Imagine saying "Oil is more profitable than renewables" while at the same time having that market subsidized to the tune of 7 trillions a year. Pure madness. Subsidize renewables as much as oil, or stop subsidizing oil, see which one is more profitable then.
@@joemccarthy7120 subsidies worth £13.6 billion were given to FF companies between 2016 and 2020 by the UK gov, mainly in tax breaks and decommissioning payments.
Most people never talk about the immense tax breaks and subsidies the fossil fuel industry gets. Without those, renewables would grow even faster and the same goes for EV's because they are way more energy efficient.
Whatever you do, the government will introduce new Taxes/Fees anyways. I don't trust the Danish Government, they have the Mental Coherence of a Schizophrenic after all ... Plus, if going EV, I want to CHOOSE what battery the car has. LiFePo4 or nothing. And NONE of their Cloud Surveillance "Feature", Vendor Lock-In for Accessories/Spare Parts, non-honored Warranties, ...
Tax breaks and subsidies are two costs hidden from the public regarding oil and gas production. Another hidden cost is cleanup, abandoned wells, and leaking wells. But the big one that no one really addresses is the TRILLION DOLLAR A YEAR American military spending meant to keep everyone in the oil and gas business in line.... You can't fix the climate with oil and gas. And you can't get rid of oil and gas because it's too profitable for everyone involved. Greed....PROUD greed. pathetic.
You can't get rid of oil and gas because they are essential inputs into manufacturing almost all the goods and services we use every day in almost every facet of life. Without oil, we go back to the middle ages and 90% of the population dies within a decade.
Don't forget all the money that just forever leaves our economies, especially in Europe, to places like Saudi Arabia, Russia and other such nice modern democracies. Money that would stay here if we switched over to homegrown electricity as our main source of energy.
This video has reminded me that my country (Canada) gets 3% of our GDP from oil production, but my province of Alberta gets over 23% of our GDP from gas and oil! We're utterly dependent on fossil fuels to keep our economy going. We _should_ be drawing up some kind of plan to slowly transition the economy to more dependable revenue sources, but instead the government refuses to even admit that global warming is real. When the transition happens we're going to be so screwed, because our customers won't need to buy the fossil fuels anymore.
Well, one way would be to invest in wind and solar power and set them up in suitable areas where people don't go. I'm positive Alberta has lots of such places. Also invest in water power generation, you have mountains and lots of streams and rivers that can be used for that without destroying the environment too much (and much less than the moonscape that is the oilfields right now). Solar and wind get cheaper by the minute, it is a no brainer. Also, it would generate tons of new, clean building and maintenance jobs in the province. Demand your politicians to start doing what I wrote. Organize.
"to slowly transition" -> ASAP Nature does not negotiate. Is it because of "democracy" that our citizens can't keep simple stuff together? A certain Bush once said in public: "the american lifestyle is non-negotiable" Mr. Bush was an idiot - obviously.
@ Oh, it can be done, both using renewable energy for electricity and becoming financially independent from fossil fuel revenue. I was mostly thinking about the financial side of things. When Canada and the US move to alternative energy there'll be no one to buy our oil and gas, and the economy will shrink by at least 23%. It would take generations to recover. The ideal would be to start now, by slowly introducing alternative revenue streams into the provincial budget. Sadly this would involve increasing taxes, and any politician who did it would be absolutely destroyed in the next election.
Changing to renewable local energy won't do anything to the economic dependency on fossil fuel exports. Diversifying an economy means making stuff, not just buying it Also oil is used to make almost everything you have ever had. It isn't going away in your lifetime.
Four years ago, I moved away from HSBC to Triodos bank in the UK, for the reasons you have highlighted. My wife has just moved from a lifetime of Barclays to Nationwide. Ever wondered why renewable energy prices aren't much lower? The answer is that our government links the price of renewable energy to the price of gas, in order to protect the oil & gas industry. If you want to do something really good, ask your MP to lobby for government to break that link. :)
It's not 'in order to protect the oil & gas industry'. The system was designed to minimise costs to the energy companies and consumers, whilst paying a fair price to suppliers, and ensuring enough supply for every half-hour. It's quite an elegant system, and adapted to the radical change of moving from fossil fuels to renewables supply quite successfully. However now that the last kWh is often gas and there isn't enough renewables to have no gas used for most half-hours, and the price of gas has shot up, it does produce somewhat perverse results. It's been good for renewables developers, which have been making a lot of money. It will be quite hard to design a better system, but switching to more regional pricing would help a lot.
@@xxwookey "perverse results" AS INTENDED. The system is rigged if the big companies can provide most of the electric energy through renewables but use estimates to timely set a couple of maintenance operations to ensure gas gets in the mix and shoot up the price of every source That's way Spain and Portugal fought for the so called "iberian exception" and won, and now we have cheaper energy thanks to renewables
People also need to understand that most index funds automatically invest in fossil fuel stocks as they are part of the index. I suggest directly investing in stocks rather than using index funds to avoid this investment in fossil fuels. There are also ETFs that invest in companies purposely excluding fossil fuel companies.
Electronic trading requires electricity and electricity comes from... burning fossil fuels. There's no such thing as green investing. The economy is fossil fuels.
The practical effect of people not using indexes is a much higher proportion of people losing massive amounts of their investments. Why not tell them to become pro athletes at the same time?
It's time to build a global platform for digital democracy so we can hold a referendum on ending fossil fuel subsidies, and approving a global carbon tax.
Driving is a choice. I moved to a city with public transport and good cycle infrastructure and no longer run a car. Been living car free for 8 years now. Haven't given a direct cent to big oil since. Not that I can control where the miney I do spend goes after that.
Well without oil you will be living back in the stone age. Are you ready for your precious phone taken away? Do you want to wear a cloth sack? Your nice life and comforts are down to fossil fuels and take it away and you will be toiling in the fields or making water wheels to grind your flour.
