Even though the science says we cannot carry on drilling, the oil industry capital investment over the next decade is forecast to rise over 85%, reaching over $1 trillion a year.
While Malpass has promised to maintain the World Bank’s existing commitments on climate change, governments should be extremely wary, said Alex Doukas, of Oil Change International.
Despite moderate progress in the 2017 budget, Canada remains the largest provider of fiscal support to oil and gas production in the G7 relative to the size of its economy.
One of Britain’s elite cycling teams has just announced that its new sponsor will be the UK’s richest man, petrochemical and fracking boss, Sir Jim Ratcliffe.
Today, Norway announced plans to divest from roughly 150 companies engaged in oil and gas exploration and production. Our response.
A study published today, by a group led by the International Institute for Applied Systems Analysis (IIASA), indicates that eliminating fossil fuel subsidies could curb global greenhouse gas emissions by as much as 5% through 2030 while saving hundreds of billions of dollars in public money. Despite this seemingly good news, the framing of the study was strangely downbeat, casting these reductions as “only a small effect on CO2 emissions.” What we know from reading the actual findings of this study, as well as several other analyses of the climate impacts of fossil fuel subsidy removal, is that nixing oil, gas, and coal subsidies would be a big win for the climate, would saves money, and could free up resources to help the poorest and most vulnerable.
The World Bank’s pledge to end all upstream investment in the oil and gas sector by 2019 topples a key pillar holding up the social license around the fossil fuel industry.
“It’s time for Big Oil to take responsibility for the devastation they have wrought, that’s why New York City is making the unprecedented move to both sue and divest from fossil fuel companies.”
The World Bank just shook the world of energy finance to its foundations. On December 12, at the One Planet Summit in Paris, the world’s most high-profile public bank said they would no longer finance oil and gas extraction after 2019. This move made headlines around the world, and it was the direct result of … Read More
Organizations from frontline communities – where Americans that are most impacted by climate change and the fossil fuel industry live – and organizations working in solidarity with them, are urging lawmakers to reject the FUTURE Act (S.1535) and the Carbon Capture Act (H.R.1379) – and to oppose its inclusion in a tax policy package.