A new study released by Oil Change International examines the role of Danish oil and gas production in a Paris-aligned global carbon budget. The report confirms that while Denmark has positioned itself as a global climate leader, its plans to expand North Sea oil and fossil gas extraction would undermine its record of climate action and would be incompatible with achieving its Paris climate commitments.
There is an urgent need to ensure that anti-climate riders stay out of appropriations packages for Fiscal Year 2020 as Congress and the Trump Administration continue to negotiate a spending package.
G20 governments continue to provide billions of dollars for the production and consumption of fossil fuels. This report finds that they provide at least USD $63.9 billion per year in government support to the production and consumption of coal alone, with almost three-quarters of the support identified being directed to coal-fired power production.
Over the past decade, nearly 90% of the U.S. Export-Import Bank’s total finance for energy projects has flowed to projects in oil, gas, and coal. As momentum grows for climate solutions in the U.S. and abroad, there is an urgent need for a ban on fossil fuel financing at ExIm.
There is no room for further financing of fossil gas or any other fossil fuel projects by the EIB. This briefing calls for the new Energy Lending Policy to reflect this reality. The EIB cannot claim to uphold its commitment to align its finance with the Paris Agreement if it continues to finance fossil gas projects.
To help inform the alignment of the MDBs with the Paris Agreement, this briefing explores the use of shadow carbon pricing by MDBs and considers some best practices and limitations in the application of shadow carbon prices.
This report unpacks and debunks the enduring myth that gas can form a bridge to a decarbonized future. As the global crisis intensifies while the production and consumption of gas soars, it is clearer than ever that gas is not a solution to the climate crisis.
This new report reveals, for the first time, the climate impact of North Sea oil and gas extraction, and shows the way to a job-creating energy transition. To deal with the climate emergency, the UK needs to immediately stop approving new oil and gas drilling and redirect support to clean jobs and renewable energy.
The ACP is facing a triple threat of challenges that combine to present serious obstacles for the project to reach completion, which are are likely to further delay construction and raise the project’s price tag even higher. It would be prudent for investors to question whether pursuing the project further is a wise use of capital.
This 10th annual “Banking on Climate Change” fossil fuel finance report card reveals that overall bank financing continues to be aligned with climate disaster, and that financing for fossil fuels has increased every year since the Paris Agreement was signed.