Choosing to give your money to them. Of course, aside from fuel, virtually every aspect of modern society depends on petroleum products, so you would be hard pressed to avoid spending money on oil.
Here in Oregon, we have Beneficial Bank, which is a B corporation and has a specialtist for making solar energy loans. They have branches in Portland, OR, and online banking works too.
When I was in grad school - long before PCs or the internet - I took a computer science class. The professor had written his own programming language designed to solve queuing theory problems. Toward the end of the semester, I told him that his language would be perfect to simulate a laissez faire economy just as described in microeconomics to see what macroeconomic effects would unfold. He replied “The ones with the highest marginal propensity to save wind up with all the money”. That made perfect sense to me. So I asked him “What if you had programmed your simulated consumers and producers with a marginal propensity to steal?” He gave me a look I cannot describe. Moral of the story: Those with the greatest marginal propensity to steal wind up with all the money. Full disclosure: I am no economist.
~ 70% of all publicly traded shares are owned by less than a percent of the population. Good luck with that. Driving the price down allows them to purchase even more for cheap. Not like the inverse would work either because they'll just split the stocks to have even more to sell the majority, multiplying profits for existing share holder because of each point it goes up.
@@toyotaprius79it was something like a decade ago they stopped buying additional bonds. They are letting the ones they hold age out which is definitely different than dumping what they have.
I have some of my work place pensions with uk "pension bee". They offered an optional "fossil free plan" a few years ago.. which i moved all of my funds into. Its nearly doubled in value in 5 years. Renewables seem to be the future!
I'm happy to report that my bank is doing good! "Your bank is climate responsible. While Danske Bank does still finance fossil fuels, in 2021 this made up less than 1% of its total portfolio, while 90.7% of its total energy financing went towards low-carbon sources, including renewables. This is above the 80% threshold that is required to meet the Paris Agreement's goal of a 1.5°C world and meets our criteria for a good bank. As Danske Bank continues to adopt better policies, we expect this trend to continue."
I recently moved from Santander to Co-op bank for oil investment reasons. The move was easy enough. The really hard part was trying to tell Santander that’s why I was moving. The chat bot didn’t care. The human operator I eventually tracked down said he had ‘logged it’, although I didn’t believe it. If they don’t know the reason will they understand what they must change about their behaviour?
@ So because someone has a different view to you they must be being paid? How much does this channel and others like it make from their views on it all?
@@oldbloke204 that’s the point of the video, did you watch it? 1 person moving is obviously of no consequence. But if they see a trickle turning into a tide of people moving to other banks due to their investment decisions, it can change their behaviour, as it did with SA apartheid.
The global insurance market has nearly half a trillion dollars invested in the fossil fuel industry (as of a 2023 report), all while major national insurers in the US are pulling out of high risk areas due to climate change.
Because greed is in such a hurry they can't wait to be called Billionaires. The reality is they are thousand millionaires. A billion is a million million or the Media/America Trillion.
"Your bank is a leader in climate responsibility. Your money is definitely not funding the fossil fuel industry. Your bank believes in transparency and you can be sure that your money is not enabling gas, oil, or coal extraction. We hope this makes you feel tremendous (boasting is encouraged)" Triodos.
I use the Bunq and it gave the same 👍 “Your bank is a leader in climate responsibility. Your money is definitely not funding the fossil fuel industry. We can’t be sure of everything that your bank is doing, but at least your money is not enabling gas, oil, or coal extraction.”
The alleged "Energy Emergency” Executive Order justifying suspension of environmental regulations is arbitrary and capricious because it’s premised upon the notion that energy prices are crippling our economy where DJT is simultaneously placing tariffs on Canadian and Mexican electricity, oil and gas. Given the oligopoly practices of OPEC, there can be no justification for suspension of regulations to increase oil/fuels production in an effort to decrease prices as there is no correlation between US crude or product production rates and the international price of oil/fuel, which is manipulated by the Cartel using oil production cuts to raise prices again. He even admitted that he needed to ask OPEC to lower prices. He’s even stopping use of EVs and solar-battery-wind generation, which are cheaper than fossil fuels and can greatly reduce the high energy prices.
@@TheDanEdwards Yeah well I have seen what the other mob did over the last few years and it's not hard to see why they lost so badly. I don't like any of them and think that US politics is a never ending Circus to keep the simple minded amused and I have no Dog in that particular fight. What a joke.
You said that "there are about forty-eight trillion dollars currently held in pension funds." That number might be a tad low. Some estimate it to be double that and more. The Big Three have a combined market share of $24.1 trillion in the global asset management industry. In the US exchange-traded fund (ETF) market, they account for 76% of all assets. The big three are BlackRock, Vanguard, and State Street Global Advisors. Ordinary investors, those contributing to defined contribution accounts and 401(k)s, rely on a bloated stock market to get by. I remember hearing a security guard saying his savings was wiped out in 2009. He was poised to retire soon. This is more than big oil. And thank you so much for keeping us aware.
For some reason all the corporate banks in Denmark have low scores... All the cooperative and labour union banks get top grades. Who would have thought that democratic ownership would promote responsible long term thinking, and corporations wouldn't?
Many years ago, California forced the auto industry to make less gas-guzzlers and more fuel-efficient cars. (CAFE standards.) Why can't governments force fossil-fuel companies to sell a gradually-increasing percentage of green energy? You bet they can, and they should.
There was a time when millionaires had a social conscience, now we have greed ridden billionaires who view the people of the world as a resource to exploit....
We just bought a Chevy Bolt EV, and discovered that it records every place we go, which info is sent to Insurance companies...yechhh! But charging at home is YEAH!
