Economic risks of 'carbon bubble' highlighted on Budget Day

By staff writers
March 19, 2014

A leading MSP will use a debate hosted by climate change campaigners from across Scotland on Budget Day 2014 to highlight the risk of the "carbon bubble" that could precipitate another economic crash.

The 2014 Matters: Energy, Environment and Climate Change debate, focussed on Scottish independence, comes as MPs warn that stock markets are overvaluing companies that produce fossil fuels, posing a serious threat to the economy, and as oil giant Shell warns that its profits are likely to be affected by efforts to curb climate change.

Patrick Harvie, Green MSP for Glasgow and Co-convener of the Scottish Greens, said: "Back in 2009 Scotland achieved a good degree of political consensus on climate change but we’re now on course to miss our emissions reduction targets three years running. All parties try to talk the talk on climate change but we've yet to see meaningful action."

He continued: "Independence is an opportunity to focus. An oil-dependent Scotland would be forced to face reality with more urgency than the UK. Both governments are committed to exploiting fossil fuels but the reality is the world has more than it can afford to burn.

"Instead of an economy resting on the perceived value of unburnable resources we have a chance to make the most of our renewable assets, and build a stable economy for the long-term. I don't see how the limited powers of devolution allow us to address this fundamental issue."

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