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.
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.
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.
In response to the International Energy Agency (IEA) Oil 2020 report released today, as global oil prices plummet amid supply swings and the impacts of COVID 19, Kelly Trout, senior research analyst at Oil Change International, released the following statement.
Over 40 Nobel Laureates are calling on Prime Minister Trudeau and Deputy Prime Minister Freeland to do the right thing for our shared climate and reject the Teck Frontier tar sands mine.
A new briefing finds that New Mexico cannot meet its commitment to global climate goals if it allows a massive expansion in oil and gas production.
BP’s plan is the latest industry spin insisting that Big Oil has ‘seen the light’ on climate, only to distract us from real solutions.
Later this year, OPEC will mark its 60th birthday. Former OCI staff member Greg Muttitt has contributed a chapter to an important new book on OPEC’s history and future. In a guest blog based on his chapter, he argues we need to think about OPEC less simplistically, and suggests a role for OPEC in tackling … Read More
In January 2020, organizations, networks and community resistance groups from Africa and around the world deliberated on issues including fossil fuels dependence, climate change, energy access and the just transition. Following two days of discussions, they released the following communiqué.
This report from Oil Change International and Friends of the Earth U.S. shows that since the Paris Agreement was made, G20 countries have used their export credit agencies to provide nearly 12 times more finance to fossil fuels than to clean energy.