Where to begin, 1. It's a GM product, 2. Their history of burning its self and house doewn is not fiction., 3 there are far better ev technologies available then this old tech.
@@tims9434 he didn't say they were green, he said quite green. That probably means their investments are less "dirty" than some other banks found at the top of the list.
@@tims9434 Nationwide are a building society. Building societies operate differently from banks. Furthermore, some banks make it part of their strategy to attract new customers that they focus on ethical investments.
The opposition government in Australia is proposing that people be allowed to withdraw their superannuation from their pension funds to finance purchasing a home. House prices will inflate and the government will rake in billions regarding stamp duty and land tax. Where do they use this windfall? Subsidizing fossil fuel.
I don't bank with Barclays. I don't use any social media beyond viewing TH-cam [videos like this for example], and email. I would love to be able to live without running a vehicle [diesel powered, but it is all I can not quite afford], but until I retire I have to earn a living ... I use only about 1200 KWh of electricity per annum, and use no gas. I would struggle to cut further living in a flat without a chimney. I have absolutely no optimism that we shall steer clear of global climate catastrophe. The vested interests are just too strong. Trump even wants to stop wind turbines in the USA, and "drill, baby, drill." There is no hope left. Mankind is actually doomed sooner or later. The earth will survive, but so many wonderful species will also become extinct. Beyond tragic.
Well done for bringing this to the attention of more people. I try and bank, invest and shop ethically and it gives me degree of satisfaction and a clearer conscience. I would encourage you viewer to also shop locally and avoid the myriad of companies that avoid paying tax by adopting creative accounting. Further I would encourage EV owners to avoid using public charging stations owned by the oil companies.
The sale of shares of stock don't affect the value of the company. The thing to do is buy shares of companies you want to influence and use those votes to influence managements decisions. Find a group of investors that own shares in the company and that work to accomplish the same goals you want and give them to power to vote your shares.
If only it was that simple, many people are locked into a mortgage, me too, if I change banks it will cost me 0.25% extra. How good it would be to go to a different bank…
@IOgic22 my bank has the following rules to get the 0.25% mortgage discount Monthly salary has to be deposited into the current account AND minimum of 5 transactions per month. If I miss one month I will loose that discount. Also, that mortgage was the best one to chose from. As per the video “ Money rules” Mortgage was €141.000, run time 10 years, 0.25% is ….i thought substantial but it actually not that bad, the problem right now is that if I would go somewhere else I have to pay a cancelation fee AND my interest would go up more than double with current interest rates. Moral of the above, I can not go somewhere else. I can when the running time expires in 2030.
the expoential increase of car electric car sales in Norway (now over 90% of all new cars purchased was electric !!!) shows how our dependency on oil&gas is no longer an economic necessity , which was the case in the last decade. There is therefore NO reason to sustain the oil&gas industry today, except for the particular interest of a few very very very rich oil multinationals.
@ My talking points? Such a virile imagination. Posing questions on a public forum where the answers are publicly available if you care to access them is an admission of laziness and mental weakness.
This is a very interesting approach, though I think it´s more complicated than in the case of SouthAfrica. Major problem is that the oil companies just produce and sell what WE WANT to consume. So the first "THINK" is on the consumer´s side: If we use less fossil fuels, less will be produced, that´s the main power of markets.
The US and Middle Eastern oil companies haven’t shown much interest in being part of the transition whereas BP and Shell did for a while. Under (short-termist) investor pressure they’ve backed off so they will all become increasingly less relevant in our future.
Along with saying to our pension fund managers that we think investing in oil and gas is immoral, we also need to say that it is stupid because renewables are cheaper. We would like investments in the right renewable and energy storage projects, not risky investments in what will most probably become 'stranded assets' (i.e. worthless shares). Fund managers need to get their heads round the new technologies and projects instead of just carrying on with familiar projects and familiar companies.
Investing your pension money into fossil fuels is extremely counter productive! I'm 30 and I'm not even sure I should save for retirement, because by the time that becomes relevant (roundabout 2065) society as we know it may no longer exist. Of course that's pessimistic so it's still good to plan ahead, but it's not an unrealistic concern.
Hello JHAT, from nz .Here's an analogy which might be useful for changing the tide of public opinion.Back in the 80s we were all happy smoking our way towards death,when the labour got started a series of ed ad campaigns designed to limit smoking in public places,even pubs .lol The outcry was huge but they put these ideas into law and slowly public opinion got behind the campaign and dads guess what it worked . Now sokers have special 🎉places where they go to practice their addiction.Now fewer and fewer people take up smoking and so we don't have the secondary effect on non smokers happening What if we could start a similar campaign for changing our countries dependence away from oil to green energy .I confess I was one of those smokers who was partly educated one day when my daughter came home from school and asked me why Was I smoking in our home !, Educated govt backed advertisement campaign plus my daughters words changed 🎉the way I thought about it smoking ,Tobacco Companies and a big majority of NZErs too. SURELY WE CAN DO THE SAME TO THE WAY We look at Gas companies😊😮😅
As Tom Lerah sang, “we will all burn together when we burn.” Well, maybe not nuclear war, but We will all get scorched together when we … pretty bloody soon!
Great show today (even better than usual) -- my only criticism is the statement that resistance to South African apartheid was non-violent. Economic and social pressures were very effective, but Black people in South Africa were caught in an extremely violent situation, and even Nelson Mandela participated in some pretty intense resistance. But the point is well made.
I've been thinking about changing banks cuz I've heard about these investments, but I think this video might be the kick in the ass I need to take that a little more seriously
Excellent information, Dave. I'm just starting the book "The Prize" by Daniel Yergin. The info you've presented is useful to keep in mind as I read through the history of the oil industry.
Not an option for me in Canada. My company matches contributions for RRSP’s into one company only and you have a small selection of investments to choose from. None of them are ethical funds and they aren’t going to be added to the mix anytime soon.
