It is clearer than ever that the climate crisis requires a rapid and managed phase-out of fossil fuel production. Reducing the wasteful practice of emitting methane into the atmosphere does not give the gas industry a pass. They need to clean up and wind down. And they need to start now.
Resources
Ceres principles risk eradicating progress on net-zero norms
US non-profit Ceres has produced a paper aimed at explaining actions that oil and gas exploration and production companies (E&Ps) can take to reduce their emissions. It is also supposed to provide useful information on climate alignment to the sector’s investors and bankers.
The paper suffers from a number of alarming weaknesses which threaten to reverse progress on setting standards for net-zero finance. Consequently, Reclaim Finance, Oil Change International, urgewald, CIEL, and Stand.Earth have jointly published this analysis in response.
Environmental NGOs Warn Oil Giants: Hands Off Okavango Delta and Kavango Basin Drilling
International environmental NGOs sent letters to the CEOs of BP, Chevron, Exxon, and Shell, warning the companies against investing in ReconAfrica’s controversial drilling activities in the Kavango Basin in Namibia and Botswana.
Biden and Manchin are wrong about the Mountain Valley Pipeline and Energy Security
The Biden administration’s claims that the Mountain Valley Pipeline would help Europe or benefit national security — in Europe, in the United States, or anywhere else — are wildly unfounded.
Big Oil Reality Check 2023 — An Assessment of TotalEnergies, Eni, and Equinor’s Climate Plans
These briefings reveal that Total, Eni, and Equinor are on the cusp of approving a surge of new oil and gas development. If they proceed with all the projects in their anticipated pipeline for 2023, Eni could rank as the world’s third worst oil and gas expander this year and Equinor as the world’s eighth worst by the total volume of new reserves approved for extraction.
Changing the Trade Winds: Aligning OECD Export Finance for energy with climate goals
New research shows that Organisation for Economic Co-operation and Development (OECD) countries supported fossil fuel exports by an average of USD 41 billion from 2018-2020, almost five times more than clean energy exports ($8.5 billion).
Unburnable Carbon in Protected Areas
This new analysis shows that over 47 Gigatonnes of CO2 could be released by extracting and burning fossil fuels from within protected areas.
Certified Disaster: How Project Canary & Gas Certification Are Misleading Gas Markets & Governments
A new report by Oil Change International and Earthworks examines the rapid growth in “certified gas” and exposes on-the-ground failures to detect oil & gas pollution by one of the largest certifiers of methane gas.
Banking on Climate Chaos 2023: Fossil Fuel Finance Report
This report, Banking on Climate Chaos 2023, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $5.5 trillion in the seven years since the adoption of the Paris Agreement, with $673 billion in 2022 alone.
Over 100 Groups Urge Biden Administration to Stop Japan’s G7 Push for LNG Expansion
Over 100 groups sent a letter to Biden Administration officials ahead of this week’s G7 meeting of climate change and environmental ministers urging the United States to resist the Japanese push for increased public investments in LNG.