The report finds the oil and gas majors are involved in over 200 expansion projects on track for approval from 2022 through 2025. If they go forward, these companies’ investments could create an additional 8.6 billion tonnes (Gt) of carbon pollution – equivalent to the lifetime emissions of 77 new coal power plants.
“Big Oil is gouging working families, and it’s critical to hold these companies accountable for their exploitative profiteering,” said Collin Rees.
“Voters will reward politicians who stand up for people, not polluters, and taxing windfall profits is wildly popular in every part of the country,” said Collin Rees.
Russia’s war in Ukraine and fuel price spikes mean international public finance institutions must roll out rapid decarbonization and aid packages, not back track by locking in new fossil infrastructure.
“The EU’s new international energy strategy is woefully inadequate and would lock in decades’ more extraction of deadly gas and oil,” said Collin Rees.
A new peer-reviewed study published in Environmental Research Letters finds that existing oil, gas, and coal extraction sites need to be closed down to stay within 1.5C. The study, led by researchers at Oil Change International and the International Institute for Sustainable Development, finds that nearly 40% of developed fossil fuel reserves need to stay in the ground to keep the 1.5°C limit in reach.
“Congress must crack down on Big Oil’s insatiable greed by taxing these windfall profits and moving the United States and the world to renewable energy as quickly as possible,” said Collin Rees.
“The only effective response to today’s compounding crises is for global leaders to support the efficiency and clean energy solutions that can replace these dirty fuels and eliminate the need for any new LNG infrastructure,” said Laurie van der Burg.
“President Biden and world leaders must do everything in their power to end the fossil fuel era and move the United States and the world to 100% renewable energy as quickly as possible,” said Collin Rees.
“As many Global South countries face the worst debt crises we have seen in a generation and climate disasters at the same time, the IMF has a lot to answer for,” said Bronwen Tucker.