That's exactly the issue, if I put myself in their shoes it is not a situation I would like to be in. We have to do it though, the other choice is much worse...
@@ronvandereerden4714 And I agree, in fact it won't go down tomorrow, it is a transition, already happening... which needs to speed up imo, because we have alternatives
A rational business would diversify out of a doomed product line and into something with a long term future. The problem is, they're having a hard time finding anything even remotely as lucrative as oil. Thus some of the goofy things going on in Saudi Arabia...
@@incognitotorpedo42 oil is doomed? What fantasy world are you living in? It’ll be another 100 years or better before the world is weened from fossil fuels
Divestment from fossil fuels industry is just a matter of time. Renewables are much more profitable and big investors are not stupid. The big problem is the lobbying activity of fossil fuel companies on politicians, especially on the last wave of populists popping out like mushrooms... but even those can just slow the transition for few years. Resistance is futile, you'll be electrified.
In UK Santander bank is about to leave. Selling the business. Currently the buyer expected is Barclays bank. They are one of the main fossil fuel investment banks.. Will be moving my account. Looked at Triodos Ethical bank but they don't have apple or Google pay.. essential I think
Iy wouldn't bother them one bit, in fact it would be great. The oil companies could buy back their share cheap and increase the dividends to the remaining shareholders. Please do it.
Thank you. I use a rather large investment firm and I am sure that they have put some of my money into those companies you mentioned. I am going to make the effort to search those out and have them divest. One small step or foot stamp.
If you are in thE UK Coop Bank does a good job at being green and Tridous a Dutch bank is built on being green. You can switch easily! Do It if you can.
My bank is 🤬. I was quite surprised that BNZ is such an irresponsible investor. I suppose its not too surprising when you learn that its owned by the National Australia Bank (NAB) which is listed as #53 worst in the world (BOCC report) when it comes to sustainable investing.
BigOil and BigBanks and BigCapital to hand in hand for one simple reason. Volume!!!!!! Way easier for pension fund managers than getting together and build small clean technologies from bottom up Mind you all, photovoltaics was invented in 1955,......
So many individuals are invested in index funds such as QQQ that are made up of the top 100 companies some of which are fossil fuel companies, these investments will be very difficult to exit.
Imagine saying "Oil is more profitable than renewables" while at the same time having that market subsidized to the tune of 7 trillions a year.
Pure madness. Subsidize renewables as much as oil, or stop subsidizing oil, see which one is more profitable then.
Oil isn't subsidized. Renewables are destroying $trillions of wealth.
@@joemccarthy7120 subsidies worth £13.6 billion were given to FF companies between 2016 and 2020 by the UK gov, mainly in tax breaks and decommissioning payments.
Renewables don't exist without fossil fuels.
Investments from banks are not subsidies.
@@Elliot_97 Agreed
Most people never talk about the immense tax breaks and subsidies the fossil fuel industry gets. Without those, renewables would grow even faster and the same goes for EV's because they are way more energy efficient.
This is what bothers me when I hear people complain about PHEV and EV rebates. I'm like so Oil doesn't get tax breaks and subsidies?
That is utterly false.
@@leftcoaster67
The biggest tax bate and subsidy Oil and Gas as well as coal get is deregulation.
Whatever you do, the government will introduce new Taxes/Fees anyways. I don't trust the Danish Government, they have the Mental Coherence of a Schizophrenic after all ... Plus, if going EV, I want to CHOOSE what battery the car has. LiFePo4 or nothing. And NONE of their Cloud Surveillance "Feature", Vendor Lock-In for Accessories/Spare Parts, non-honored Warranties, ...
@@joemccarthy7120 How so?
Tax breaks and subsidies are two costs hidden from the public regarding oil and gas production. Another hidden cost is cleanup, abandoned wells, and leaking wells. But the big one that no one really addresses is the TRILLION DOLLAR A YEAR American military spending meant to keep everyone in the oil and gas business in line.... You can't fix the climate with oil and gas. And you can't get rid of oil and gas because it's too profitable for everyone involved. Greed....PROUD greed. pathetic.
You can't get rid of oil and gas because they are essential inputs into manufacturing almost all the goods and services we use every day in almost every facet of life.
Without oil, we go back to the middle ages and 90% of the population dies within a decade.
Don't forget all the money that just forever leaves our economies, especially in Europe, to places like Saudi Arabia, Russia and other such nice modern democracies. Money that would stay here if we switched over to homegrown electricity as our main source of energy.
...and not spent on wars, terrorism or superfluous hyperluxury properties
You forgot to mention the money that goes to Israel. Or are they not terrorists too?
Anything but nuclear, nuclear makes me pee my pants.
That's why the Rocky Mountain Institute for years was trying to lessen our dependance on oil. It actually adds to security.
@@kmoses582 Coal kills 100,000 times as many people as nuclear, but you do you.
This video has reminded me that my country (Canada) gets 3% of our GDP from oil production, but my province of Alberta gets over 23% of our GDP from gas and oil! We're utterly dependent on fossil fuels to keep our economy going. We _should_ be drawing up some kind of plan to slowly transition the economy to more dependable revenue sources, but instead the government refuses to even admit that global warming is real. When the transition happens we're going to be so screwed, because our customers won't need to buy the fossil fuels anymore.
Well, one way would be to invest in wind and solar power and set them up in suitable areas where people don't go. I'm positive Alberta has lots of such places. Also invest in water power generation, you have mountains and lots of streams and rivers that can be used for that without destroying the environment too much (and much less than the moonscape that is the oilfields right now). Solar and wind get cheaper by the minute, it is a no brainer. Also, it would generate tons of new, clean building and maintenance jobs in the province. Demand your politicians to start doing what I wrote. Organize.
"to slowly transition" -> ASAP Nature does not negotiate.
