It has been a terrible, horrible, no good, very bad week or so for Big Oil…and that’s a very good thing for our climate. Let’s recap: Last week, the International Energy Agency released the groundbreaking “Net Zero by 2050” report, which they described as “world’s first comprehensive study of how to transition to a net zero … Read More
The creation of the NZPF is a tacit recognition by major oil and gas producers that their contribution to the climate crisis can no longer be ignored. But the framing of the initiative and its main objectives raise the prospect of the NZPF being a greenwashing tool in service to the oil and gas industry’s interests.
The IEA has consistently boosted new oil and gas development. Now it’s backing up the global call to stop the expansion of fossil fuel extraction.
Yesterday, the Spanish Parliament adopted a wide-ranging Climate Change and Energy Transition law, which includes a ban on new fossil fuel exploration and production licenses.
“This analysis reconfirms the obvious. No Big Oil and Gas company has a serious plan to wind down its fossil fuel operations at a pace that comes anywhere close to aligning with the critical 1.5-degree limit.”
The IEA has a crucial opportunity in 2021 to guide the world towards 1.5°C-aligned energy investment. We outline crucial steps the IEA must take to get on track.
In a new paper published today, Oil Change International (OCI) and Reclaim Finance analyze the shortcomings of the climate scenarios published by the NGFS and highlight the risk that they may be used to justify slow and inadequate climate action by financial actors.
Last year, we rated ExxonMobil as “grossly insufficient” on all ten of the criteria. There are tiny steps forward in the new announcement, but nothing that changes any of our ten metrics from “grossly insufficient” to “insufficient,” let alone to even “partial alignment.”
The IEA is finally taking a major step towards living up to its ambition to lead the clean energy transition.
WEO 2020 is only a small step forward when the world needs a giant leap. Now the IEA has to finish the job and fix the WEO.