Co-operative Financial Services warns over oil

The Co-operative Financial Services is calling on oil companies to shun any kind of investment in `unconventional oil'.

Our long-term future and economic stability depends on the development of a low-carbon economy.

Unconventional oil is extracted from tar-soaked shale or sand and is both energy and resource intensive as well as creating around eight times as many greenhouse gas emissions as conventional oil production.

The Co-Operative believes that ongoing investments by oil companies into this method of production are both environmentally and economically unsustainable.

The Manchester-based organisation has decided to make its stance clear following a new report released by World Wildlife Fund (WWF) which shows that unconventional oil could also seriously undermine international efforts to combat climate change.

Paul Monaghan, head of social goals and sustainability at the Co-operative, said: "The current rush to invest in unconventional fossil fuels is inappropriate and these projects risk dangerous levels of climate change."

Our long-term future and economic stability depends on the development of a low-carbon economy."

"We intend to use this report as the basis of our shareholder engagement with oil companies, and will be working with our 6.5m customers to ensure that the UK and the EU have a robust legislative framework to prevent these climate hostile fuels from entering the domestic market."

Co-operative Financial Services is Business in the Community's Company of the Year 2008, having been recognised for making sustainable development a top priority.