Is it because of "democracy" that our citizens can't keep simple stuff together?
A certain Bush once said in public: "the american lifestyle is non-negotiable" Mr. Bush was an idiot - obviously.
@ Oh, it can be done, both using renewable energy for electricity and becoming financially independent from fossil fuel revenue. I was mostly thinking about the financial side of things. When Canada and the US move to alternative energy there'll be no one to buy our oil and gas, and the economy will shrink by at least 23%. It would take generations to recover.
The ideal would be to start now, by slowly introducing alternative revenue streams into the provincial budget. Sadly this would involve increasing taxes, and any politician who did it would be absolutely destroyed in the next election.
Changing to renewable local energy won't do anything to the economic dependency on fossil fuel exports. Diversifying an economy means making stuff, not just buying it
Also oil is used to make almost everything you have ever had. It isn't going away in your lifetime.
Four years ago, I moved away from HSBC to Triodos bank in the UK, for the reasons you have highlighted. My wife has just moved from a lifetime of Barclays to Nationwide.
Ever wondered why renewable energy prices aren't much lower? The answer is that our government links the price of renewable energy to the price of gas, in order to protect the oil & gas industry. If you want to do something really good, ask your MP to lobby for government to break that link. :)
It's not 'in order to protect the oil & gas industry'. The system was designed to minimise costs to the energy companies and consumers, whilst paying a fair price to suppliers, and ensuring enough supply for every half-hour. It's quite an elegant system, and adapted to the radical change of moving from fossil fuels to renewables supply quite successfully. However now that the last kWh is often gas and there isn't enough renewables to have no gas used for most half-hours, and the price of gas has shot up, it does produce somewhat perverse results. It's been good for renewables developers, which have been making a lot of money. It will be quite hard to design a better system, but switching to more regional pricing would help a lot.
@@xxwookey "perverse results" AS INTENDED. The system is rigged if the big companies can provide most of the electric energy through renewables but use estimates to timely set a couple of maintenance operations to ensure gas gets in the mix and shoot up the price of every source
That's way Spain and Portugal fought for the so called "iberian exception" and won, and now we have cheaper energy thanks to renewables
People also need to understand that most index funds automatically invest in fossil fuel stocks as they are part of the index.
I suggest directly investing in stocks rather than using index funds to avoid this investment in fossil fuels. There are also ETFs that invest in companies purposely excluding fossil fuel companies.
Electronic trading requires electricity and electricity comes from... burning fossil fuels. There's no such thing as green investing. The economy is fossil fuels.
The practical effect of people not using indexes is a much higher proportion of people losing massive amounts of their investments. Why not tell them to become pro athletes at the same time?
Investing in individual stocks is crazy idea, it's more on the line to a gamble
It's time to build a global platform for digital democracy so we can hold a referendum on ending fossil fuel subsidies, and approving a global carbon tax.
Great idea
The platform should be conversational, fact checking, open source, and decentralized. People could vote with their phones.
Distributed block-chain
Blockchain could be involved, for data that needs to be immutable. The platform also needs to be lightweight so the blockchain part might be limited.
In my view, this is the most important video you've ever made. Thank you for sharing this.
I am sick having to give my money to oil companies.
Driving is a choice. I moved to a city with public transport and good cycle infrastructure and no longer run a car. Been living car free for 8 years now. Haven't given a direct cent to big oil since. Not that I can control where the miney I do spend goes after that.
Well without oil you will be living back in the stone age. Are you ready for your precious phone taken away?
Do you want to wear a cloth sack?
Your nice life and comforts are down to fossil fuels and take it away and you will be toiling in the fields or making water wheels to grind your flour.
Another Big Oil shill. How much does lying pay?
Choosing to give your money to them. Of course, aside from fuel, virtually every aspect of modern society depends on petroleum products, so you would be hard pressed to avoid spending money on oil.
@@Vile_Entity_3545 Just waiting for my affordable Chinese EV.
Here in Oregon, we have Beneficial Bank, which is a B corporation and has a specialtist for making solar energy loans. They have branches in Portland, OR, and online banking works too.
When I was in grad school - long before PCs or the internet - I took a computer science class. The professor had written his own programming language designed to solve queuing theory problems. Toward the end of the semester, I told him that his language would be perfect to simulate a laissez faire economy just as described in microeconomics to see what macroeconomic effects would unfold.
He replied “The ones with the highest marginal propensity to save wind up with all the money”.
That made perfect sense to me. So I asked him “What if you had programmed your simulated consumers and producers with a marginal propensity to steal?” He gave me a look I cannot describe.
Moral of the story: Those with the greatest marginal propensity to steal wind up with all the money.
Full disclosure: I am no economist.
You may not be an economist, but you know how to ask pertinent questions.
Thanks for the answers, it explains a lot about Mr. Trump, and Mr. Musk...
That’s me moving my finances from Barclays.
I really appreciate your approach to content creation. Your videos are always top notch!🌯😲🐼
Almost too good. He's probably a paid stooge.
Absolutely.
How many profiles does this image will bear? Bot-thot-calypse.
@@mattmccallum2007 ...and you base that claim on what evidence?
Or are you just being an ignorant troll?
@@DrakeN-ow1im based on the fact that he does this weekly. He is a paid mouthpiece of green agenda communist
As an American, here's an idea: divest in America. For the next four years, anyway. For our own good.
Are you that sore over losing an election that you want to hurt your country?
I appreciate it being said by an American hahah
A lot of talk of China dumping its bonds of US debt
~ 70% of all publicly traded shares are owned by less than a percent of the population. Good luck with that. Driving the price down allows them to purchase even more for cheap. Not like the inverse would work either because they'll just split the stocks to have even more to sell the majority, multiplying profits for existing share holder because of each point it goes up.
