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Mon, 30 Oct 2023 14:19:42 GMT

a 🧵on why oil companies don't invest in renewables, what the UK Government is now overtly doing to assist big oil, and what it should be doing. 1/

Why don't oil companies invest in renewables when they're so cheap? https://bbc.com/news/science-environment-62892013

Answer: you can make huge profits by controlling super scarce fossil fuels with huge technical barriers to entry, backed by lobbying. You cannot from abundant wind, water and solar.

Fossil companies are investing over 20 times more in new oil and gas than in 'clean' power. And it's worse than that because 'clean' includes fake solutions like carbon capture & blue hydrogen.

Renewables made up <5% of upstream spending in 2022:

https://www.iea.org/news/clean-energy-investment-is-extending-its-lead-over-fossil-fuels-boosted-by-energy-security-strengths

The UK Gov is compounding the problem. It gives oil companies a tax rebate of £914,000 for every £1 million they invest - but *only* for new oil and gas projects, not for new renewables. Yes you read that right😮 Using our tax money to fund destruction.

https://www.gov.uk/government/publications/autumn-statement-2022-energy-taxes-factsheet/energy-taxes-factsheet

Gov has now also collapsed the price of carbon credits in the UK ETS scheme by flooding the market with free permits. That gives fossil fuels an advantage over renewables & penalises companies which are trying to decarbonise.

https://www.ft.com/content/dfa3b6dc-e00c-4d9a-b155-a419845a39e4

And the UK Gov still gives the fossil fuel sector £10 billion in taxpayer support every single year according to the independent OECD

https://zerohour.uk/reports/

Gov should force oil cos to change, but are doing the exact opposite. They should:

✅Ban *new* fossil fuels in line with the science

✅Apply major tax ⏫ on fossil profits, but rebate it back for renewables investment. Direct big oil to use its tech capability for good.

The problem is that today's ever more extremist 'Conservatives' are now funded by, and acting for big oil. They tell us the 'market knows best', whilst using state power & *our* tax money to give fossil fuels a huge economic edge over renewables.

https://www.theguardian.com/environment/2023/mar/30/tory-partys-35m-dirty-donations-revealed-by-desmog-analysis

Instead of acting to protect its citizens and the biosphere on which we depend for life, it's clear now that our Conservative Government is jumping to the tune of powerful lobbyists & wealthy donors.

That's why I'm campaigning for political change.

It's not like there isn't an alternative. Science shows that a shift to clean power won't just help tackle the famine & extreme weather caused by global heating, it will actually give huge £ savings & cut the 36,000 deaths a year from polluted air.

https://thehill.com/opinion/energy-environment/3539703-no-miracle-tech-needed-how-to-switch-to-renewables-now-and-lower-costs-doing-it/

Scientists are clear that 60% of existing reserves must stay in the ground for even a measly 50% chance of limiting heating to 1.5°C. The associated assets will become valueless (stranded), with a serious risk of triggering a major economic collapse. https://www.nature.com/articles/s41586-021-03821-8

Permitting new fossil investment is utter insanity. It's reckless and destructive beyond belief when we already have a viable, superior, cheaper, faster, healthier alternative.

We *must* wrest control back from these extremists before it's too late. I'm involved with a project to stop the Conservatives winning on a minority:

https://www.politicalprimary.org/target-map

Mon, 30 Oct 2023 14:19:12 GMT

a 🧵on why oil companies don't invest in renewables, what the UK Government is now overtly doing to assist big oil, and what it should be doing. 1/

Why don't oil companies invest in renewables when they're so cheap? https://bbc.com/news/science-environment-62892013

Answer: you can make huge profits by controlling super scarce fossil fuels with huge technical barriers to entry, backed by lobbying. You cannot from abundant wind, water and solar.

Fossil companies are investing over 20 times more in new oil and gas than in 'clean' power. And it's worse than that because 'clean' includes fake solutions like carbon capture & blue hydrogen.

Renewables made up <5% of upstream spending in 2022:

https://www.iea.org/news/clean-energy-investment-is-extending-its-lead-over-fossil-fuels-boosted-by-energy-security-strengths

https://www.gov.uk/government/publications/autumn-statement-2022-energy-taxes-factsheet/energy-taxes-factsheet

https://www.ft.com/content/dfa3b6dc-e00c-4d9a-b155-a419845a39e4

And the UK Gov still gives the fossil fuel sector £10 billion in taxpayer support every single year according to the independent OECD

https://zerohour.uk/reports/

Gov should force oil cos to change, but are doing the exact opposite. They should:

✅Ban *new* fossil fuels in line with the science

✅Apply major tax ⏫ on fossil profits, but rebate it back for renewables investment. Direct big oil to use its tech capability for good.

https://www.theguardian.com/environment/2023/mar/30/tory-partys-35m-dirty-donations-revealed-by-desmog-analysis

Instead of acting to protect its citizens and the biosphere on which we depend for life, it's clear now that our Conservative Government is jumping to the tune of powerful lobbyists & wealthy donors.

That's why I'm campaigning for political change.

https://thehill.com/opinion/energy-environment/3539703-no-miracle-tech-needed-how-to-switch-to-renewables-now-and-lower-costs-doing-it/

Permitting new fossil investment is utter insanity. It's reckless and destructive beyond belief when we already have a viable, superior, cheaper, faster, healthier alternative.

We *must* wrest control back from these extremists before it's too late. I'm involved with a project to stop the Conservatives winning on a minority:

https://www.politicalprimary.org/target-map

Mon, 30 Oct 2023 14:19:07 GMT

a 🧵on why oil companies don't invest in renewables, what the UK Government is now overtly doing to assist big oil, and what it should be doing. 1/

Why don't oil companies invest in renewables when they're so cheap? https://bbc.com/news/science-environment-62892013

Answer: you can make huge profits by controlling super scarce fossil fuels with huge technical barriers to entry, backed by lobbying. You cannot from abundant wind, water and solar.

Fossil companies are investing over 20 times more in new oil and gas than in 'clean' power. And it's worse than that because 'clean' includes fake solutions like carbon capture & blue hydrogen.

Renewables made up <5% of upstream spending in 2022:

https://www.iea.org/news/clean-energy-investment-is-extending-its-lead-over-fossil-fuels-boosted-by-energy-security-strengths

https://www.gov.uk/government/publications/autumn-statement-2022-energy-taxes-factsheet/energy-taxes-factsheet

https://www.ft.com/content/dfa3b6dc-e00c-4d9a-b155-a419845a39e4

And the UK Gov still gives the fossil fuel sector £10 billion in taxpayer support every single year according to the independent OECD

https://zerohour.uk/reports/

Gov should force oil cos to change, but are doing the exact opposite. They should:

✅Ban *new* fossil fuels in line with the science

✅Apply major tax ⏫ on fossil profits, but rebate it back for renewables investment. Direct big oil to use its tech capability for good.

https://www.theguardian.com/environment/2023/mar/30/tory-partys-35m-dirty-donations-revealed-by-desmog-analysis

Instead of acting to protect its citizens and the biosphere on which we depend for life, it's clear now that our Conservative Government is jumping to the tune of powerful lobbyists & wealthy donors.

That's why I'm campaigning for political change.

https://thehill.com/opinion/energy-environment/3539703-no-miracle-tech-needed-how-to-switch-to-renewables-now-and-lower-costs-doing-it/

Permitting new fossil investment is utter insanity. It's reckless and destructive beyond belief when we already have a viable, superior, cheaper, faster, healthier alternative.

We *must* wrest control back from these extremists before it's too late. I'm involved with a project to stop the Conservatives winning on a minority:

https://www.politicalprimary.org/target-map