In Peru, the international community is again discussing climate change and the necessary measures to effectively protect the climate. The exit from fossil fuel based energy within the next 50 years is unavoidable.
The current negative trend of the oil price causes investors to reflect expensive and climate and environment damaging oil extraction methods, though climate and the environment are minor concerns compared to profit, as investments in oil companies would pick up as soon as the oil price starts rising again.
Despite global climate goals, oil and gas companies are still popular investment objects, as they generate high returns. A change in thinking in favor of effective climate protection cannot be found within companies and among investors. Only a few FIs set examples like the World Bank which refuses loans (payday loans) that support the building of coal plants.1
A divestment trend is currently taking place in the US and the UK, where some investors like foundations, universities and church administrations have withdrawn their money from oil and coal companies.2, as well as a Norwegian pension fund3 Climate friendly investments need stronger incentives and more importantly political commitments. A climate agreement at the end of 2015 is particularly important.1 In advance of the climate summit in Lima, China and USA, which are responsible for almost 45% of global carbon emissions, have decided on a bilateral climate agreement. It remains to be seen if this agreement will positively influence climate talks in Lima.4
- Süddeutsche (2014): http://www.sueddeutsche.de/politik/klimaschutz-vergesst-die-fossilen-energien-1.2245005 (accessed 01/12/2014) [↩] [↩]
- Tagesspiegel (2014): http://www.tagesspiegel.de/politik/klima-und-kohle-sigmar-gabriel-sitzt-in-der-kohlenstoffblase-fest/11042890.html (accessed 03/12/2014) [↩]
- KLP (2014): http://english.klp.no/about-klp/press-room/31-new-companies-excluded-1.29215 [↩]
- Tagesanzeiger (2014): http://www.tagesanzeiger.ch/ausland/amerika/Vorreiter-sehenanders-aus/story/12134527 (accessed 03/12/2014) [↩]