@@toyotaprius79it was something like a decade ago they stopped buying additional bonds. They are letting the ones they hold age out which is definitely different than dumping what they have.
I have some of my work place pensions with uk "pension bee". They offered an optional "fossil free plan" a few years ago.. which i moved all of my funds into. Its nearly doubled in value in 5 years. Renewables seem to be the future!
When governments pour tax money into an industry it surprisingly becomes very profitable. Amazing.
I'm happy to report that my bank is doing good!
"Your bank is climate responsible.
While Danske Bank does still finance fossil fuels, in 2021 this made up less than 1% of its total portfolio, while 90.7% of its total energy financing went towards low-carbon sources, including renewables.
This is above the 80% threshold that is required to meet the Paris Agreement's goal of a 1.5°C world and meets our criteria for a good bank. As Danske Bank continues to adopt better policies, we expect this trend to continue."
I recently moved from Santander to Co-op bank for oil investment reasons. The move was easy enough. The really hard part was trying to tell Santander that’s why I was moving. The chat bot didn’t care. The human operator I eventually tracked down said he had ‘logged it’, although I didn’t believe it.
If they don’t know the reason will they understand what they must change about their behaviour?
You'd need to write to the Head Office or registered address and copy to your branch, either by letter or as an email attachment.
Why would they care?
Not everyone is paid as much by big oil as you are!
@ So because someone has a different view to you they must be being paid?
How much does this channel and others like it make from their views on it all?
@@oldbloke204 that’s the point of the video, did you watch it? 1 person moving is obviously of no consequence. But if they see a trickle turning into a tide of people moving to other banks due to their investment decisions, it can change their behaviour, as it did with SA apartheid.
The global insurance market has nearly half a trillion dollars invested in the fossil fuel industry (as of a 2023 report), all while major national insurers in the US are pulling out of high risk areas due to climate change.
Excellent overview as usual. I started switching some of my investment funds a few months ago. Banks next.
The whole idea of buying something and then just burning it is idiotic.
Because greed is in such a hurry they can't wait to be called Billionaires. The reality is they are thousand millionaires. A billion is a million million or the Media/America Trillion.
Thanks Dave. Time to divest!!!
Wind and solar are so good you must divest the competition.
"Your bank is a leader in climate responsibility.
Your money is definitely not funding the fossil fuel industry. Your bank believes in transparency and you can be sure that your money is not enabling gas, oil, or coal extraction. We hope this makes you feel tremendous (boasting is encouraged)"
Triodos.
I use the Bunq and it gave the same 👍
“Your bank is a leader in climate responsibility.
Your money is definitely not funding the fossil fuel industry. We can’t be sure of everything that your bank is doing, but at least your money is not enabling gas, oil, or coal extraction.”
Very rationally thought through presentation. Much appreciated. Please keep on keeping on. Cheers.
Very well said, as always!
The alleged "Energy Emergency” Executive Order justifying suspension of environmental regulations is arbitrary and capricious because it’s premised upon the notion that energy prices are crippling our economy where DJT is simultaneously placing tariffs on Canadian and Mexican electricity, oil and gas. Given the oligopoly practices of OPEC, there can be no justification for suspension of regulations to increase oil/fuels production in an effort to decrease prices as there is no correlation between US crude or product production rates and the international price of oil/fuel, which is manipulated by the Cartel using oil production cuts to raise prices again. He even admitted that he needed to ask OPEC to lower prices. He’s even stopping use of EVs and solar-battery-wind generation, which are cheaper than fossil fuels and can greatly reduce the high energy prices.
When it comes to Trump and Trumpers, do not look for rationality.
Oh, lol, you're one of those reality-based people. That's not how we do things any more.
@@TheDanEdwards Yeah well I have seen what the other mob did over the last few years and it's not hard to see why they lost so badly.
I don't like any of them and think that US politics is a never ending Circus to keep the simple minded amused and I have no Dog in that particular fight.
What a joke.
The Biden/Harris crowd can only see, and admit, corruption in other parties. That's why Trump was inevitable.
Excellent video. Cheap renewables are not enough to save us. We need to make fossil fuels unprofitable as well.
The wind and solar have now reacted the economies of scale and growing exponentially. That is when the money talks and 🐂 💩 walks.
You said that "there are about forty-eight trillion dollars currently held in pension funds." That number might be a tad low. Some estimate it to be double that and more. The Big Three have a combined market share of $24.1 trillion in the global asset management industry. In the US exchange-traded fund (ETF) market, they account for 76% of all assets. The big three are BlackRock, Vanguard, and State Street Global Advisors. Ordinary investors, those contributing to defined contribution accounts and 401(k)s, rely on a bloated stock market to get by. I remember hearing a security guard saying his savings was wiped out in 2009. He was poised to retire soon. This is more than big oil. And thank you so much for keeping us aware.
Thank you for your amazing work!!
Good one, thanks.
For some reason all the corporate banks in Denmark have low scores... All the cooperative and labour union banks get top grades.
Who would have thought that democratic ownership would promote responsible long term thinking, and corporations wouldn't?
Your videos are always very informative, I appreciate your insight.
Many years ago, California forced the auto industry to make less gas-guzzlers and more fuel-efficient cars. (CAFE standards.) Why can't governments force fossil-fuel companies to sell a gradually-increasing percentage of green energy? You bet they can, and they should.
I made the switch from Barclays to Monzo a year ago after hearing about how bad Barclay's investments were... Took me about 5 minutes!
Incredibly useful, both informative and practical. Thanks a lot Dave
There was a time when millionaires had a social conscience, now we have greed ridden billionaires who view the people of the world as a resource to exploit....
This is the most appropriate video you've ever put out.
We just bought a Chevy Bolt EV, and discovered that it records every place we go, which info is sent to Insurance companies...yechhh! But charging at home is YEAH!
