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COP28 has the potential to be an historic moment in confronting the climate crisis. The COP28 Presidency has an opportunity to secure a transformational negotiated outcome, if it secures a robust negotiated energy package, including an unambiguous agreement to end all new oil and gas expansion, a clear call to equitably and rapidly phase out all fossil fuels, and a commitment to triple deployment of nature-positive and community-beneficial renewable energy and double energy efficiency.

Governments have spent over $20 billion – and have approved up to $200 billion more – of public money on carbon capture and storage (CCS), providing a lifeline for the fossil fuel industry. Almost 80% of operating carbon capture capacity globally sends captured CO2 to produce more oil via Enhanced Oil Recovery, while many of the world's largest CCS projects overpromise and underdeliver.

FOR IMMEDIATE RELEASE

November 29, 2023

As the United Nations Climate Change Conference begins today, Oil Change International revealed the failure of Carbon Capture and Storage (CCS) in Carbon Capture's Publicly Funded Failure. CCS has a 50 year track record of over-promising and under-delivering, and every investment in CCS provides a lifeline to the fossil fuel industry.

Key findings: 

Governments have spent over $20 billion – and are planning up to $200 billion more – of public money on Carbon Capture and Storage (CCS), providing a lifeline for the fossil fuel industry.
The majority of CCS is used to expand fossil fuel extraction.



As the UN climate talks begin, fossil fuel phase out and an agreement to triple renewable energy and double energy efficiency are top of the agenda. To limit warming to 1.5°C, fossil fuel phase out targets established by the International Energy Agency and IPCC must be deployed alongside renewable energy and energy efficiency targets, which are all achievable at COP28. 

Read our overview of expectations and themes at COP28. 
New data on Carbon Capture and Storage Technologies:
Oil Change International is publishing a new resource on Carbon Capture and Storage technologies today, that includes the latest data and case studies on the fossil

As we drove by the long chain of refineries and other petrochemical facilities that surround the small town of Port Arthur, Texas, noxious fumes wafted into our truck. The residents of Port Arthur, Groves and towns along the Gulf Coast are forced to inhale polluted air day in and day out. 

“Smell that? To some people it smells like money, but it’s death to us,” said John Beard III of the Port Arthur Community Action Network. “That’s the smell of death.” 

Colleagues from Friends of the Earth Japan and I traveled to Texas and Louisiana in early November for a week-long tour,

Researched and written by Doug Koplow (Earth Track) and edited by Lorne Stockman
Key Findings:


The 45Q tax credit has been greatly expanded in scope and cost since it was first enacted in 2008. 
There is very little transparency surrounding the amount of tax credit claimed by companies so far. 
However, what information there is suggests around $1.3 billion was claimed through 2022.
The Inflation Reduction Act’s generous expansion of 45Q provisions could lead to as much as $100 billion in claims through 2031, according to one estimate. 
An audit found significant amounts of fraud in claims made between 2010-2019

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