The Word Development Movement’s Web of Power report has revealed that a third of the UK government has links to the finance and energy companies driving climate change. Ministers embroiled in the energy industry’s nexus of money and power include David Cameron, William Hague, George Osborne, Michael Gove, Oliver Letwin and Vince Cable.
About a third of UK government ministers have had some form of involvement with big energy or big finance. Some ministers have direct links (either past or present) to big fossil fuel companies like Shell or Tullow Oil, and many others have backgrounds in finance sector companies that are involved in facilitating or funding damaging dirty energy projects around the world.The nexus is not limited to members of the government. High level executives of big private sector financial institutions are routinely appointed to serve on important government committees. Some of these also serve on the boards of energy companies or are involved in financing or lobbying for them. The House of Lords is also home to scores of individuals with links to either big finance or big energy. An investigation has recently revealed that a sixth of Lords have remunerated links to the financial sector.
Big finance and big energy are intricately linked. Between 2010 and 2012, the UK’s five biggest banks underwrote £95.5 billion in corporate bonds for fossil fuel companies and another £74.5 billion in new share issues. All five have people on their boards of directors with links to the fossil fuel industry. In turn the top four oil and gas and the top four coal mining companies all have board members with backgrounds in finance
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