Fossil Fuel Buyout

This CLP Notes:

The technology for a transition to a zero carbon society now exists.  Renewables are proven to be the cheapest way of generating electricity and there are proven paths to replace all fossil fuel uses with electricity, or by products made from it.

Low energy costs would reduce industrial and living costs, giving the opportunity to increase UK competitiveness and create a fairer society for all.  Such a plan would attract inward investment in the UK, both in green technologies and other sectors that would be drawn by low energy costs. Progressive regulation, could ensure fair energy prices and worker’s rights without substantial borrowing by UK PLC.

Fossil fuel companies are bound to continue their business for as long as they can, slowing the transition to lower energy prices and increasing impacts of global heating. Therefore, there needs to be a planned shutdown. Casualties of such a plan would be fossil fuel companies and their shareholders.

Globally, fossil fuel subsidies were $7 trillion or 7.1 percent of GDP in 2022

This CLP believes:

The Labour Party should mitigate the impact on fossil fuel shareholders by legislating that they are given fair compensation, providing companies commit to retraining their work force and repurpose their infrastructure to meet the demand from renewables.

Compensation should be derived from current fossil subsidies.

This CLP resolves:

To call on the Labour Party to include a phased plan for Fossil Fuel stakeholder buyout in the 2023 manifesto.

Proposed by Steve Ritchie (L1602798)

Seconded by Rebecca Mackenzie (A984761)

(246 words)