Campaigners will give bottles of ‘carbon bubbles’ to shareholders at the London Stock Exchange AGM today, to highlight the vast reserves of unburnable carbon held by fossil fuel companies listed on the exchange.
The World Development Movement is calling for the London Stock Exchange to move away from finance for fossil fuels. Shares in fossil fuels are worth around £900 billion on the stock exchange, and make up a quarter of all shares listed there.
Labels on the bubbles will read: “The ‘carbon bubble’ is the amount of CO2 that would be released if all known fossil fuel reserves were extracted and burnt. Just 30 companies listed on the London Stock Exchange hold more of this unburned carbon than the CO2 emissions of the whole world for the past six years. Burning these reserves would make catastrophic climate change a certainty.”
Campaigner Kirsty Wright said:
The vast majority of the fossil fuels for which shares are listed on the London Stock Exchange simply cannot be burned. Failing to address this now can lead us down only two paths – a climate-related financial crisis, or complete planetary meltdown. In order to avoid climate chaos, we have to keep most of the coal, oil and gas we know about in the ground.