Break free from fossil fuels to bring down food and energy prices
Chancellor Jeremy Hunt and Bank of England Governor Andrew Bailey
Fossil fuels are driving up prices. To tackle soaring bills and protect our planet, Jeremy Hunt must cut ties with dirty and dangerous fossil fuels and reroute our whole system towards renewables.
Travelling to work. Choosing what to eat for lunch. Buying a new pair of shoes. Our everyday choices shouldn’t be a struggle. Everyone’s wallets are being stretched, but these crises are hurting those on the lowest incomes the most, and they’re partly the result of fossilflation and climateflation.
Fossilflation is where food, energy and other prices go up because our whole system relies too much on dirty and dangerous fossil fuels like oil and gas. Climateflation means prices go up because things like droughts are causing crop shortages and therefore price hikes.
Last year the average UK household was forced to spend over £400 extra on food - £236 of that was due to oil and gas and £170 because of climate change. [1] The International Monetary Fund (IMF) has said the UK will be the worst performing economy in the G7 because we’re “highly dependent” on gas. [2] This is fossilflation in action.
Our financial system should sustain people's lives and protect the planet we all live on: right now our system’s reliance on fossil fuels is destroying both. So we’re demanding the people with the power to change this take action. We demand Chancellor Jeremy Hunt and Bank of England Governor Andrew Bailey work together to:
Break free from fossil fuels: stop approving new oil and gas projects in the UK and clamp down on money from the UK flowing to fossil fuel projects around the world
Invest in renewables: unleash a wave of public investment to kickstart the UK green energy revolution and steer private lending towards renewable schemes as well
To tackle energy bills, the government’s energy price cap was a sticking plaster at best. This government is thinking too small and too slow. And interest rates rises at the Bank of England don’t tackle fossilfation either; instead they help line the pockets of big banks, make those on the lowest incomes even poorer and stifle investment in the renewable energy projects we desperately need.
To end fossilflation and stop climate shocks affecting our food and energy bills, we need bold action. We need our most powerful institutions to redirect financial flows away from fossil fuels and towards renewables.
Please sign the statement to demand Jeremy Hunt and Andrew Bailey take action now.
[1] www.eciu.net/analysis/reports/2022/climate-change-fossil-fuels-and-uk-food-prices
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Chancellor Jeremy Hunt and Bank of England Governor Andrew Bailey
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Fossil fuels are driving up prices. To tackle soaring bills and protect our planet, Jeremy Hunt must cut ties with dirty and dangerous fossil fuels and reroute our whole system towards renewables.
Travelling to work. Choosing what to eat for lunch. Buying a new pair of shoes. Our everyday choices shouldn’t be a struggle. Everyone’s wallets are being stretched, but these crises are hurting those on the lowest incomes the most, and they’re partly the result of fossilflation and climateflation.
Fossilfation is where food, energy and other prices go up because our whole system relies too much on dirty and dangerous fossil fuels like oil and gas. Climateflation means prices go up because things like droughts are causing crop shortages and therefore price hikes.
Last year the average UK household was forced to spend over £400 extra on food - £236 of that was due to oil and gas and £170 because of climate change. [1] The International Monetary Fund (IMF) has said the UK will be the worst performing economy in the G7 because we’re “highly dependent” on gas. [2] This is fossilflation in action.
Our financial system should sustain people's lives and protect the planet we all live on: right now our system’s reliance on fossil fuels is destroying both. So we’re demanding the people with the power to change this take action. We demand Chancellor Jeremy Hunt and Bank of England Governor Andrew Bailey work together to:
* Break free from fossil fuels: stop approving new oil and gas projects in the UK and clamp down on money from the UK flowing to fossil fuel projects around the world
* Invest in renewables: unleash a wave of public investment to kickstart the UK green energy revolution and steer private lending towards renewable schemes as well
To tackle energy bills, the government’s energy price cap was a sticking plaster at best. This government is thinking too small and too slow. And interest rates rises at the Bank of England don’t tackle fossilfation either; instead they help line the pockets of big banks, make those on the lowest incomes even poorer and stifle investment in the renewable energy projects we desperately need.
To end fossilflation and stop climate shocks affecting our food and energy bills, we need bold action. We need our most powerful institutions to redirect financial flows away from fossil fuels and towards renewables. Please will you take immediate action now.
[1] www.eciu.net/analysis/reports/2022/climate-change-fossil-fuels-and-uk-food-prices
[2] www.bbc.co.uk/news/business-64452995