In light of the war in Ukraine, shareholder actions on climate against Big Oil are faltering. One activist investors says: “The oil industry is really using the energy crisis as an excuse now to stall climate action.”
A new peer-reviewed study published in Environmental Research Letters finds that existing oil, gas, and coal extraction sites need to be closed down to stay within 1.5C. The study, led by researchers at Oil Change International and the International Institute for Sustainable Development, finds that nearly 40% of developed fossil fuel reserves need to stay in the ground to keep the 1.5°C limit in reach.
Leading climate scientists have revealed that there is a “very strong likelihood” that one of the next five years will be the warmest on record and that the chance of at least one of the next five year’s exceeding 1.5°C is rapidly increasing.
"Congress must crack down on Big Oil's insatiable greed by taxing these windfall profits and moving the United States and the world to renewable energy as quickly as possible," said Collin Rees.