Russian Aluminium Oligarch Finances Blair’s Climate Change Charity
By Paul Homewood
Sorry to spoil your lunch, but I was reading a Sunday Telegraph report on Tony Blair’s charity activities, when I spotted this:
Oleg Deripaska, a Russian oligarch and close friend of Mr Blair’s former cabinet colleague Lord Mandelson, spent £300,000 co-funding a little-known charity run by Mr Blair, which lobbied governments over climate change, called Breaking the Climate Deadlock. Mr Deripaska, a Russian oligarch worth £4 billion, is president of the world’s largest aluminium company Rusal.
Now, I wonder why a Russian aluminium oligarch would give money to lobby for the sort of action on climate change that has already led to the closure of the Anglesey and Lynemouth aluminium smelters, in large part because of high energy costs? Or the sort of policies that, according to Metal Bulletin, could lead to the shutdown of most EU smelters?
The reality is that there is a worldwide surplus of output, because of rising output in China, and also the Middle East where energy is cheap. As a result, aluminium prices are close to or below break even for a large chunk of global capacity. Even Rusal themselves are affected, and have been cutting back on capacity.
What better way then to bring global capacity back into balance, and push prices back up, than to persuade western governments to sign up to suicidal climate policies, which will spell the death knell for their aluminium industries?