Reports in today’s Independent that George Osborne is under mounting pressure to dramatically cut Britain’s reliance on gas are very welcome indeed. It would appear that a coalition of the world’s biggest investment fund managers made an unprecedented call on the UK government to step up its commitment to low carbon energy.
The alliance of 200 investment institutions includes Scottish Widows, Aviva and HSBC and controls $21 trillion (£13trn) of assets worldwide and its lobbying of the UK government is part of a broader campaign to persuade the world’s biggest economies to escalate their actions against climate change.
The alliance’s call, which extends to countries such as the US, China and India, represents by far the biggest political intervention staged by financial investors over climate change and underlines just how concerned they have become about the damage it could inflict on the global economy.
The calls come only days after the Labour MP David Milliband called on the BBC’s Question Time for a significant shift from other fossil fuels to Gas without revealing his connections with a venture capital company that invests in gas fracking technologies.