Released ahead of crucial UN climate talks in Glasgow, Scotland, this report examines why UK and Scottish Government policy to maximise oil and gas extraction from the North Sea is incompatible with stated commitments to the Paris Agreement goal of limiting dangerous warming to 1.5 degrees Celsius (ºC).
The report highlights and analyzes 26 Indigenous frontline struggles in the past decade against a variety of fossil fuel projects across Turtle Island over all stages of the fossil fuel development chain. Our analysis reveals that Indigenous resistance to carbon over the past decade has stopped projects equivalent to 400 new coal-fired power plants, or roughly 345 million new passenger vehicles. Additionally, Indigenous resistance has helped shift public debate around fossil fuels and Indigenous Rights, while averting lock-in of carbon-intensive projects.
There is growing recognition that central banks must act to confront the climate crisis. They have the tools to catalyze and accelerate the end of financing for fossil fuels – through monetary policy, regulatory action, and excluding fossil fuel assets from their own portfolios. But, with only limited exceptions, they are not using these tools. This report identifies 10 criteria for assessing central banks against the Paris Agreement’s objective, and applies them to assess 12 major central banks.
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.