20/11/2024
INCINERATORS - BAD FOR THE ENVIRONMENT, PEOPLE & FINANCE
Aviva Investors – one of the UK’s biggest pension funds – has lost more than £350m on a series of “calamitous” investments in incinerator power plants that are expected to go bust in the coming days.
The Guardian understands that will put three incinerators into administration this week after pouring millions of pounds into what has been described as the country’s “dirtiest form of power generation”.
Aviva’s own accounts show that the three incinerator plants – in Hull in East Yorkshire, Boston in Lincolnshire and Barry in south Wales – accumulated loans totalling £480m from its investors between 2015 and 2023.
Aside from the financial challenges, generating energy from burning waste contributes to greenhouse gas emissions compared with renewable power and deters efforts to cut single-use plastics and improve recycling.
Shlomo Dowen, a campaigner at the UK Without Incineration Network (UKWIN), said: “at a time when all efforts should be made to improve air quality, incinerators are harming the air that we breathe. And that is just one example of why incinerators are experienced as bad neighbours.”
Dowen urged the UK government to follow Wales and Scotland in banning new incinerators.
Rudy Schulkind, a political campaigner at Greenpeace UK, said: “We can’t burn our way out of this growing waste problem. Nearly half the rubbish from UK homes is now being sent to incinerators, and even more of them are being planned.
“This isn’t an issue just for the disproportionately poor communities whose lives are blighted by the traffic, smell, noise and air pollution from these facilities. Partly thanks to the growing amount of plastic ending up in our bins, incinerators are also a major source of planet-heating emissions, with some experts branding them the country’s dirtiest form of power generation.”
He added that the “real solution” to Britain’s waste problem was producing less waste in the first place.
“We should start by setting legally binding targets to cut plastic production, and next week’s UN summit in South Korea gives the UK government an excellent opportunity to push for effective action on the global stage,” he said.
Shareholder accuses Aviva Investors of ‘calamitous’ investments as three sites expected to go bust