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Drax scrutinised as BBC report claims its burning rare wood

Published 28/02/2024, 09:47
© Reuters.  Drax scrutinised as BBC report claims its burning rare wood
DRX
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Proactive Investors - Drax Group (LON:DRX) is again under environmental scrutiny as a BBC Panorama report today claimed the power plant operator’s biomass furnaces continued to burn wood from ‘some of the world’s most precious forests’.

The BBC said its Panorama team obtained papers showing that timber was taken from rare forests in Canada despite them being designated as “no go areas”.

At the same time, the report pointed out that Drax has received some £6 billion UK ‘green subsidies’, and, the government is presently reviewing whether to provide further subsidies.

Drax is meanwhile quoted, in the report, as saying its wood pellets are sustainable and legally harvested.

In London, Drax shares were down only 1.5p or 0.36% on Wednesday.

Read more on Proactive Investors UK

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Why are the government funding this? Cut the umbilical cord of this polluting industry, now.
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