>The international engineering company Wood Group has expanded its oil and gas business and dramatically shrunk its renewables operations after receiving a £430m government-backed “green transition loan”, prompting calls from environmental groups for a review of the process that authorised the loan.
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“A review of the process..” is weak as water. How about demands for an immediate and full repayment with massive penalties for not using it at it was intended?
How about these “government backed loans” for specific purposes have specific contractual terms to mandate these punitive measures?
How about prosecuting those in the business who have done this for fraud?
Lets stop fucking about with this kind of thing, in any domain. If UK taxpayers are going to back loans to private businesses for specific purposes, lets ensure they are used as intended or there be actual serious consequences for those involved?
It’s a five year loan, agreed in Aug 2021. And the past year has been unusual, with Putin trying to weaponise energy. Maybe the Guardian should hold back on the garbled ragebait for a year or two. It is quite possible this loan will still achieve it’s purpose, once Russia has been kicked to the gutter and energy markets are more stable.
I would have been dissapointed if they hadn’t, doing the right thing goes against every business principle known to man.
/s
Gosh, a private business operating under capitalism did what’s best for short term profits? Shocking! I’m shocked!
Privatisation is still the way to go. The problem here is too many regulations. If we could just free the market just a little bit more, we’d reach our goal of what’s best for everyone in the sustainable long term. Promise.
History has proven that an unregulated free market is great for the workforce, for families and the environment. Just read up and find out for yourself.
revoke the loan demand it back with interest….its our effin money
When there’s public money on the table up for grabs I suspect there’s going to be lots more platitudes and other forms of greenwashing from companies just to get their hands on it.
lmfao typical. ask them to back it back with interest.
Renewables are the future but some companies are so shortsighted that they would rather reap profit from the established fossil fuel market while they still can. Fossil fuels are still vital for everyday life and will be for far too long, so companies know it is a safe bet to keep getting involved with, especially as governments do not want the power going out on them. It’s sad that we already know nothing will be done to get any of that money back.
How the fuck does this even….
> was announced in August 2021 by Liz Truss
Oh.
They’re a contracting company. They don’t exactly decide on what work is available in the market, but instead depend on the developers to give them jobs. If the market offers more oil and gas contracts than renewable ones then some contracting firm has to do them – it can either be wood, or another company. I doubt they’d turn down the work just because it’s oil.
10 comments
>The international engineering company Wood Group has expanded its oil and gas business and dramatically shrunk its renewables operations after receiving a £430m government-backed “green transition loan”, prompting calls from environmental groups for a review of the process that authorised the loan.
​
“A review of the process..” is weak as water. How about demands for an immediate and full repayment with massive penalties for not using it at it was intended?
How about these “government backed loans” for specific purposes have specific contractual terms to mandate these punitive measures?
How about prosecuting those in the business who have done this for fraud?
Lets stop fucking about with this kind of thing, in any domain. If UK taxpayers are going to back loans to private businesses for specific purposes, lets ensure they are used as intended or there be actual serious consequences for those involved?
It’s a five year loan, agreed in Aug 2021. And the past year has been unusual, with Putin trying to weaponise energy. Maybe the Guardian should hold back on the garbled ragebait for a year or two. It is quite possible this loan will still achieve it’s purpose, once Russia has been kicked to the gutter and energy markets are more stable.
I would have been dissapointed if they hadn’t, doing the right thing goes against every business principle known to man.
/s
Gosh, a private business operating under capitalism did what’s best for short term profits? Shocking! I’m shocked!
Privatisation is still the way to go. The problem here is too many regulations. If we could just free the market just a little bit more, we’d reach our goal of what’s best for everyone in the sustainable long term. Promise.
History has proven that an unregulated free market is great for the workforce, for families and the environment. Just read up and find out for yourself.
revoke the loan demand it back with interest….its our effin money
When there’s public money on the table up for grabs I suspect there’s going to be lots more platitudes and other forms of greenwashing from companies just to get their hands on it.
lmfao typical. ask them to back it back with interest.
Renewables are the future but some companies are so shortsighted that they would rather reap profit from the established fossil fuel market while they still can. Fossil fuels are still vital for everyday life and will be for far too long, so companies know it is a safe bet to keep getting involved with, especially as governments do not want the power going out on them. It’s sad that we already know nothing will be done to get any of that money back.
How the fuck does this even….
> was announced in August 2021 by Liz Truss
Oh.
They’re a contracting company. They don’t exactly decide on what work is available in the market, but instead depend on the developers to give them jobs. If the market offers more oil and gas contracts than renewable ones then some contracting firm has to do them – it can either be wood, or another company. I doubt they’d turn down the work just because it’s oil.