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.
This briefing gives financial institutions an overview of the IEA’s first 1.5°C-aligned scenario and what it means for oil and gas. We show that the IEA’s conclusion about ending new oil and gas field development is not a product of scenario design; it’s the arithmetic of 1.5°C.
“Any credible analysis of alternatives and alignment with the Paris Agreement would prevent new fossil fuel projects from being financed,” said Tucker.
Response defends original analysis, confirms enormous impact of the MVP project, and highlights the many false assumptions that have caused FERC to ignore gas pipeline GHGs.
“We can’t adequately address the climate crisis if we’re exporting billions of barrels of oil and gas to be burnt overseas. Confronting Big Oil and Gas’s deadly expansion plans is critical, and that’s what Rep. Schakowsky and Rep. Barragán are doing with this bill.”
“President Biden promised to end the leasing program entirely due to its deadly threat to the climate, but Interior’s recommendations fall far short of that goal — and ring particularly hollow days after the largest lease sale in U.S. history,” said Rees.
“After 30 years, governments finally had the guts to talk openly about the problem of fossil fuel dependence at COP26, but failed to encode a bold solution in their final outcomes.”