Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Simon Fraser University faction of 350.org’s radical divestment campaign activist claims that the university divesting from oil and gas will shift global attitudes towards oil and gas use.
THE FACTS: The use of oil and gas is based on demand, and divestment does nothing to stop it.
Here are some facts and sources to have a reasoned conversation about divestment:
- The 350SFU activist claims that divesting from responsible oil and gas producers like Canada will change attitudes on oil and gas use. Divestment does not change demand but what it will do is shift the suppliers of energy to countries that are more polluting, less transparent, less sensitive to societal pressures, and less committed to emissions reductions.
- Activists want investments funds to use your money for their ideological cause with fewer returns on your investment. This goes against the advice of investment fund managers acknowledging that oil and gas stocks can secure portfolios and increase returns. If SFU divests, they may end up losing money for students and faculty which could be detrimental to a world-class education.
- Activists are trying to pick winners and losers based on ideology and not the ability to reduce emissions. The oil and gas industry is already investing in carbon tech so that circular economy projects can supply responsible, true zero energy. Some studies estimate carbon tech could be a trillion-dollar industry by 2030.
- The Divestment Movement does not recognize the economic, social, and environmental benefits of oil and gas products for which there are currently no better substitutes. They have helped modernize our way of life and helped increase global prosperity.
Stories that get it right
Oil industry veteran David Yager writes about the mass disconnect between western ambitions and the actual demand for energy in the world. As the West draws down the use of fossil fuels, we are seeing an energy crisis emerge in places like Germany and the UK where this should never be an issue. Due to the lack of investment in supply prices are at an all-time high. Developing regions know that they will still need oil and gas, so organizations like OPEC will continue to produce.