On February 12, Ostrum co-signed an investor letter to the British Prime Minister, raising strong concerns on the decision to open a new coking coal mine in Cumbria. As early as January 29, the UK Climate Change Committee had already warned of the dangers of this project.
In light of today’s pressing decarbonization challenges, Ostrum AM has joined forces with 30 investors representing more than £2 trillion in assets under management to sign a letter highlighting their concerns on plans to open a new coal mine in Cumbria.
This collaborative initiative echoes our commitment to fight against climate change through our active collaborative efforts and via the implementation of a new coal exit policy since December 2020.
This letter to the Prime Minister of the United Kingdom, Boris Johnson, is sponsored by the International Investors Group on Climate Change (IIGCC) of which we are a member. It urges the British government to reconsider its position on the opening of this coal mine for steel-making purposes, at a time when the United Kingdom prepares to host the COP 26 in November this year.
The opening of a coal mine in Cumbria – a first in 30 years in the United Kingdom – would increase global CO2 emissions and have a notable impact on the UK’s legally binding carbon budgets. In addition, the decision to award planning permission to 2049 will commit the UK to emissions from coking coal, for which there may be no domestic use after 2035.
The letter to Mr. Johnson calls on the UK to meet the net zero emissions by 2050 target. Industrialized nations’ economic recovery from the pandemic should accelerate the transition to a net zero emissions economy to mitigate climate risk to the greatest possible degree. The letter reminds the British Prime Minister that the decisions taken today for tackling the climate emergency will have a vital impact on the future of the planet.
Read the investor letter to Boris Johnson
View West Cumbria Mining’s website
Read Ostrum AM's press release on its coal sector withdrawal policy
Read Ostrum's pledge against global warming