In an open letter released as part of a week of action against the company ahead of their June 8 Annual General Meeting, signatories detailed the threats that ReconAfrica’s potential development poses for human rights, Indigenous rights, local livelihoods, drinking water for over 1 million people, the global climate, and a critical and world-famous ecosystem.
“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all,” said Rees.
The Stop the Money Pipeline Coalition welcomes Biden’s Executive Order as an important step for the climate finance movement and urges the administration to deliver strong reports and action plans ahead of the COP26 climate talks in Glasgow.
“President Biden’s executive order is a welcome change from past failures to regulate the financial industry, but the Biden administration must make it crystal-clear that ‘net zero’ means no more fossil fuel expansion and no false solutions,” said Rees.
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.
National organizations are demanding President Joe Biden appoint a strong climate leader as Federal Reserve Chair who will implement policies and rules at the scale needed to address the climate crisis.
Despite the need to rapidly wind-down fossil fuels to avert the worst of the climate crisis, governments worldwide continue to prop up fossil fuel production with huge sums of public money. They may be breaking international law.
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
“California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas,” said Collin Rees of Oil Change International.
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”