“We must draw a red line and say no to Republicans taking our economy hostage to line the pockets of the fossil fuel industry,” said Allie Rosenbluth.
These briefings reveal that Total, Eni, and Equinor are on the cusp of approving a surge of new oil and gas development. If they proceed with all the projects in their anticipated pipeline for 2023, Eni could rank as the world’s third worst oil and gas expander this year and Equinor as the world’s eighth worst by the total volume of new reserves approved for extraction.
New analysis by Oil Change International shows that OECD countries supported fossil fuel exports by an average of $41 billion from 2018 to 2020, almost five times more than clean energy exports. This directly contradicts internationally agreed climate goals, including the Paris Agreement objective to align financial flows with the low-carbon energy transition.
“At a time when we rapidly need to phase out fossil fuels, this year’s G7 host has pushed for the expansion of gas and LNG and technologies that would prolong the use of coal,” said Susanne Wong, Asia Program Manager.
“Our communities and climate cannot afford more fossil fuels, nor more dangerous distractions like carbon capture, hydrogen, or ammonia — it’s long past time to end the era of fossil fuels,” said Collin Rees.
“Prime Minister Kishida is using Japan’s G7 presidency to benefit Japanese corporate interests over the health and security of people and our planet,” said Susanne Wong.
“Biden’s claims to be a climate leader are increasingly laughable after EXIM’s approval of this refinery. If he can’t be trusted to keep this relatively modest promise, how can anyone trust the United States to live up to its even grander climate promises?” asked Adam McGibbon.
“As we feared and expected, the UAE Presidency of COP28 is putting the interest of the oil and gas industry above those of the climate process it is supposed to shepherd,” said Romain Ioualalen.
“Until Biden reins in Big Oil’s deadly expansion that’s locking in decades of global fossil fuel pollution, his legacy will remain one of failing to confront reckless U.S. oil and gas production that’s killing the planet,” said Collin Rees.
This new briefing warns that Eni is on the cusp of greenlighting a new surge of oil and gas extraction. Eni could rank third among companies globally in 2023 in the volume of new oil and gas reserves approved for development.