Oil Free Otago Media Release 30 October 2015

Fossil Fuels are Dead – Long Live Renewables

Oil Free Otago friends and supporters are meeting this afternoon, Friday 30 October, to mourn the demise of the fossil fuel industry. “The time has come to face facts” Oil Free Otago’s Rosemary Penwarden said. “With vital signs so low, recovery really is out of the question. Fossil fuels are on the way out.”

A wake for Oil and Gas is being held outside the Scenic Hotel Southern Cross, 118 High Street, Dunedin, to coincide with the New Zealand Oil and Gas Investor briefing inside.

“We want to support New Zealand Oil and Gas investors.” Ms Penwarden said. “They must be feeling pretty bad right now with their share price so low. But it’s time for investors to face reality. The first stage of grief is always denial, so we are here to support them as they move to the next stage.

“Even Energy Minister Simon Bridges is calling for fossil fuel subsidies to be stopped.”

“A realistic carbon price is just around the corner, and fossil fuel companies are fast losing their social licence to operate.”

Fossil fuels lost the race with renewables in 2013 when 143 gigawatts of renewable electricity capacity surpassed 141 gigawatts in fossil fuel-powered plants. By 2030 Bloomberg analysts predict there will be more than four times more renewable than fossil fuelled capacity, and by 2050 scientists warn that the world must have net-zero greenhouse gas emissions.

“NZ Oil and Gas investors should cut their losses and reinvest in a clean future.”

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