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While Finland is striving to be the first European country to become carbon-neutral, the Finnish state-owned energy company Fortum is harming this course with its fossil activities abroad. Due to the fact that several other countries, such as Sweden, Norway and Germany, are either invested or involved in Fortum's activities, this is a topic of European significance. One day before Fortum’s annual general meeting, the environmental NGO Urgewald will be holding a digital press conference to share findings on the energy company’s involvement in fossil fuel extraction.

While today’s Annual General Meeting of the Finnish energy utility Fortum was cancelled due to the impacts of Corona Virus, a new letter from investors urges the company to use its influence on the German utility Uniper for a quick coal-phase out. The letter is signed by Amundi, Aviva Investors, AXA Investment Managers, Folksam, La Banque Postale Asset Management, Legal & General Investment Management, OFI Asset Management and Ostrum Asset Management. (...)

Sebastian Rötters, Energy Campaigner at Urgewald, commenting on the annual report released by German utility company RWE today:

“This is tasteless at best: RWE boss Schmitz publicly celebrates an ‘extraor-dinary year’ for RWE and announces increasing dividends. At the same time, he complains about too little government compensation for shutting down coal power plants. (...)”

According to latest research by Urgewald, the law firm Hunton Andrews Kurth has been contracted by Guyana’s government for $1.2 million to write the country's new Petroleum laws. The cost of the consultancy will be financed through the World Bank‘s Petroleum Resources Governance and Management Project. [1] It is part of a bigger plan to transform Guyana into a major oil producer after large oil fields were discovered off the country's coastline. Due to the massive harm the drilling would cause to Guyana, the entire Caribbean and the world's climate, it is heavily criticized by Urgewald.

Deep sea drilling near Guyana one of the biggest oil projects of our time

World Bank providing millions to oil development in Guyana    

Court gave green light to oil companies ExxonMobil, Hess and CNOOC

Urgewald’s director Heffa Schuecking says:

„We are extremely happy to have convinced Crédit Mutuel to take this important step. They are now setting the benchmark for a consistent coal exit. Once again, it is one of the smaller banks that leads the way in terms of efficient climate action. (...)”