Where to begin, 1. It's a GM product, 2. Their history of burning its self and house doewn is not fiction., 3 there are far better ev technologies available then this old tech.
I'm with Nationwide. Apparently quite green. Feeling good about going with them by accident.
What's "green" about a bank?
@@tims9434 he didn't say they were green, he said quite green. That probably means their investments are less "dirty" than some other banks found at the top of the list.
@@tims9434 all those bills they dont keep in the vault
@@tims9434 Did you perchance watch the video?
@@tims9434 Nationwide are a building society. Building societies operate differently from banks. Furthermore, some banks make it part of their strategy to attract new customers that they focus on ethical investments.
Been here all the time. Thanks!
Hey Dave, I work on divestment for pensions. Feel free to reach out if you want me to connect you to some experts in the area.
Note that Turkey is trying to fill the fossil fuels gap to the EU that Russia has left.
Thanks again.
The opposition government in Australia is proposing that people be allowed to withdraw their superannuation from their pension funds to finance purchasing a home. House prices will inflate and the government will rake in billions regarding stamp duty and land tax. Where do they use this windfall? Subsidizing fossil fuel.
I don't bank with Barclays. I don't use any social media beyond viewing TH-cam [videos like this for example], and email. I would love to be able to live without running a vehicle [diesel powered, but it is all I can not quite afford], but until I retire I have to earn a living ...
I use only about 1200 KWh of electricity per annum, and use no gas. I would struggle to cut further living in a flat without a chimney.
I have absolutely no optimism that we shall steer clear of global climate catastrophe.
The vested interests are just too strong. Trump even wants to stop wind turbines in the USA, and "drill, baby, drill." There is no hope left. Mankind is actually doomed sooner or later. The earth will survive, but so many wonderful species will also become extinct. Beyond tragic.
Well done for bringing this to the attention of more people. I try and bank, invest and shop ethically and it gives me degree of satisfaction and a clearer conscience. I would encourage you viewer to also shop locally and avoid the myriad of companies that avoid paying tax by adopting creative accounting. Further I would encourage EV owners to avoid using public charging stations owned by the oil companies.
Same approach might break the neck of another regime now commonly described as apartheid.
Hamas is worse than Trump or the Westboro church.
Israel?
From 'across the pond': Sorry about that...elections & such, I mean...
i voted for the qualified candidate. not my fault they suppressed over three million votes and voters
#Hey shit happens - sometimes countries elect psychopaths - people are often cynical and selfish, we get it!
The sale of shares of stock don't affect the value of the company. The thing to do is buy shares of companies you want to influence and use those votes to influence managements decisions.
Find a group of investors that own shares in the company and that work to accomplish the same goals you want and give them to power to vote your shares.
You have to be Warren Buffet level of voting shares to move a company
If only it was that simple, many people are locked into a mortgage, me too, if I change banks it will cost me 0.25% extra.
How good it would be to go to a different bank…
Bank the bare minimum with them and keep most of your money and business in another account.
@IOgic22 my bank has the following rules to get the 0.25% mortgage discount
Monthly salary has to be deposited into the current account AND minimum of 5 transactions per month.
If I miss one month I will loose that discount.
Also, that mortgage was the best one to chose from.
As per the video “ Money rules”
Mortgage was €141.000, run time 10 years, 0.25% is ….i thought substantial but it actually not that bad, the problem right now is that if I would go somewhere else I have to pay a cancelation fee AND my interest would go up more than double with current interest rates.
Moral of the above, I can not go somewhere else.
I can when the running time expires in 2030.
the expoential increase of car electric car sales in Norway (now over 90% of all new cars purchased was electric !!!) shows how our dependency on oil&gas is no longer an economic necessity , which was the case in the last decade. There is therefore NO reason to sustain the oil&gas industry today, except for the particular interest of a few very very very rich oil multinationals.
What subsidies and other privileges do EV owners receive? What punitive measures are imposed on purchasers of ICE cars?
@@joemccarthy7120 If you do not know these factors, why not research them for yourself instead of lazily asking others to do it for you?
@@DrakeN-ow1im Those were fair questions. Obviously you can’t defend your talking points.
@ My talking points? Such a virile imagination. Posing questions on a public forum where the answers are publicly available if you care to access them is an admission of laziness and mental weakness.
@@DrakeN-ow1im You left nothing to imagination. You are talking without reason.
This is a very interesting approach, though I think it´s more complicated than in the case of SouthAfrica. Major problem is that the oil companies just produce and sell what WE WANT to consume. So the first "THINK" is on the consumer´s side: If we use less fossil fuels, less will be produced, that´s the main power of markets.
This was an education on so many levels.
To our beloved fossil fuel industry and the banking sector:
Did it last year. I did have some shares in BP as they had said they were transitioning to renewables. Oh no they are not.
Another great video, I really like the idea of divesting from O&G.
The US and Middle Eastern oil companies haven’t shown much interest in being part of the transition whereas BP and Shell did for a while. Under (short-termist) investor pressure they’ve backed off so they will all become increasingly less relevant in our future.
Thanks for this advice
Along with saying to our pension fund managers that we think investing in oil and gas is immoral, we also need to say that it is stupid because renewables are cheaper. We would like investments in the right renewable and energy storage projects, not risky investments in what will most probably become 'stranded assets' (i.e. worthless shares).
Fund managers need to get their heads round the new technologies and projects instead of just carrying on with familiar projects and familiar companies.
Investing your pension money into fossil fuels is extremely counter productive! I'm 30 and I'm not even sure I should save for retirement, because by the time that becomes relevant (roundabout 2065) society as we know it may no longer exist. Of course that's pessimistic so it's still good to plan ahead, but it's not an unrealistic concern.
