Drax shares tumble after its ‘renewable energy’ power plant is found to be Britain’s worst CO2 emitter

Biomass has been rumbled in the City. Unlucky! But what took them so long to see through the climate hype?
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The City of London feeds off rumours and yesterday Drax was the name on the tip of every trader’s tongue, says the Daily Mail (via Thisismoney).

The energy company saw its shares tumble 5.3 per cent, or 27p, to 483p amid talk in the market that one of the world’s most powerful money managers had blacklisted the stock.

The Blackrock Global Clean Energy ETF is among the top Environmental, Social and Governance (ESG) funds, a bellwether for the climate change conscious investor.

In its marketing the fund says it ‘seeks to capture the transformative forces changing societies, driving innovation and redefining business models. Climate change is one such megatrend’.

Up until yesterday Drax had done enough to be a part of the ‘transformation’, moving into biomass – or the burning of wood pellets – instead of coal.

But a report last week saying that its power plant at Selby in North Yorkshire – which uses biomass – is the UK’s biggest carbon dioxide emitter was enough for it be removed.

Full article here.