Report: Investors to the World: Don’t Sell Out the Climate for Energy Security
By Leon Kaye
Beyond the ongoing tragedy in Ukraine, Russia’s unprovoked invasion of its neighbor has sent food prices soaring and threatens to push more people into poverty. Rising energy prices are also causing many people and their leaders to lose sleep; just look at France’s presidential election, which is proving to be a nail-biter over many citizens’ legitimate fears of rising prices for fuel and food. Across the pond, the energy industry is pressuring the Joe Biden White House to ramp up fossil fuel production in the name of energy security, even though an executive order has banned such imports from Russia, which for the U.S. had never been a huge supplier of fuel to begin with.
It’s clear that the U.S., the European Union and NATO won’t take bolder action to stop the slaughter in Ukraine; at the same time, the EU also hasn’t stopped the flow of Russian oil and gas, which has resulted in a scenario that the U.S. CIA had predicted as far back as the early 1980s.
Now, as U.S. companies explore the possibility of shipping natural gas across the Atlantic to the EU, while the Biden administration floated trial balloons to explore procuring more energy from Saudi Arabia and Venezuela, one influential group of investors is asking: What about the world’s long-term climate goals?
Photo courtesy of Eberhard.