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UK minister makes welcome push to expose fossil fuel investment risk

11 December 2014 - Christian Aid today welcomed the comments by the UK Energy and Climate Change Secretary Ed Davey calling for companies and pension funds to fully disclose their risky fossil fuel assets. 
Christian Aid’s Principal Climate Change Advisor, Dr Alison Doig said: “The UK Government already requires FTSE-listed companies to report their carbon emissions, but this only shows the tip of the iceberg. Underneath lie trillions of dollars’ worth of assets that could be financially as well as environmentally toxic. Investors need full disclosure of fossil fuel assets if they are to make smart decisions and invest in a safer future.
“Next year’s climate deal in Paris must put the world on a path to keep average global temperature rise to below two degrees above pre industrial levels. This will mean at least two thirds of existing fossil fuel reserves need to stay in the ground. Investors need to wake up to the implications of this deal for their fossil fuel investments which could be worthless.

“Governments and investors risk walking over the edge of a cliff with their eyes wide open if they don’t address this contradiction.”

Christian Aid’s Senior Climate Change Advisor Mohamed Adow will be in Lima for the duration of the summit. He can be contacted for interviews on madow@christian-aid.org.

For more information contact Joe Ware at jware@christian-aid.org. The 24 hour Christian Aid press duty phone is 07850 242950.

Notes to editors:

1. Christian Aid works in some of the world's poorest communities in around 50 countries at any one time. We act where there is great need, regardless of religion, helping people to live a full life, free from poverty. We provide urgent, practical and effective assistance in tackling the root causes of poverty as well as its effects.

2. Christian Aid’s core belief is that the world can and must be changed so that poverty is ended:  this is what we stand for. Everything we do is about ending poverty and injustice: swiftly, effectively, sustainably. Our strategy document Partnership for Change explains how we set about this task.

3. Christian Aid is a member of the ACT Alliance, a global coalition of more than 130 churches and church-related organisations that work together in humanitarian assistance, advocacy and development.  Further details at http://actalliance.org

4. Follow Christian Aid's newswire on Twitter: http://twitter.com/caid_newswire

5. For more information about the work of Christian Aid visit http://www.christianaid.org.uk


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