Fastighets AB Balder
Climate warning
Climate warning
Ingmar Rentzhog
201 w
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Balder invest 9 billion SEK in Norwegian oil assets with "green bond" money!
Balder announced on Wednesday that it had bought Norwegian properties for as much as SEK 9 billion (approx 900 MEUR), which is the company's largest single purchase ever.
The properties were purchased from the oil company HitecVision and focus on business-critical oil and gas-related assets, leased on long-term contracts.
The CEO and Swedish property billionaire don't understand the criticism at all. The Swedish newspaper Fastighetsnytt asked Erik Selin in connection with the purchase if he saw any sustainability risks associated with this. He then replied:
- No, I can not see. Gas is considered sustainable, and Norway has a lot of gas that will last for maybe 100 or 200 years. Then it is the case that if you do not like oil, you should know that Norwegian oil, or North Sea oil, is the one that has the least impact of all oil in the world. If this is someone you are going to use, this is it.
This is so wrong on so many levels.
1. Natural gas is not green. It will never be green. This basic fact should a CEO know! It is either very ignorant or very incompetent not to know this!
2. There is no such thing as clean oil!
3. Issuing a green bond and invest in oil and gas exposed properties is a fraud!
Sources (in Swedish):
https://www.di.se/live/handelsbanken-och-lannebo-gor-tummen-ned-for-erik-selins-oljiga-norgeaffar/
https://www.fastighetsnytt.se/samhallsbyggnad/hallbarhet/investerare-kraver-erik-selin-pa-forklaring-om-norgeaventyr/
https://www.fastighetsnytt.se/fastighetsmarknad/transaktioner/balder-storsatsar-i-norge-koper-for-9-miljarder/
Photo: Wikimedia, https://commons.wikimedia.org/wiki/File:Balder_Erik_Selin_20130131_1092F_(8444232547)_(cropped).jpg
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201 w
Dear Ingmar Rentzhog Thank you for getting your climate warning to level 2! We have reached out to Fastighets AB Balder and asked for a response. I will keep you updated on any progress! /Adam We Don't Have Time
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201 w
People think , they can get away with this kind of “smartness” ... you can’t solve complex problems when I and Me is getting involved ... language has to be THEM and OTHERS :)
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201 w
Isn't there any law that can possibly stop this ecocide? EU countries have no obligations to reach the goals of the Paris Agreement and the Green Deal? How come Sweden still allow businesses investing on our extinction.
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201 w
What a loser. that investment will fail!
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201 w
Company Balder doesn't deserve to use that name anymore... Balder, from old Norse Mythology, means "hero" - seems this company is far from that...
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201 w
That is totally wrong. Green bonds to be used only for green projects. That's a misuse of such funds.
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201 w
Crazy 😢
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201 w
Green bonds for oil asset purchase sounds highly fraudulent.
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201 w
I actually cannot believe this! 😡
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201 w
"Norwegian oil, or North Sea oil, is the one that has the least impact of all oil in the world." In my experience, gained from working as a QA engineer in the North Sea for many years, North Sea oil needs a little less refining than say Nigerian oil, meaning it reaches the markets of the world a little quicker - the end environmental damage is still the same.
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201 w
Also higher way less leakage. If if Replaces less credible sources that's oke. But it is difficult tho quantify. I have a problem with saying it's durable Its just less terrible, that we still need to use it.
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201 w
Logic and Money are different Worlds especially when we consider our planet.