurs. The old excuse that this government inherited the deficit from the previous one is tired, worn, and devoid of any responsibility or complicity. The massive deficit inherited in 2010 was £76.6 billion, but the Tories have managed to increase this deficit to over £100 billion while destroying the quality of life for many of our most vulnerable citizens.
The latest BBC Panorama programme about Care Homes showed the appalling conditions that residents were subjected to at centres managed by the Morleigh Group. The directors of this private care home operator lived in a large stately home, a stark contrast to the residents and attendants alike. In one example uncovered by the programme, care home attendants had to separate a bedpan from a neglected 90 year old patient’s buttocks because she had been sitting on it for so long, her buttocks had slipped into the pan. The poignant and burning questions are:
– Why do we neglect our elderly when they took care to raise us from small infants?
– Why has taking care of our elderly, become something to be outsourced? With the exception of hospice, surely our own families can look after each other?
Social services do not and should not deliver commercially attractive returns for taking care of our family members, providing medical assistance, public transport or other support services that may have once been provided by the community.
Clearly the government has money for the projects that they want to undertake. For example –
- Hinkley C Nuclear Power station, which will be funded to a great extent through the ‘Capacity Mechanism’, which basically means it will be financed by the taxpayer.
- The extraction of shale gas from our land, a process that is not proven safe, can turn our water into a toxic cocktail of hydrocarbon chemicals and is not expected to be economically attractive due to the poor quality of the extracted gas
- the expansion of Heathrow, where the government should be challenged on the robustness of their traffic projections into the next 20 years, considering the availability of fossil fuels for our transportation and energy services, the certain increase in the cost of flying and with proper value for money analysis undertaken to consider alternatives, like travel by train and other public services.
- the renewal of the Trident Nuclear Missile deterrant, at a cost of over £205 billion of tax payer money. The nature of a deterrent is that we must be attacked first. In this age of information technology, can this government demonstrate the value for money to the taxpayer of this enormous investment that only works after the damage has been done?
This is one more reason why the transition from fossil fuels is so important. As we take more services like the provision of energy away from fossil fuels by building more renewable energy generation, we have more gas and oil to run other industries, like transportation, where energy prices are certain to rise due to scarcity. Oil prices have already doubled since last February. Conventional sources of cheap oil have disappeared and the growing cost of generating energy under the government’s current energy strategy can be solved with current, proven technologies.
We believe that the government needs to apply austerity to its own practices; to eliminate departmental waste, to be accountable for responsible spending of taxpayers’ money, and to invest our money in projects that are well run. Our government seems to have sufficient funds for the military industrial complex and for short-sighted investments like Trident and Heathrow, so the money is there for a fully functioning welfare state should we choose to use it this to this end. Therefore we believe it is vanity projects like HS2 and Trident that must be sacrificed by Mr Hammond first, before cuts are made to our invaluable social welfare system.