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
Council passes Green motion to ‘reboot democracy’ with Citizens' Assemblies
At Full Council today (14 January) a Green Party motion passed to ‘reboot democracy’, committing Bristol to trialling participatory democracy schemes such as citizens’ assemblies.
Mayor continues to support airport expansion
Despite growing pressure from climate activists, local councils and Greens, Bristol’s Labour Mayor Marvin Rees continues to back the expansion of Bristol Airport, a development Greens say is incompatible with Bristol's own carbon neutrality targets.
'Reboot democracy' with Citizens' Assemblies
Green Councillors in Bristol have proposed putting decision making on some major issues in the hands of ordinary Bristolians through ‘Citizens’ Assemblies’ and other forms of participatory democracy.
Bristol Labour block opportunity to oppose airport expansion
Labour and Tory councillors voted against providing time to debate the Green motion in what could be the last chance for the council to make a statement before the planning decision at North Somerset Council.
Rescuing Our Healthcare - with £6 billion per year
We will push the government to prioritise the health and happiness of those in Bristol and across the UK.
Green Party Manifesto - to tackle Climate Emergency and deliver Social Justice.
A Green New Deal to tackle the Climate Emergency and deliver Social Justice.
One year on from declaring a Climate Emergency – is Bristol on track?
One year after declaring a Climate Emergency in Bristol, Greens say new information from environmental group shows the city needs to radically step up action to meet climate targets.
Green candidate Carla Denyer will be only ‘Unite to Remain’ candidate in Bristol West
Greens bid to win Bristol West – launch crowdfunder
Candidate Carla Denyer has launched a crowdfunder campaign aiming to raise enough funds to take the seat from Labour. Greens in strong position to win after Euro results place them ahead of Lib Dems, and Labour suffered devastating electoral defeat.
‘Tinkering around the edges is no longer good enough’ say Greens
Green Mayoral Candidate Sandy Hore-Ruthven responds to the Mayor’s State of the City address saying Bristol needs action not words. Greens say bold, immediate moves are needed to combat the social and environmental crises.
Report on former Chief Exec payoff
Green Councillor Clive Stevens has completed a report into why the Council made a £98,000 payoff to former chief executive Anna Klonowski
Greens send letter to the city to encourage all to hear Extinction Rebellion warning
Green MP and Mayoral candidates Carla Denyer and Sandy Hore-Ruthven have issued a letter to the people of Bristol today, calling on the city to face up to the climate crisis.
Better buses starts with tackling congestion, say Greens
At a Cabinet meeting today (1 October), Greens called for bolder action to improve public transport in Bristol.
Mayor misses third government deadline on Clean Air plan
Today Bristol City Council has missed the third deadline set by national government to submit a plan to clean up Bristol’s air. Green Mayoral candidate Sandy Hore-Ruthven has called for immediate action.
Nearly 1 year after Climate Emergency declared, progress is too slow, say Greens
The Green Councillor who launched Bristol’s ‘Climate Emergency’ motion in November 2018 has called on councillors from all parties to join her in pressing the administration for urgent action.
Green Party sets sights on second Westminster seat – Bristol West
Bristol West MP candidate Carla Denyer launched her campaign at the Bristol climate strike. Her climate emergency declaration was the first in Europe – driving action on climate change across the continent. Greens aim to elect a second MP to join Caroline Lucas in Westminster after European Elections win.
Green Party chooses Climate Emergency campaigner Carla Denyer to win Bristol West parliamentary seat
Former wind turbine engineer and current city councillor, Carla Denyer, has been picked to contest the winnable seat of Bristol West for the Green Party at the coming General Election.
Labour Mayor refuses to back Climate Strike
Bristol’s Labour Mayor has refused to support Council workers taking part in what could be the world’s biggest ever Climate Strike on 20th September, after a Green Councillor asked him to do so at a Council meeting.
Labour vote down Green policies in ‘Green New Deal’
Green Councillors accused the Mayor of substituting empty words for climate action this evening (10 Sep. 19), at a Full Council meeting where Labour proposed a ‘Green New Deal’ motion but rejected a Green amendment to add practical policy commitments to it.
Environmental Lawyers put Bristol Council ‘On Notice’ over climate inaction
Lawyers from leading environmental law charity ClientEarth have put Bristol City Council “on notice” over its lack of proper climate change plans, giving them eight weeks to explain how planning policy will incorporate carbon reduction targets.
Green ‘Climate Emergency’ councillor calls on Mayor to support Climate Strikers
At a council meeting this evening Carla Denyer, the Green Party Councillor who initiated Bristol's declaration of a Climate Emergency, will ask Bristol Mayor Marvin Rees if he will support Council workers taking time off to join the Global Climate Strike of September 20.
Job Advert: Campaign Manager wanted
Could you work for Bristol Green Party? We're currently recruiting for a paid Campaign Manager to work on the Green Party Mayoral 2020 Campaign.
Government steps up legal threat to Bristol Mayor over air quality failures
Greens respond to a letter sent to Bristol Mayor Marvin Rees from the Government’s Minister for Air Quality, which has highlighted once again that Bristol’s current action on air quality is too slow, engagement inadequate, and that options being consulted on currently may not meet minimum standards.
Former Green Lord Mayor joins reparations protest outside Downing Street
Green Councillor Cleo Lake joined the 'Stop the Maangamizi' protest march in London on 1st August and protested outside Number 10 Downing Street, demanding the UK government compensate the people and nations affected by the Trans Atlantic slave trade.
Nine years for breathable air 'not good enough’ - tell the Mayor we need stronger proposals
Green Councillors have called on Bristolians to respond ‘none of the above’ to the council’s clean air consultation, and demanded the Mayor consider new ideas to improve air quality as fast as possible, as well as longer term changes to reduce private car use.
Greens call for action to follow words as WECA declares Climate Emergency
Following lobbying by Green councillors the West of England Combined Authority (WECA) has finally passed a motion declaring a ‘Climate Emergency’
Labour and Conservatives vote against action on fossil fuel divestment
Green councillors in Bristol last night charged Labour and Conservatives with ignoring the Climate Emergency, as they voted together to amend a Green Party motion calling for fossil fuel divestment, rendering it ineffective.
“We can’t afford to wait any longer” – Greens respond to Council’s Climate Emergency report
With Extinction Rebellion actions hitting headlines in cities across the UK, Green Party councillors in Bristol last night called on the Labour Mayor and council to show greater urgency in tackling climate change.
Greens say Mayor’s climate plan lacks ideas and emergency
Bristol Green Party has welcomed the Mayor’s new plan to address the Climate Emergency, but says that the plan lacks substance or the urgent action needed to address this pressing issue.
Bristol Councillor who kicked off UK Climate Emergency to represent city at climate event
Carla Denyer, the Green Councillor from Bristol who proposed the first Climate Emergency motion in the UK in November 2018, will be taking part in a ‘high level roundtable’ as part of London’s Climate Action Week.