Joint press release from Both ENDS and Fossielvrij NL - 26 March 2019
A group of 22 wealthy Dutch investors have decided to disinvest all their personal capital, worth a total of 200 million euros, from the top 200 oil, gas and coal companies. The investors have pledged to disinvest all their capital from the fossil industry within three to five years. By doing so, they are giving a clear signal that they do not want their capital to contribute to disastrous climate change.
The European Investment Bank (EIB) has published its new policy for energy investments. In the new draft policy, the bank states to stop investing in fossil fuel related projects from 2020. This is good news for the climate, so Both ENDS and partners are happy with this draft policy. The shareholders of the bank, the member states of the European Union, still have to approve it.
Both ENDS is co-plaintiff in the climate lawsuit being brought by Milieudefensie (Friends of the Earth The Netherlands) against Shell to stop the company from causing harm to the climate. Shell has known about the severity of the climate problem for many years but continues with the climate-polluting extraction of oil and gas. By doing so, it undermines efforts to achieve the climate goals. Companies have a responsibility not to cause serious harm to society and the climate. Because Shell refuses to take that responsibility itself, we are taking the company to court. In brief, we demand that Shell has zero greenhouse gas emissions by 2050 and adapts its activities to be fully aligned with the climate goals in the Paris Agreement.
The European Investment Bank EIB should get rid of its gas-investments, and the Netherlands can take the lead in this. The Netherlands appears to be relying less and less on gas in its energy policy, and also seems to focus on gas-free investments at the EIB. Now it is important to maintain this position and also convince the other EU countries.
Although outgoing economics minister Henk Kamp stated in May of this year that fossil fuels are not subsidised in the Netherlands, a report out today shows that this is clearly not the case. The report. ‘Phase-Out 2020: Monitoring Europe’s fossil fuel subsidies’, by the Overseas Development Institute (ODI) and Climate Action Network Europe (CAN-Europe), says that the Netherlands is supporting the fossil sector at home and abroad with more than 7.6 billion euros a year (1). The Netherlands made international agreements as long ago as 2009 (2) to ban subsidies for fossil fuels. Environment NGO Milieudefensie and Both ENDS – both members of CAN-Europe – call attention to these findings because they find it unacceptable that the government perpetuates our dependence on fossil fuels in this way.
The Dutch pension fund, ABP, invested about two billion euros more in the fossil energy industry at the end of 2016 than the year before. This is announced by the report "Dirty & Dangerous: the fossil fuel investments of Dutch pension fund ABP," published today by Both ENDS, German urgewald and Fossielvrij NL. The report criticizes these investments because of the impact on the climate and the catastrophic consequences for the people in the areas where coal, oil and gas are being produced.
Both ENDS calls on the government only to provide export credit insurance to sustainable projects that cause no social and/or environmental damage in the countries where they take place.
Two projects insured by Atradius DSB in the Brazilian port of Suape have caused serious social problems and environmental damage. Both ENDS is helping the local people to obtain justice.