Ethical investors 'sleepwalking into an energy crisis' with refusal to back North Sea drilling
The TelegraphOne of Britain’s best-known fund managers has accused City investors of "sleepwalking us into an energy crisis" by refusing to back North Sea oil on so-called ethical grounds. Mr Buxton, whose fund is a Shell shareholder, warned that a focus on ethical, social and governance criteria has contributed to the energy crisis by starving fossil fuel companies of cash. Stressing that he was speaking in a personal capacity, Mr Buxton said: “I’ve been warning for months that the net-zero ESG dash for renewables and dissing of hydrocarbons was sleepwalking us into an energy crisis and here we are." His comments came as the Government prepares to launch a new energy supply strategy which is likely to back further domestic oil and gas production over imports, amid global efforts to cut reliance on Russia.
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