Asia is one of the few remaining growth markets for gas. The fossil fuel industry and its proponents are pushing to develop $379 billion of gas terminals, pipelines and power plants in Asia over the next decade. Roughly three-quarters of all Liquified Natural Gas (LNG) import terminals in development globally are planned for Asia. This aggressive buildout ignores a simple truth.
Stopping these fossil fuel projects would prevent a drastic increase in GHG pollution at a time when it is imperative to decrease emissions to meet domestic and international climate goals, including the Paris Agreement that President Biden rejoined.
This impending buildout of new gas infrastructure poses one of the greatest threats to meeting the goals of the Paris Agreement. Instead of forming a bridge — as gas proponents claim — gas expansion builds a wall against the clean energy future we need.
The creation of the NZPF is a tacit recognition by major oil and gas producers that their contribution to the climate crisis can no longer be ignored. But the framing of the initiative and its main objectives raise the prospect of the NZPF being a greenwashing tool in service to the oil and gas industry’s interests.
This new analysis finds the ADB has spent over $4.7 billion on gas since the adoption of the Paris Agreement. Plans to expand gas infrastructure in Asia pose one of the greatest threats to meeting the goals of the Paris Agreement and averting the most catastrophic impacts of the climate crisis.
The IEA has a crucial opportunity in 2021 to guide the world towards 1.5°C-aligned energy investment. We outline crucial steps the IEA must take to get on track.
A new report by Oil Change International on the Mountain Valley Pipeline (MVP) reveals that banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable and a threat to the climate.
This analysis, an update to our 2017 report, reveals that the estimated cost of the Mountain Valley Pipeline has nearly doubled since 2017, increasing the potential project cost from USD 3.5 billion to between $6.3 and $6.5 billion.
Our new discussion paper analyzes the current climate commitments of eight of the largest integrated oil and fossil gas companies, and reveals that none come close to aligning their actions with the urgent 1.5°C global warming limit as outlined by the Paris Agreement.
Sixty climate and human rights groups from around the globe have issued a set of “Principles for Paris-Aligned Financial Institutions” to offer a roadmap for the decarbonization of the finance sector on a timetable aligned with the Paris Agreement.
Canada’s export bank, Export Development Canada (EDC), already provides on average nearly fourteen billion dollars in support to oil and gas companies each year. As a result, Canada ranks second highest among G20 countries in public finance for fossil fuels. Now the federal government is using EDC to channel even more support to the oil and gas sector, which has been intensely lobbying the government for a bailout package of up to $30 billion.