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Why we’re telling Shell’s investors to tell Shell to stop Arctic drilling
A tricky, or should I even say embarrassing, moment in Shell’s history: on 31 October 2013 the company announced that they would be returning to drill in the Arctic in 2014, after all the mishaps and near-disasters of 2012. Three months later, they had to announce they wouldn’t be drilling in 2014 after all.…
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Frozen Future: Shell’s ongoing gamble in the US Arctic
Royal Dutch Shell stands at a strategic crossroads. Its response to the reserves scandal in 2004 has been a global reserves replacement hunt through a programme of relentless capital expenditure, including an investment in US Arctic Ocean leases in the mid-2000s that dwarfed other companies’ spending. Shell’s US offshore Arctic plans have been a failure…
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Shell shareholders urged to force Arctic retreat
In the wake of plummeting profits, spiralling exploration costs and increasing scepticism among other oil majors about commercial prospects in the US Arctic, pension savers across the UK are urging Shell shareholders to call on the company to abandon plans for high-cost, high-risk drilling projects in the US Arctic Ocean. The project is a shareholder…
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The EBRD in Egypt – analysis of the Bank’s first year
We have published a summary briefing analysing the European Bank for Reconstruction & Development’s first year of lending in Egypt. The bank remains resolutely committed to directing its funds towards oil extraction, agribusiness and the power sector. Only 4.7% of loans are destined for small & medium-sized enterprises, and 0% to renewable energy projects.
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The EBRD should not finance oil drilling in Egypt
Today the European Bank for Reconstruction & Development is voting on a $50 million loan for oil drilling in Egypt. This is the first major loan by the bank in Egypt since the military takeover in July 2013. The EBRD seems eager to ignore the principles in its founding agreement promoting “initiatives in countries committed…
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Divestment and ending arts sponsorship – both tools of oil company stigmatization
Divestment is very much the climate campaign buzzword at the moment. Tonight in London there’s the culmination of the Fossil Free Europe tour with divestment doyen Bill McKibben hoping to emulate the success of the States-side campaign over here, while last week we co-published with People & Planet and 350.org the report Knowledge and Power…
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Oil City begins
Oil City’s first performances took place today, the start of its two week run. We don’t want to give too much away about this new work by Platform, but let’s just say this spy thriller is bringing out the spook in us all! Part of Artsadmin’s Two Degrees festival, Oil City is a piece of…
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Groups oppose European Bank’s plan to fund oil drilling in Egypt
Cairo/ Brussels May 27, 2013 On Wednesday 29 May, the European Bank for Reconstruction & Development (EBRD) will vote on whether to make a $40 million loan to Kuwait Energy to drill and extract oil in Egypt. Egyptian and international organisations are pushing the board of the public multilateral bank to reject the loan –…
