December 19, 2017

Stephen Kretzmann, steve [at] priceofoil [dot] org
David Turnbull, david [at] priceofoil [dot] org

The Managed Decline of Fossil Fuels Begins
Oil Change International statement on recent actions by France and World Bank on climate

Today, the French parliament passed into law a ban on issuing new licenses to explore for oil and gas in France, in order to end all production by 2040. The move comes a week after the World Bank announced it would stop financing new oil and gas production by 2019. In response, Stephen Kretzmann, Executive Director of Oil Change International, released the following statement:

“The managed decline of fossil fuels has begun. Leaders around the world have a choice: Will they join France in moving forward in ending fossil fuel extraction and managing the decline of the fossil fuel industry? Or will they continue to deny full steam ahead off the cliff to climate disaster and economic disarray?

“This is true climate leadership. If you are expanding the fossil fuel industry, you cannot be a climate leader. The World Bank last week demonstrated climate leadership by ending support for fossil fuel expansion. France today has set a precedent by announcing that in line with climate science, they will not allow the expansion of the oil industry. Other institutions and jurisdictions who are still in the Paris Agreement will need to demonstrate that they are out of the business of fossil fuel expansion.

“Meanwhile, here in the United States, our Congress is ramming through a tax bill hated by the public and loved by fossil fuel billionaires. The bill expands already massive subsidies to fossil fuels that will lead to more production that destroys our climate.

“At least we’re all clear on the choices now. Trump’s petropolitics and denial vs. climate champions. It’s on.”