Page 9 - Gi_DecJan2020

industry & government news

MPS URGE THEIR ENERGY WHITE PAPER
PENSION FUND TO DROP
OIL AND GAS SHARES DELAYED UNTIL 2020

MORE THAN 300 MPs from all
parties have called on the trustees of
Parliament’s pension fund to dump all
its shares in oil and gas companies.
The demand to ditch fossil fuels
came in the Divest Parliament
Pledge, which has been signed by
Labour leader Jeremy Corbyn, Liberal
Democrat leader Jo Swinson, the SNP’s
Westminster leader Ian Blackford and
Culture Secretary Nicky Morgan.
The Evening Standard reports that
the Parliamentary Pension Fund’s
single biggest holding is £11.6 million
shares in BP. It also owns £10.9 million
of shares in Royal Dutch Shell.
Caroline Lucas, Green MP for
Brighton Pavilion, said: “The climate
emergency requires that we keep
fossil fuels in the ground. BUSINESS SECRETARY
“[I] am encouraged by the huge ANDREA LEADSOM
number of MPs who now agree that
we must move our investments THE UK’S MUCH-AWAITED energy Two recent consultations have just
away from the polluting industries white paper remains a work in progress finished, the results of which Leadsom
of the past, and instead support and is now not expected to be published said were important to consider before
policies that will bring about a clean until Q1 2020, Business Secretary they could produce the white paper.
energy future.” Andrea Leadsom has revealed. These focused on nuclear and carbon
The scheme is backed by 30 former However, Business, Energy and capture, usage and storage (CCUS),
MPs and London Mayor Sadiq Khan. Industrial Strategy Select Committee two areas that drew particular interest
Chair Rachel Reeves remains doubtful from the committee.
that the department will even meet that She did say that CCUS would form a
deadline, pointing to continual delays in key part of the UK’s decarbonisation
the paper’s publication and urgent calls strategy going forwards, although
to legislate the country’s net zero target. deployment at scale is unlikely until the
Leadsom spoke to the BEIS mid-2020s.
Committee in October, highlighting that However, uncertainty surrounded a
the department’s “number one priority” number of aspects of achieving the net
is meeting the UK’s net zero goal. She zero goal. Not least was the Committee on
said the department is currently putting Climate Change’s suggestion that policy
THE SCHEME IS BACKED BY 30 FORMER together the long overdue white paper need to be implemented this year to
MPS AND LONDON MAYOR SADIQ KHAN on the country’s path to achieving net ensure a framework for achieving the UK’s
zero emissions by 2050. ambitious decarbonisation goal is set.

TOTO ENERGY CEASES TO TRADE

TOTO ENERGY HAS ceased to trade EDF Energy as the new supplier after a
with the energy supply and credit process to ensure they get customers
balances of its 134,000 customers “the best deal possible”.
passing to EDF Energy after Ofgem The failure of Toto comes after more
appointed the supplier to take them on. than a dozen energy suppliers have
Energy Voice reports that Toto, one gone bust in the past two years. TOTO ENERGY IS THE LATEST SMALL SUPPLIER TO BITE THE DUST
of four suppliers given a month to pay Ofgem recently announced that gas
£14.7 million owed in green taxes or and electricity suppliers could face rules designed to drive up customer
risk losing their licenses, ceased to independent checks on their customer service standards, lower the risk of
trade after missing the deadline. service and financial strength. suppliers going bust and strengthen
Ofgem announced that it had chosen The regulator set out a raft of new the safety net in the event of failure.

09

14/11/2019 16:53
News.indd 4
News.indd 4 14/11/2019 16:53