The wealthiest countries need to have phased out their production by 2034 at the latest, or by 2031 for a higher chance to stay below 1.5°C of warming. The report is also clear that immediate action is needed: their production must go down by 74% by 2030.
A new report released today by the Tyndall Centre for Climate Change Research in the UK concludes that wealthy, economically diversified countries, which currently account for more than a third of global oil and gas production, need to phase out their extraction by 2034 for the world to maintain a 50% chance of limiting warming to 1.5°C. This analysis, which is the first study to assign dates at which countries should phase out their production of oil and gas on the basis of equity, also highlights that a globally just transition will require wealthy countries to fund a systemic transition away from fossil fuels in the Global South, over and above their existing debts for climate finance and reparations.
A key British Russian lobbying group, the board of which included executives from BP, and whose hierarchy included British Royalty, British and Russian Ambassadors and ex-British parliamentarians, has quietly erased online content about its activities and personnel over the last few weeks.
Today the Council of the European Union will approve a statement that commits all Member States to end international public finance in the form of export credits for projects in the fossil fuel energy sector.
“With sky-high energy prices, it’s mind-boggling to allow the fossil fuel industry to rake in record profits at the expense of working families. What’s needed now is immediate relief for American consumers, which is what this commonsense windfall profits tax bill would provide,” said Rees.
“The ‘California Way’ means protecting vulnerable communities and being a national leader in confronting climate chaos. Newsom has a huge chance to do both, but it will require bold action and follow-through, not just nice words,” said Rees.
Over 200 progressive groups sent a letter to the White House urging President Biden to resist Big Oil and invoke the Defense Production Act in order to ramp up the deployment of renewable energy to transition the world off the fossil fuels that are leading to global instability.
The solution to both the US and UK decisions to stop importing Russian oil and gas is not to drill for more oil, either in the US or UK – something the fossil fuel industry and its supporters are already arguing. It is to invest in renewables and alternatives such as heat pumps and weatherization.
For decades Big Oil courted Putin and helped him exploit Russia’s vast reserves. Big Oil poured billions into Russia’s war chest with devastating consequences.
Increased recognition from governments, institutions, and even parts of the financial sector of the role of fossil fuels in climate change represents a sea change from where we were even just a few years ago. The importance of phasing out oil and gas are now featured in climate policy discussions across all sectors.