A new report released today by Oil Change International, Rainforest Action Network, BankTrack, Indigenous Environmental Network, Reclaim Finance, and Sierra Club, and endorsed by over 300 organizations around the world, reveals that 60 global banks have provided USD $3.8 trillion to fossil fuel companies in the five years since the adoption of the Paris Agreement (2016-2020).
Today, the United Kingdom announced a “North Sea deal to protect jobs in the green energy transition” that campaigners say fails to meet the UK’s responsibility to lead in a phase-out of domestic oil and gas extraction.
“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.”
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.
Secretary Haaland’s confirmation sets a historic precedent for Indigenous communities and leaders across Turtle Island, and we look forward to working with the Secretary to introduce additional policies that protect our nation’s waters, lands, and communities from the dirty influence of the fossil fuel industry during her time in this critical role.
“We urge you and all federal leadership to stand firm against the Line 3 pipeline and act now to halt its construction. The pipeline’s construction is an urgent threat to the waters of Minnesota and Lake Superior, as well as to our global climate,” said the groups to Biden.
A group of environmental and financial organizations representing over 7,600,000 members and supporters announced the launch of the DivestMVP coalition to highlight the financial instability of the fracked gas Mountain Valley Pipeline.
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.
“Ending international public finance for fossil fuels would be a huge boost to climate action globally. The administration must now invest serious effort and diplomatic capacity to secure this shift in international finance away from oil, gas, and coal.”
“Today’s move by President Biden to freeze leasing for oil and gas production on federal lands and waters is a critical first step to ending this program once and for all.”