Corporate profit motive is killing quest for renewable energy reliance

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Our fuel bills are rising fast and politicians seem to have little idea what to do about it.

Tackling the profit-hungry companies has to be part of the answer. But the banks, too, must

be made to change their ways. In years to come, coal, oil and gas prices are likely to carry on rising, while the cost of renewable energy will fall as long as we invest in infrastructure.

Despite this, the big banks put billions into dirty fossil fuel projects – many of which pollute and destroy people’s rivers and forests in poor countries – while their investments in renewables remain tiny.

Extreme fossil fuel exploration is now also threatening the water supplies and environmental

health in our own country and in North America whether it be fracking for shale oil and gas or

tar sands extraction.

Climate scientists are warning us that over 50 percent of known fossil fuel reserves should be left in the ground to avoid runaway climate change.

Instead of bankrolling outdated fossil fuels we need ways of financing, producing and distributing energy that are good for people everywhere, and are not geared towards maximising corporate profit.

Ed Richardson

for Brighton and Hove World Development Movement