This is huge. Some of the biggest banks and oil companies in the world are backing the Cambo oil field which is set to extract 170 million barrels of oil over 25 years, and 53.5 billion cubic feet of gas. But thanks to extreme pressure from restless campaigning groups, Shell are announcing that they’re pulling out. This doesn’t spell the end of the project, but Shell are a huge player, and their withdrawal casts the whole dirty project into trouble:
This campaigning is extra impressive because some of the biggest, richest, and most powerful companies in the world are backing Cambo. 34 banks, including Barclays, Lloyds, HSBC and Standard Chartered, have provided a total of $4.5bn in financial services to Shell and Siccar Point Energy (who are meant to be building Cambo) in the last five years. It’s not everyday you take them on and win.
Greenpeace campaigner Philip Evans said:
“This really should be the deathblow for Cambo. With yet another key player turning its back on the scheme, the government is cutting an increasingly lonely figure with their continued support for the oil field. The truth is rejecting the permit is the only practical option.”
It’s not over yet. But this is exactly the kind of incredible campaigning we need to keep fossil fuels in the ground 👏🏽👏🏽👏🏽
See more here: https://www.stopcambo.org.uk/