Will the energy crisis crush European industry? by Peggy Hollinger, Sarah White, Madeleine Speed and Marton Dunai
Appeared in the Financial Times on October 19, 2022
Gina's Thoughts
This article underscores how almost every industry in the world relies on oil and gas. Building materials, ceramics, cement, chemicals, glass-making, pharmaceuticals, plastics, fertilizers, steel, paper-making, and automotive are some of the industries that are facing hardship this coming winter due to the energy crisis in Europe. There is a real fear of a deindustrialisation wave hitting Europe. "Soaring energy prices and a lack of supply are currently precipitating an alarming decline in the competitiveness of Europe's energy-intensive companies." Divestment proponents should look at what is happening in Europe to understand that a vote for divestment is a vote against every other industry on our exchanges.
