Octopus Energy accept investment from power group involved in coal power generation and fracking
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As a customer it鈥檚 vital that you鈥檙e able to trust your energy supplier. You need to be confident that the energy you鈥檙e buying is what it鈥檚 advertised to be, and comes from the sources you expect.
When it comes to green energy, there are actually a few different 鈥榮hades of green鈥� to be aware of. A recent Which? study, illustrates the difference between 鈥渓ight green鈥� companies that simply 鈥渂uy electricity on the wholesale market鈥� and 鈥渄eep green鈥� companies that 鈥渃onsistently generate enough renewable electricity themselves鈥�.
On top of that, there鈥檚 also the question of who owns those companies, where their money comes from and where the profits from their 鈥榞reen鈥� tariffs end up.
Octopus Energy receive funding from Origin Energy
Octopus Energy have sold off a 20 per cent stake to Origin Energy, an Australian power group that owns a large coal-fired power station, exports liquid natural gas and is currently looking to frack for shale gas in Australia鈥檚 Northern Territories.
Ecotricity founder, Dale Vince explains:
鈥淚t鈥檚 clear that this is a disappointing investment choice for a company that promotes itself with the phrase 鈥渆nergy that鈥檚 good for the planet. [鈥 Octopus have habit of presenting themselves as greener than they really are 鈥� something that Which? exposed in their recent survey of greenwashing in the energy industry.鈥�
That Which? study found that many so-called 鈥榞reen鈥� energy companies may not be as environmentally friendly as they appear. While a third of energy customers believe they鈥檙e being supplied with 100% green energy, in fact Ecotricity are only one of two deep green energy suppliers in the UK.
Friends of the Earth stand by their ethical and environmental principles
Friends of the Earth, one of our closest business partners, therefore made the brave decision to sever their relationship with energy supplier, Octopus Energy.
The recent news regarding the investment understandably put Friends of the Earth in a difficult position and we applaud the way in which they tackled this conflict of interest. As we鈥檝e come to expect, they stuck to their principles regarding climate change and the energy industry and made their reasons behind their decision clear.
鈥溁使谔逵齛pp felt that Octopus could play a key role in advancing the take-up of renewable energy in Britain 鈥� a key part of ending our reliance on coal, oil and gas and tackling climate breakdown. [鈥 Although we acknowledge that Octopus Energy is part of the largest group to invest in solar energy in the UK, the new investment is too much of a direct conflict with the vision and mission of Friends of the Earth.鈥�
Read Friends of the Earth鈥檚 full statement
Climate change 鈥� looking at the bigger picture
Friends of the Earth鈥檚 ethical decision is part of a bigger picture and Octopus Energy鈥檚 decision is unfortunately not uncommon in the energy industry.
Although many energy suppliers advertise 鈥榞reen energy tariffs鈥� and make renewable claims, a recent Which? Survey found that only four companies (including Ecotricity, of course) own renewable generation such as solar parks or wind farms.
Ecotricity鈥檚 unique model called bills-into-mills means we use our customers鈥� bill money to invest in new sources of green energy. Whereas many other suppliers get their green status by simply buying certificates. As our founder, Dale Vince, says, this 鈥済ives the illusion of greenness to customers which can be misleading鈥�.
You can read all about this and how energy companies are (or are not) supporting renewable energy generation here.
Our partnership with Friends of the Earth
Ecotricity have worked closely with Friends of the Earth since 2011 and we鈥檝e been involved in some important campaigns, like the long fight to end fracking in the UK and the annual Great British Bee Count. Our shared mission is to bring about a future in which green energy is the major source of power for the country鈥檚 needs.
So far, our energy switching partnership has saved over 750 tonnes of CO2 from entering the Earth鈥檚 atmosphere, nearly the same as driving four million miles in an average car. 皇冠体育app鈥檝e also raised tens of thousands of pounds for Friends of the Earth, helping to make a real difference towards a fair and sustainable future.
Join Ecotricity and help support Friends of the Earth
Together, our fight continues for a greener Britain. When you join Ecotricity, Britain鈥檚 greenest energy company today, we鈥檒l make a donation of 拢50* to Friends of the Earth -and we鈥檒l donate another 拢50 for every year you remain a customer.
Call us on 0808 123 0123 and quote 鈥淔OE鈥� or click on the link below.聽
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