Greens are using Global Divestment Day to sound a warning over the so called ‘carbon bubble’. They are calling on companies to immediately divest from fossil fuels and urging the EU to introduce decisive policies on climate targets and energy to help businesses do so.
The overvaluation of oil, gas and coal mining companies poses a growing risk to economies, say the Greens. They argue that limiting global warming to below 2°C means the amount of fossil fuels that can actually be burnt is limited, making the majority of reserves stranded assets. With around a quarter of fossil fuel reserves owned by private companies, the over valuation of these companies creates a ‘carbon bubble’ and affects their ability to repay their debts.
Economist and Green South West MEP, Molly Scott Cato, said:
"Public and private financial institutions continue to pour millions into fossil fuel companies, inflating their share prices, as if their fossil reserves will always sell on the market. This is a deluded assumption. If we are serious about limiting global warming to 2 degrees these reserves must be kept firmly in the ground, which would turn them into stranded financial assets."
Greens in Europe have produced a detailed study into the money trail behind the carbon bubble and have analysed the resilience of the financial system against a possible carbon shock.  The study finds that a number of sizeable pension funds in the UK are at risk. The study calls for ambitious climate and energy policies and a quick and decisive transition to a low-carbon economy as the way to mitigate the ‘carbon bubble’. Dr Scott Cato continued:
"This ground-breaking study concludes that a slow and uncertain transition to a low carbon economy, as currently being pursued by the European Commission, risks larger losses. What is needed is EU policy that provides long-term certainty to financial institutions and discourages investments in high-carbon businesses while boosting investments in cleaner technology and energy saving."
Greens will join thousands of Global Divestment Day campaigners on five continents this Saturday, demonstrating against continued investment in fossil fuels.
More news from Molly Scott Cato, Green MEP for The South West here
Has Gove been reading Green's Agriculture and Brexit report?
Molly, who sits on the European Parliament’s Agriculture Committee, has welcomed Michael Gove’s pledge to deliver a “Green Brexit”. She said: “It’s a moment to celebrate the extraordinary: Greens agree with Michael Gove. I’m left wondering if he has been reading the reports I commissioned on how we can create a more sustainable farming system?"
Green MEP calls on Bristol's Labour MPs to back referendum on Brexit deal
Molly has called on the South West’s Labour MPs to back a ratification referendum on the final Brexit deal. The call comes following a recent survey which shows a majority of Labour members support the idea, and the increasingly vocal support for remaining in the EU from the region’s Labour MPs.
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Votes at 16: Bristol Greens give Youth Parliament policy a boost
Green Councillors today urged the council to actively promote and work towards Votes at 16, submitting a motion to Full Council that called on the Mayor to ask central government to allow Bristol to trial voting in council elections for 16-17 year olds.
Green Cabinet member leads on Clean Air for Bristol
8 months on from a successful Green-led City Council motion on air quality, Green councillors welcomed the Mayor’s report back on the council’s progress towards a Clean Air Zone.
Green Councillor calls for curb on pavement parking
Greens slam Tories and Labour for using Brexit ‘as a weapon to fight internal battles’
Molly Scott Cato MEP, Green Party speaker on Brexit, has accused Conservatives and Labour of using Brexit ‘as a weapon with which to fight internal Party battles’. The accusation comers as the Brexit secretary, David Davis, meets the chief Brexit negotiator, Michel Barnier, to begin the first full round of Brexit negotiations and follows a series of briefings over the weekend suggesting a cabinet ‘at war’
Bristol's MEP warns of ‘meltdown’ in region’s finance sector post Brexit
Jobs in the finance sector face meltdown in the South West, Green MEP Molly Scott Cato has warned. She has raised the alarm as JP Morgan, the Wall Street bank, announces that 16,000 jobs
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The European Parliament has this week backed a Green initiative which aims to extend the life of consumer products.
Hinkley could force higher electricity prices, warns Green MEP
Soaring costs and further delays to Hinkley could lower financial returns for EDF and result in consumers being ‘arm-twisted’ into paying even higher prices, Bristol's Green MEP, Molly Scott Cato, has warned.
Tories must match EU tax standards says Bristol's Green MEP
The UK Government must match EU on tax transparency, says Green Party finance speaker as MEPs vote in favour of country-by-country reporting
Bristol's Green MEP challenges Michael Gove to protect bees post-Brexit
Molly Scott Cato, Bristol's Green MEP, who sits on the European Parliament’s Agriculture committee, has challenged environment secretary Michael Gove to continue an EU ban on neonicotinoid pesticides after Brexit.
Greens demand Bristol Council reveal emergency plan for Hinkley nuclear incident
Molly Scott Cato MEP has written to 15 local authorities, including Bristol, asking what plans they have in place to deal with an emergency nuclear incident at Hinkley.
