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industry & Government news

GAS AND OIL FIRMS RECLASSIFIED

UNDER NON-RENEWABLES ON LSE

OIL AND GAS COMPANIES listed on
the London Stock Exchange have been
reclassified under a non-renewable
energy category in a move designed to
distinguish between heavily polluting
companies and greener producers.
The change has been made by the
index provider FTSE Russell, which
now groups companies such as BP,
Royal Dutch Shell, Cairn Energy,
Petrofac, Premier Oil and Tullow Oil,
formerly labelled oil and gas producers, CRITICS SAY THE CHANGES COULD HAVE
in the non-renewable energy sector. A NEGATIVE EFFECT ON INVESTMENTS
Coal companies, previously classified
under basic materials/mining, also now under renewable energy. to recognise that many oil and gas
come under non-renewable energy, Susan Quintin, Managing Director of companies have a diversity of energy
reports The Guardian. Product Management at FTSE Russell, interests and are active right across the
Green energy producers, most of said the changes to the industry energy spectrum,” said Mike Tholen,
which were grouped under alternative classification benchmark would the group’s Upstream Policy Director.
energy, have been reclassified under provide “greater visibility to other “We would hope that any change
renewable energy. They include the forms of energy such as renewables”. which seeks to help the advance to
Danish wind turbine manufacturer However, the trade body Oil & Gas UK a low carbon future does not have
Vestas Wind Systems and the Spanish expressed concern over the re-labelling, unintended consequences which might
offshore wind group Siemens Gamesa saying many oil and gas companies in fact slow down the pace of change,
Renewable Energy. were broadening their strategies. having the opposite effect of what it’s
There are no UK companies listed “Any change to classification has set out to do.”

G20: THERESA MAY URGES WORLD LEADERS TO TACKLE CLIMATE CRISIS

“I am proud that the UK has now
enshrined in law our world-leading
net zero commitment to reduce
emissions. And I have called on other
countries to raise their ambition and
embrace this target.”
It came as Donald Trump confirmed
he would not be changing his mind on
climate change action, saying US factories
don’t work on wind power and he
doesn’t want to subsidise green energy.
His stance means the US is the
only country in the G20 that has not
AT HER LAST G20, MAY URGED OTHER WORLD reaffirmed its commitment to the full
LEADERS TO TACKLE THE CLIMATE CRISIS
implementation of the 2015 Paris
THERESA MAY HAS called on other According to Sky News, Mrs May told climate accord.
countries to “raise their ambition” and reporters: “Over the past two days, A joint declaration aiming to get
copy the UK by aiming for net zero leaders have discussed some of the most countries in the G20 – the group of the
carbon emissions by 2050. pressing challenges facing our nations. world’s 20 richest nations – to tackle
The outgoing Prime Minister said she “In recent months we have heard the climate crisis was only agreed after
wanted other world leaders to “embrace hundreds of thousands of young the US inserted a clause exempting it
this target” as she held a news people urge us – their leaders – to act from commitments signed up to by the
conference at her last G20 summit. on climate change before it’s too late. other 19.

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News.indd 3 18/07/2019 15:30