Arctic oil investment: dangerous, reckless and wrong

Feature story - 18 April, 2012
Whilst international investors and oil industry representatives have been meeting today in Moscow to hatch plans to drill for oil in the Russian Arctic, Greenpeace Russia activists peacefully occupied the entrance to the conference to ensure that they heard a different message: Arctic oil drilling is dangerous and reckless. Don’t invest in the destruction of this fragile ecosystem.

Our activists, some dressed as polar bears, warned investors ‘not to be fooled’ by promises of quick profits and outlined why drilling for oil in the Russian Arctic isn’t a guaranteed money spinner.

It isn’t just Greenpeace warning investors of the perils of drilling in the frozen North. A recent report by Lloyds of London - one of the world’s largest insurance companies which sets the gold standard for risk assessment - warned investors against joining the Arctic oil rush because of the high risks involved.

These warnings are in direct contrast to the purpose of the conference: where the oil industry will try to convince investors of the safety and profitability of investing in destructive Arctic oil drilling.

We’re asking our supporters to sign a petition urging ethical investors to follow the recent example of F&C, an asset management firm, and kick Arctic drillers out of their ethical funds. The costs are simply too high. The Arctic is more precious than oil.