Subsidies: Propping Up Oil Profits & Polluting the Climate Oil Change International & Sierra Club January 2017 DOWNLOAD INFOGRAPHIC Almost half of all oil production expected to come online in the United States is only economic if the public props up private investments with taxpayer handouts. The other half of oil production would happen even … Read More
The climate science is clear: to limit global warming to well below 2 degrees, world leaders must immediately end public support to fossil fuels, end expansion of fossil fuel development, and begin a managed decline of the fossil fuel industry with a just transition to renewable energy.
If the world is going to meet the goals of the Paris Agreement on climate change, international financial institutions—including the World Bank—must do their part. The World Bank has made commitments to fight against climate change but continues to finance fossil fuel exploration, production, and combustion—the primary drivers of climate change.
Standard Oil has long since been broken up yet the subsidy designed to do so has only grown over its 100-year lifespan in terms of total value to the industry.
FOR IMMEDIATE RELEASE September 5, 2016 Contact: Alex Doukas, alex [at] priceofoil [dot] org G20 leaders fail to act on fossil fuel subsidies, undermining Paris climate goals In response to the statements on fossil fuel subsidies in the G20 Leaders’ Communique, which fail to establish a deadline for the phase out of subsidies, Oil Change International has … Read More
Today, G20 leaders in China again failed to set a deadline to end fossil fuel subsidies, seven years after they first committed to ending them. Even as G20 governments move to ratify the Paris Agreement on climate change, they’re adding fuel to the fire by dumping $444 billion of our money into polluting fossil fuel companies every year, undermining the spirit … Read More
Quick out of the gates this morning, Canada and the U.S. released their joint statement on climate, energy and Arctic leadership in the midst of Prime Minister Trudeau’s official Washington visit. Finding themselves on similar pages when it comes to the need for action on climate, Trudeau and Obama used the opportunity to focus on … Read More
This year, G20 leaders reiterated their same tired commitment to end fossil fuel subsidies, for the seventh time in a row. It’s starting to ring hollow.
Public support for fossil fuel exploration in rich countries is nearly triple the amount pledged to the Green Climate Fund.