“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 Republican plan not only refuses to end massive public giveaways to the fossil fuel industry, but also foists the cost on the American public through user fees rather than repealing Trump and the GOP’s tax cuts for billionaires and rich corporations. This plan is a joke.
Local and national organizations across the country are coming together for the virtual Rally to End Polluter Welfare because it’s time for Congress to fund our futures instead of fossil fuels.
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’s new 1.5°C-aligned scenario finds “no need for investment in new fossil fuel supply.” This represents a break from past IEA reports that boosted new oil and gas development by focusing on scenarios that steered the world towards catastrophic levels of warming. This is a big step in the right direction.
Yesterday, the Spanish Parliament adopted a wide-ranging Climate Change and Energy Transition law, which includes a ban on new fossil fuel exploration and production licenses.
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.
The Asian Development Bank issued its draft energy policy on Friday following the conclusion of its 54th Annual Meeting and clarion calls from the United Nations to end financing for all fossil fuels including gas. This first draft has ruled out financing for coal but allows for continued gas finance which dominates the ADB’s fossil fuel lending.
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.