We need a consumer boycott on fossil fuels says Dale Vince, founder of green electricity companyย Ecotricity, because the divestment campaign on its own isnโt enough to end the demand for fossilย fuels.
Vince, who has received an OBE for his services to the environment, adds that in addition to the divestment campaign and a consumer boycott we must eliminate government fossil fuel subsidies. โThese three things together will get us to where we need to be,โ heย said.
Speaking at a Guardian Live debate on divestment last week, Vince argued: โSimply selling shares of a fossil fuel company doesnโt undermine its fundamental business plan. The problem is that we are all demanding fossil fuels and that is what underpins the businessย plan.โ
According to the International Monetary Fund (IMF), fossil fuel companies are benefiting from global subsidies of $5.3 trillion (ยฃ3.4tn) a year. And in March, Chancellor George Osborneโs budget announcement gave new exemptions of more than ยฃ200 million a year to encourage exploration in the Northย Sea.
This is not to mention the everyday direct and indirect consumer purchasing of fossil fuels, from petrol toย beef.
Consumerย Choices
โThatโsโฆ a fundamental underpinning of the business model of fossil fuel companies,โ Vince said. โSo I think divestment, yes absolutely, but a consumer boycott I think is actually more important, and ending fossil fuelย subsidies.โ
Consumer choices play a big role in supporting fossil fuels Vince explained: โEnergy, transport and food between them account for 80 percent of our personal carbon emissionsโฆ It means the power is much more in our hands โย it comes from our pockets โย than it is in the hands of government or Bigย Business.โ
The green energy tycoon argued that it has become โa lot easier than itโs ever beenโ to stop buying fossil fuels, pointing to the growing availability green electricity providers as well as the rapid pace at which electric cars are entering theย market.
โSo the two big choices you can make right now are to use green energy and drive yourself around using [greenย energy].โ
Beyondย Divestment
The influential economist Nick Stern, also speaking during the debate, agreed that the solution must go beyond justย divestment.
Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics, said that the best way to undermine demand for fossil fuels is to expose people to the proper price of fossil fuelsย โย including hidden costs such as air pollutionย โย through taxing carbon and endingย subsidies.
Photo:ย Ecotricity
