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.
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Ahead of OECD negotiations, report shows OECD export finance props up fossil fuels, blocking energy transition
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.
CSOs condemn G7 leaders for dangerous backsliding on gas, breaching commitments to end fossil fuel finance
“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.
Groups Pressure Japan, Biden to Oppose Global LNG Expansion + Stop G7 Push for Fossil Finance
“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.
G7 leaders risk dangerous backsliding on fossil gas investments at upcoming G7 Summit
“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 breaks major G7 climate promise by financing Indonesian oil refinery
“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.
Oil and Gas Industry Captures UN Climate Process: UAE COP28 Presidency Undermines Climate Action
“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.
Response: New U.S. power plant regulations fail to address massive planned fossil fuel expansion
“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.
Italian Major Eni Uses Record Profits to Double Down on Fossil Fuel Investments
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.
Kicking off AGM Season, Eni and Equinor Are Fueling Oil and Gas Expansion, Not Clean Energy Transition
Eni and Equinor are on track to rank as the world’s third and eighth worst upstream oil and gas expanders, respectively, in 2023.