Response to Canada’s possible oil and gas bailout

March 20, 2020By OCI TeamPress Releases 4 Comments

We’re in the middle of an unprecedented global health emergency and economic crash, we can’t afford for the federal government to bail out a sector in terminal decline. Workers and communities are struggling right now – there are still massive gaps in Canada’s COVID-19 response packages that are putting millions at risk of losing their homes, jobs, and health. It is criminal for Trudeau to be pursuing a massive handout to Big Oil instead of ensuring these basic needs are met.

Oil Change International response to FERC approval of Jordan Cove LNG

March 19, 2020By OCI TeamPress Releases

The Jordan Cove LNG project would be a climate disaster, responsible for at least 36 million tons of greenhouse gas emissions – more emissions than any other source in the state of Oregon if it were to be built. For over fifteen years, this project has been delayed, denied, and protested at every step of the way. Three key state permits have already been denied, rendering FERC’s approval likely impotent, and highlighting the fact that FERC acts as an industry rubber stamp, ignoring local opposition and state permitting decisions.

New Report Reveals Global Banks Funneled $2.7 Trillion into Fossil Fuels Since Paris Agreement

March 18, 2020By OCI TeamPress Releases

A new report released today by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and Sierra Club, and endorsed by over 250 organizations around the world, reveals that 35 global banks have provided USD $2.7 trillion to fossil fuel companies in the fours years since the adoption of the Paris Agreement (2016-2019).

The latest version of the most comprehensive report on global banks’ fossil fuel financing, Banking on Climate Change 2020, reveals that 35 global banks have not only been sustaining but expanding the fossil fuel sector with more than $2.7 trillion in the four years since the Paris Climate Agreement. The report finds that financial support for the fossil fuel industry has increased every year since the Paris Agreement was adopted in December 2015. The UN Intergovernmental Panel on Climate Change (IPCC) Special Report Global Warming of 1.5°C has shown that we need to rapidly reduce global carbon emissions if we are to avert the worst consequences of the climate crises. Yet Banking on Climate Change 2020 reveals that the business practices of the world’s major private-sector banks continue to drive us toward climate disaster. 

Banking on Climate Change 2020: Fossil Fuel Finance Report Card

March 18, 2020By OCI TeamReports, Stop Funding Fossils

A new report, Banking on Climate Change 2020, reveals that 35 private-sector banks across Canada, China, Europe, Japan, and the U.S. have financed fossil fuels with USD $2.7 trillion since the Paris Agreement was adopted (2016-2019), with financing on the rise each year.

The report finds that fossil fuel financing continues to be dominated by the big U.S. banks – JPMorgan Chase, Wells Fargo, Citi, and Bank of America – together, these four banks account for a staggering 30% of all fossil fuel financing from the 35 major global banks since the Paris Agreement was adopted.