Hello JHAT, from nz .Here's an analogy which might be useful for changing the tide of public opinion.Back in the 80s we were all happy smoking our way towards death,when the labour got started a series of ed ad campaigns designed to limit smoking in public places,even pubs .lol The outcry was huge but they put these ideas into law and slowly public opinion got behind the campaign and dads guess what it worked . Now sokers have special 🎉places where they go to practice their addiction.Now fewer and fewer people take up smoking and so we don't have the secondary effect on non smokers happening What if we could start a similar campaign for changing our countries dependence away from oil to green energy .I confess I was one of those smokers who was partly educated one day when my daughter came home from school and asked me why Was I smoking in our home !, Educated govt backed advertisement campaign plus my daughters words changed 🎉the way I thought about it smoking ,Tobacco Companies and a big majority of NZErs too. SURELY WE CAN DO THE SAME TO THE WAY We look at Gas companies😊😮😅
Stupid is as stupid does. Time to change gears.
SPYX is an S&P 500 tracking index fund that excludes fossil fuel companies.
Great item. I’m changing my bank due to this video
Hooray! No ads! 😊
As Tom Lerah sang, “we will all burn together when we burn.” Well, maybe not nuclear war, but We will all get scorched together when we … pretty bloody soon!
Thank you Dave
Everyone's energy blindness here is absurd.
You can never trust oil junkies words.
Why are people still investing in oil and gas projects when renewables provide energy more cheaply?
Thanks
Great show today (even better than usual) -- my only criticism is the statement that resistance to South African apartheid was non-violent. Economic and social pressures were very effective, but Black people in South Africa were caught in an extremely violent situation, and even Nelson Mandela participated in some pretty intense resistance. But the point is well made.
So how did South Africa work out?
Am sure that Our Changing Climate and Second Thought covered this too
I've been thinking about changing banks cuz I've heard about these investments, but I think this video might be the kick in the ass I need to take that a little more seriously
Excellent podcast
Excellent information, Dave. I'm just starting the book "The Prize" by Daniel Yergin. The info you've presented is useful to keep in mind as I read through the history of the oil industry.
Not an option for me in Canada.
My company matches contributions for RRSP’s into one company only and you have a small selection of investments to choose from. None of them are ethical funds and they aren’t going to be added to the mix anytime soon.
Why would any business (oil and gas) stop expanding their operation?
That's exactly the issue, if I put myself in their shoes it is not a situation I would like to be in. We have to do it though, the other choice is much worse...
It can't under our current global economic policies. Which only means the collapse will be catastrophic.
@@ronvandereerden4714 And I agree, in fact it won't go down tomorrow, it is a transition, already happening... which needs to speed up imo, because we have alternatives
A rational business would diversify out of a doomed product line and into something with a long term future. The problem is, they're having a hard time finding anything even remotely as lucrative as oil. Thus some of the goofy things going on in Saudi Arabia...
@@incognitotorpedo42 oil is doomed? What fantasy world are you living in? It’ll be another 100 years or better before the world is weened from fossil fuels
Living in a fossil Free household, no gas, no petrol and Electrify Everything
Is your electronic device made of zero oil products? Do the electric wires in your house use plastic?
@@kmoses582 I have not purchased any fossil fuels for 5 years for transport or fuel for anything.. The planet is on fire LA just the latest example.
Another great video
Divestment from fossil fuels industry is just a matter of time. Renewables are much more profitable and big investors are not stupid. The big problem is the lobbying activity of fossil fuel companies on politicians, especially on the last wave of populists popping out like mushrooms... but even those can just slow the transition for few years. Resistance is futile, you'll be electrified.
In UK Santander bank is about to leave. Selling the business. Currently the buyer expected is Barclays bank. They are one of the main fossil fuel investment banks..
Will be moving my account. Looked at Triodos Ethical bank but they don't have apple or Google pay.. essential I think
Iy wouldn't bother them one bit, in fact it would be great. The oil companies could buy back their share cheap and increase the dividends to the remaining shareholders. Please do it.
Thank you. I use a rather large investment firm and I am sure that they have put some of my money into those companies you mentioned. I am going to make the effort to search those out and have them divest. One small step or foot stamp.
There's plenty of money made from producing "green energy" because its so heavily subsidised
I will do some digging tomorrow. Have a power cut at the mo😂
If just the young people all do, it will have an effect!
I like your enthusiasm, but how much investable money to young people have, as a fraction of the total?
Funny I was just watching the world's largest oil spill's and this drops.
why are these comments from 3 days ago??
Hmmmm. Very interesting! TH-cam is very strange. They censor what should be shown and push what's horrible.
Channel members obviously
Patreon - the favoured, those who provide funding. Think conservative donors = perks - same deal.... only a joke Dave, I love ya.
If you are in thE UK Coop Bank does a good job at being green and Tridous a Dutch bank is built on being green.
You can switch easily! Do It if you can.
Let's pass out brochures at car dealerships to share with prospective buyers the vagaries of fossil fuel purchases...
And to think, if we divested from Isreal, we'd stop seeing war and poverty in the world.
Nice job
Cant find your post on hydroxalines. Could you please republish it ? Thanks 🙏
thanks baizou!
My bank is 🤬. I was quite surprised that BNZ is such an irresponsible investor. I suppose its not too surprising when you learn that its owned by the National Australia Bank (NAB) which is listed as #53 worst in the world (BOCC report) when it comes to sustainable investing.
BigOil and BigBanks and BigCapital to hand in hand for one simple reason. Volume!!!!!! Way easier for pension fund managers than getting together and build small clean technologies from bottom up Mind you all, photovoltaics was invented in 1955,......
So many individuals are invested in index funds such as QQQ that are made up of the top 100 companies some of which are fossil fuel companies, these investments will be very difficult to exit.
I sold all my Tesla stock. But I own other stocks that are transitioning from gas and oil.