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Banks and Climate Change – Cambridge WDM Meets Julian Huppert MP

July 28, 2013 by cambridge

Sheila Brookes, Aidan Baker and Clare Baker from Cambridge WDM met Cambridge’s MP, Julian Huppert, on Saturday 6 July to discuss the financing of “dirty energy” projects (coal and oil extraction) by financial institutions in the City of London. The meeting took place at one of Julian’s regular constituency surgeries, held at Chesterton Methodist Church.

Aidan Baker started by presenting WDM’s case, which hinges on the desire for transparency about carbon emissions. The UK Government is bringing in mandatory carbon reporting, which essentially means that companies will need to make their carbon footprints publicly available. This is good news, but the current proposal doesn’t go far enough. In particular, banks will need to report the carbon emitted in their head offices – from lighting to executive travel – but, crucially, not, yet, emissions of projects they finance.

Many UK banks have invested huge sums in carbon intensive extraction projects in the Global South. Making them report emissions caused by these (so-called “Scope III emissions”) alongside their UK activity would shed light into some very murky financial practices. Furthermore, including Scope III emissions in mandatory carbon reporting would not itself need primary legislation; it is within the gift of the Business Secretary, Vince Cable. Our aim at this meeting was to ask Julian Huppert to write to his Liberal Democrat colleague with this request.

Julian explained that the main purpose behind carbon reporting was simply to gain a picture of the country’s emissions. He would like it to include everything that UK companies are responsible for, including aviation and shipping; the problem with adding Scope III emissions is mainly one of complexity. The banks do not own the companies whose emissions we seek to include, they merely invest in them or loan them money, and it would be difficult to include these emissions without ‘double counting’. Aidan agreed that this was a potential problem, but said that the banks needed to be accountable for the environmental damage of the projects they funded.

Aidan then handed over to Sheila Brookes to give an example. Sheila cited a large open-cast mine at Cerrejón, close to the North Atlantic coast of Colombia. Millions of tonnes of coal have been exported from this mine every year since the 1970s, mostly to the US, Canada and Europe and since 2009 the mine developers have received investments of over £7 billion from UK banks to fund its expansion. This has caused significant humanitarian problems as well as environmental damage. Whole communities have been displaced without receiving the compensation that was originally promised. The mining company is now planning to divert 26km of a river that is held sacred by indigenous communities, and these communities have not even benefited from energy produced from the mined coal: it is estimated that coal exports from the Cerrejón mine generate more emissions than the whole of Colombia.

Julian understood why we were concerned about this project, but pointed out that these concerns were clearly wider than was suggested by an emphasis on carbon emissions. He suggested that the serious problem of UK companies investing in such dodgy projects might be better addressed through campaigns such as ShareAction1 (formerly FairPensions), which promotes ethical investment by pension funds and their managers. Aidan agreed that this could be a useful approach, but said that the problem of the “network of power” linking government, the finance industry and the extraction industry was a complex one that needs be addressed in a number of ways. Opening up these activities to public scrutiny via mandatory carbon reporting would be a useful step that could be taken easily, and the UK government, having signed up to the EU’s Extractive Industries Transparency Initiative2, should be persuadable. Sheila added that all investment in extractive industries was investment lost from clean energy projects to benefit local communities.

Julian ended by repeating that he agreed with WDM’s aims although he was still dubious about whether simply adding numbers to reported carbon emissions was the most appropriate means to achieve them. If it could be argued that emissions were being counted more than once it might make the whole process seem less credible, which would be counter-productive. He did, however, agree to send a letter to Vince Cable on our behalf and to find out more about the Cerrejón mine.

Clare Baker

1 http://www.fairpensions.org.uk/

2 http://eiti.org/extractive-industries-transparency-initiative-0

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Banks and climate change — some web resources

June 6, 2013 by cambridge

Yes: online guides to real-life action.  To help us keep up to date with the story of banks financing coal and oil projects.

Taken with all due acknowledgment from WDM’s Carbon capital: how the city bankrolls climate change.  First, a couple from WDM itself.

Join WDM’s demand for banks & such to be held accountable for the carbon emissions they finance:

Follow protests by WDM and its allies.  Have another look at WDM’s Carbon Capital pages. There’s always more and new to see.

Move your money — from dubious banks to to ethical ones.  The Move Your Money site has plenty of ideas about where to move it, and how.

Demand transparency in mining companies’ payments to governments.  The Publish What You Pay network of civil society organisations campaigns on this issue globally.Hold firms and their executives accountable for abuses.  Stop Corporate Immunity

Finally, demand cleaner lending policies for bailed-out banks.  One of WDM’s allies on this front is Platform — an organisation combining art, activism, education and research.

Let’s share how we get on!

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Bankers Anonymous

April 7, 2013 by cambridge

Bankers Anonymous is WDM’s current campaign.  Basic thinking is that banks’ involvement in food speculation is akin to a gambler’s harmful addiction.  A group of us did a stall outside Cambridge Guildhall, 6 April 2013, making that point.

This involved radio phone interview, posing for press photographer, wearing vulture mask and bowler, pumping out action cards as leaflets, gathering signatures on action cards as petitions.  Many thanks to Sue Woodsford for dredging out a table from under a heap fo jumble!

Pictures are at  http://bit.ly/ZgH5go .  They’ll be on this blog eventually too.

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GROUP QUESTIONNAIRE

March 7, 2013 by cambridge

What can we do better, to bring about justice for the world’s poor?

What can we do better, to strengthen our links with like-minded neighbours?

What would you like us to know?

Co-secretary Clare Baker’s prepared a questionnaire for group members, friends and supporters.  Fill it in and we’ll have your take on those questions!

Thanks.

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Growing change

February 19, 2013 by cambridge

Growing change — the food sovereignty DVD that wowed those of us who saw it at the group meeting in November — is on again!

This time it’s at a Transition Café Evening in the CB1 internet cafe, 32 Mill Road, 19:30 Thursday 21 February.  Ceri Galloway and our own Sue Woodsford will show the DVD and lead a discussion about food sovereignty around it.  See you there?

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Osborne petition

December 15, 2012 by cambridge

WDM’s petition calls on George Osborne, in the name of stable food prices, to limit the amount of trading that speculators can do.

Cambridge WDM activists Sue Woodsford and Aidan Baker took that petition round the Market Square and Petty Cury on Saturday 15 December, and the good people of Cambridge filled up five sides of petition in an hour!

One person signed while the crook of his other arm held a placard for a fast-food chain.  Peace be upon him.

Click here for more about WDM’s food speculation campaign.

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Global Justice Cambridge meets on the third Wednesday of every month. For details and venues, contact Branch Secretaries Aidan and Clare Baker: email globaljusticecambridge [at] gmail.com or ring 01223 510392.

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