Don’t Allow Green Investment Bank to Invest in Fossil Fuels

Target: Theresa May, Prime Minister of the U.K.

Goal: Halt the sale of the Green Investment Bank.

A publicly owned bank dedicated to investments in renewable energy and sustainable development will be allowed to invest in fossil fuels if the government allows its sale to a private investment bank. This comes as investments in U.K. renewable energy infrastructure are projected to decline by over 95 percent in the next three years.

The Green Investment Bank, which was founded in 2012, has funded dozens of renewable energy projects such as wind and solar power developments. The likely buyer, Macquarie, has been nicknamed ‘the Vampire bank’ for its track record for buying firms, breaking them down, and selling their parts. Environmental activists and MPs fear that the £2 billion ($2.5 billion) deal will result in the bank failing to invest in higher risk, startup, and early-stage renewable projects necessary to build a greener economy and may begin investing in fracking and other fossil fuel developments.

The government contends that it has retained ‘special shares’ that will allow it to protect the bank’s mission. However, documents acquired by activists appear to show that the government will have little to no influence on operations at the Bank after the sale. Sign our petition and demand that the government halt the sale of the Green Investment Bank.

PETITION LETTER:

Dear Prime Minister May,

I urge your government to halt the sale of the Green Investment Bank (GIB) to Macquarie, a firm with a well-known history of purchasing firms and stripping them of their assets. Under the current terms, the sale will compromise the GIB’s mission and may result in either the end of the organization, the end of investments in early-stage renewable developments, instead moving to investments in fossil fuel developments. In the next three years, investments in renewable energy infrastructure are expected to drop by over 95 percent; the GIB is critical for both building a green economy and adhering to the U.K.’s commitments under the Paris Agreement.

I understand that the government has retained a ‘special share’ in the bank that will allow for the protection of the GIB’s mission. However, the extent of the influence that the government will have over operations at the GIB is unclear, though definitely less than the current level of oversight. If a sale must go forward, I urge you to consider floating the GIB on the market rather than selling it to a private company.

Sincerely,

[Your Name Here]

Photo Credit: Steve-Ralston

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2 Comments

  1. Gen Lovyet Agustsson says:

    clean energy not dirty energy!

  2. This little matter of our greenhouse emissions is T.H.E. most morally, economically urgent matter on hand, people.

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