In a letter to the Federal Reserve, 69 organizations called on the Fed to stop purchasing corporate debt from the fossil fuel sector through its COVID-19 emergency facilities.
For the UK to be credible as a COP26 host, it should end all overseas and domestic finance and subsidies for oil and gas production. Emissions from oil, gas and coal in already-operating fields and mines globally will push the world far beyond 1.5°C of warming.
A new briefing released by Oil Change International details how the growth of distributed renewable energy in Africa has so far failed to include locally-owned companies and initiatives. The sector has been growing rapidly since 2013 — especially for companies focused on “pay-as-you-go” solar home systems — but finance has overwhelmingly only been accessible for multinational companies that are based in Europe or North America or led by entrepreneurs from these regions, meaning profits are largely not remaining in Africa.
Grassroots campaigners at a press briefing yesterday said political leaders are failing to ensure a just and sustainable recovery, as new data shows that the world’s 20 richest countries have committed more than USD 150 billion of public money to support fossil fuels since the start of the COVID-19 crisis.
Data made public today on the Energy Policy Tracker, a new website tracking climate- and energy-related recovery policies, shows a total commitment of at least USD 151 billion from G20 governments in support of fossil fuels.
Amidst a climate crisis and global pandemic, a new analysis from Friends of the Earth Netherlands and Oil Change International reveals that the Dutch government continues to provide billions — at least €8.3 billion per year — in taxpayer backed support for the production and use of fossil fuels. By ending fossil fuel subsidies, the Netherlands could free up resources to invest in a just and green recovery from COVID-19, whilst reducing greenhouse gas emissions by 7.7% by 2025.
ACP’s cancellation is the exception that proves the rule. The truth is that fossil fuel companies have worked with federal agencies to permit dozens of projects across the U.S. by ignoring and circumventing laws that protect communities and natural resources and placing corporate profits above all else.
“Today is a historic day for the Standing Rock Sioux Tribe and the many people who have supported us in the fight against the pipeline,” said Chairman Mike Faith of the Standing Rock Sioux Tribe. “This pipeline should have never been built here. We told them that from the beginning.”
Federal and state agencies can no longer allow the oil and gas industry to run roughshod over the law, the rights of Indigenous communities, and future generations’ right to a stable climate.
If the IEA is serious about helping governments sustainably tackle interlocking economic and climate crises, they have one more chance to prove it with their data: by making a 1.5-aligned energy pathway central to the 2020 World Energy Outlook.