Green councillors call on Mayor to show liberating leadership
In a full council session this evening Bristol Greens criticised the administration for failing to properly implement important recommendations from its own report on governance, while cutting costs by withdrawing support from overburdened community groups and volunteers.
Hinkley ‘risky and expensive’ says National Audit Office
Responding to today’s report from the National Audit Office that says the Department for Business, Energy and Industrial Strategy’s deal for Hinkley Point C has locked consumers into a risky and expensive project with uncertain strategic and economic benefits, Molly, who is MEP for the region in which the nuclear power station is to be built, said: “The NAO report confirms what critics have been saying about Hinkley for years. The whole project has been ideologically driven and is economically illiterate. With the price of renewables falling rapidly the deal can no longer pass the government’s own value-for-money test and will burden a generation of consumers and businesses with excessive electricity prices. The Green Party stands by our manifesto commitment to cancel this risky and uneconomic project.
Job: Bristol's Green MEP recruiting Brussels Assistant with focus on agriculture
Bristol's Green MEP, Molly Scott Cato, is recruiting an Assistant to be based in her Brussels office to have a particular focus on agriculture.
Letter: A democratic Brexit can only be achieved with cross-party consensus
Writing in the Guardian, Bristol's Green MEP, Molly Scott Cato, said, "If the general election really was about Brexit it is depressing that 84% of voters voted for the impossible. Labour has followed the Tories to the Mad Hatter’s tea party where they squabble over the single market but all hope to have their cake and eat it."
On National Clean Air Day, Greens eagerly await Mayor’s progress report
Green councillors in Bristol today welcome the UK’s first ever National Clean Air Day. It is vital to recognise the importance of clean, breathable air to everyone’s health and wellbeing - air pollution is rapidly becoming known as a silent killer.
Bristol's Green MEP challenges Gove over climate targets
Molly Scott Cato has challenged the new Environment Secretary, Michael Gove, to match or better binding EU targets for tackling climate change once the UK leaves the EU
Ending freedom of movement could result in ‘meltdown’ of health care
Molly Scott Cato, Bristol's Green MEP has said Conservative and Labour plans to end free movement will leave the country struggling to fill places in the HNS and care sectors.
Green Group Leader: If you’re not happy with Council cuts, tell the Labour administration
Councillor Eleanor Combley, Leader of the Green Group on Bristol City Council, has urged as many people as possible to get involved and have their say in response to the council’s Your Neighbourhood consultation, launched this week.
Green candidate for Bristol West says Party are ‘in this for the long-haul’
Molly Scott Cato MEP has acknowledged she is ‘gutted’ after a disappointing result in Bristol West, a key target for the Green Party. Responding to the result, Molly Scott Cato said: “I’m feeling pretty gutted but so proud of the campaign we ran."
Bristol West Green candidate responds to Daily Mail endorsement
Bristol West Green candidate responds to Daily Mail endorsement
Molly Scott Cato leads canvassing visit to local pubs
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Molly Scott Cato joins community campaign against digital billboards
Molly Scott Cato has joined the chorus of objections to a digital illuminated advertising board, following a visit to the proposed site in St Werburghs. The giant screen would measure 7.5 metres tall by 5 metres wide and would overlook the inbound M32 and junction 3.
Labour's 'full speed ahead' approach to HS2 detracts from necessary 'local rail revolution'
Molly Scott Cato, Green Party parliamentary candidate for Bristol West, has welcomed plans by Labour to restrict rail fare rises but accuses Labour of ‘tunnel vision’ over their continuing support for HS2
Molly Scott Cato: Trump is waging war on the environment
Responding to Trump's decision to yank America out of the Paris Agreement, Molly Scott Cato, MEP for the South West and the Green Party's parliamentary candidate for Bristol West, said: "Trump has just confirmed his intention to wage war on the environment. Ejecting the US from the Paris Agreement is an assault on scientific evidence and a confrontation with businesses and the US and global economy; one that is marching rapidly towards decarbonisation. This decision attempts to take the US back to a by-gone era where fossil fuels ruled, just at a time when we are at the dawn of a green energy revolution.
Hugh Fearnley-Whittingstall backs Molly Scott Cato for Bristol West
Bristol Green Party is delighted to announce that the Bristol-based award-winning broadcaster, chef, environmental campaigner, and journalist Hugh Fearnley-Whittingstall will be voting for Molly Scott Cato in Bristol West.
Molly Scott Cato wins the backing of George Monbiot for Bristol West seat
Bristol Green Party is delighted to announce that award-winning environmental campaigner, journalist and author George Monbiot has thrown his support behind Molly Scott Cato, the Green Party's parliamentary candidate for Bristol West.