The COVID-19 crisis poses a threat to people’s health, their jobs and their lives, and like all crises, exacerbates already existing inequalities. Trillions in public finance will be needed to get through the current pandemic. This briefing outlines why continuing to rely on fossil fuels, in particular oil and gas, is not compatible with long-term recovery. It does not make sense to use the COVID-19 stimulus packages to try to revive a sunsetting industry which will not deliver on economic recovery, only to shut it down a few years later to meet climate goals.
This briefing provides a technical analysis of how the International Energy Agency’s (IEA) 2019 World Energy Outlook (WEO) continues to steer governments and investors off track in tackling the climate crisis.
Environmentalists are blasting attempts by oil and gas companies to hijack the Fed’s Main Street Lending Program in order to pay down their debt — debt that began skyrocketing long before the coronavirus impacted the industry.
This Earth Day, activists will turn up the heat on Wall Street through mass online actions. Organizers say the need to pressure Wall Street to stop funding polluters and start supporting communities is more important now than ever.
Sumitomo Mitsui Financial Group announced it will “in principle” not finance any new coal power projects, while advocates in California called on the bank to apply those restrictions to all new coal infrastructure and drop plans to finance a widely opposed coal export terminal.
The only path to climate stability is for governments to manage a stable decline in oil while investing in a just transition for workers and currently fossil-fuel dependent communities.
In anticipation of yet another announcement released by the G20 and OPEC+ today, experts at Oil Change International have issued the following statements.
“Allowing private banks to start an unholy marriage with bankrupt fossil fuel companies would be a catastrophic mistake for communities and climate,” said Collin Rees
In response to the apparent deal struck today by major oil producers for deep output cuts to end the price war, and in anticipation of the G20 meetings tomorrow, experts at Oil Change International have issued the following statements.
A letter from over 200 organizations calls for a moratorium on construction of natural gas pipelines and LNG export facilities during the COVID-19 public health crisis.