Letter: “On Bucks Council Divests Oil Company Pension Funds”

An ENVIRONMENT activist does not pay council tax.

Yet another educated person who does not understand the realities of energy.

We will continue to use gas to run our power plants for the next 50 to 100 years, there is no other solution than a massive nuclear program, 30 to 50 new nuclear plants.

It’s simple – when the wind is not blowing and it is dark, there is no electricity. There will never be a battery system large enough to power the grid. And hydrogen has possibilities, but who is going to harness it and make it work?

The oil companies have the skills, the expertise and the patents.

If BCC were to divest from all oil and gas companies, I and the other Board taxpayers and existing pensions would seek judicial review or judicial relief against BCC, the trustees and financial advisors on the following grounds.

Companies like BP and Shell are legal companies in the UK, they have a good track record of paying dividends, also in the next few years they and all the other oil majors will become majority owners of all wind turbines, PV and hydroelectric production.

They are also investing in hydrogen and carbon capture. So divesting now would prevent the pension fund from reviving future dividends.

In addition, any shortfall would be returned to the taxpayers of the housing tax!! Dr. McCarthy should be aware that almost all plastics used in medicine (every syringe, medical tube, etc.) and many transfer media for vaccinations, etc. are all derived from petroleum!!

Currently, there are no substitutes and none on the immediate horizon. Anyone who thinks the oil companies are all going to disappear is fooling themselves.

Shell, BP, Exxon et al will still be in business for the next 100 years.

Divesters should also look at what happened when the big miners sold off their coal assets.

Have these mines closed? NO, they are now private companies owned within other private companies so the general public has no idea what they are doing and no access to any information.

Simply consolidate the accounts that don’t mean anything to you.