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A1: The ‘capture’ of
governments by fossil
UK government, both its centre and its departments, is riddled with fossil fuel interests - especially oil and gas (USA & Canada - extremely so). UK: Ostensibly in an advisory role but in effect much more (e.g. Lord Browne - head of Cuadrilla - in the Cabinet Office - is a prime example. Extreme conflict of interests!)
A2: The perceived
profit-potential of fossil fuel industries to the financial sector
"perceived" - because they are gambling on governments failing to implement effective legislation on climate change.
Effective government legislation on climate change would mean that most of the fossil fuel reserves on which the market value of fossil fuel companies is based (e.g. share values) would have to "remain in the ground", and finances invested into this gamble - and the associated built infrastructure - would become 'stranded assets' and the 'carbon bubble' would burst resulting in a financial crisis. Thus banks such as RBS are lobbying government to toughen the skin of the bubble so it can expand further without bursting - or at least - in the short-term . . . They are ignoring the need to deflate the bubble.
A3: The web of people
with vested fossil interests that closely en-mesh these 3
(government, industry, banks) - is well shown by WDM's recent report:
WDM’s recent ‘Carbon Capital - web of power’ displays the evidence with powerful graphics:
CARBON BUBBLE refs:
bubble will plunge the world into another financial crisis –
The Guardian 19apr13
How your pension is being used in a $6 trillion climate gamble Bill McKibben and Jeremy Leggett Environment guardian.co.uk 19apr13 http://www.guardian.co.uk/environment/blog/2013/apr/19/pension-6-trillion-climate-gamble
DEFLATE THE CARBON BUBBLE ShareAction http://www.shareaction.org/carbonbubble
Unburnable carbon 2013 Wasted capital and stranded assets Carbon Tracker Initiative http://www.carbontracker.org/wastedcapital
The Burning Question:
‘Why can't we quit fossil fuels’ - Duncan
Clark - Environment- The Guardian
http://www.guardian.co.uk/environment/2013/apr/17/why-cant-we-give-up-fossil-fuels?CMP=twt_gu - article based on the book The Burning Question by Mike Berners-Lee and Duncan Clark, which is published on 20 April by Profile Books, price £9.99. To order a copy for £7.99 with free UK p&p, go toguardian.co.uk/bookshop or call 0330 333 6846 and Amazon: The Burning Question We can’t burn half the world’s oil, coal and gas. So how do we quit Amazon.co.uk Duncan Clark, Mike Berners-Lee Books £6.99 http://www.amazon.co.uk/dp/1781250456
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10may13 Chris Garrard http://www.publicserviceeurope.com/article/3456/partnership-between-oxford-university-and-shell-condemned
10may13 UKTSN http://www.no-tar-sands.org/2013/05/shell-outrage-in-oxford-and-james-hansen-coming-to-town/
9may13 EEI http://extremeenergy.org/2013/05/09/shell-funds-shale-gas-research-at-oxford-university/
Shell Oxford University Partnership dinner interrupted - YouTube 9may13 http://www.youtube.com/watch?v=QugwYb9smAI&feature=youtu.be