Despite an array of new ‘net zero’ pledges released in the past two years, the climate promises of major U.S. and European oil and gas companies still fail to meet the bare minimum for alignment with the Paris Agreement, according to a new study.
This report, Banking on Climate Chaos 2022, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in 2021 alone.
Between 2016, following the adoption of the Paris Climate Agreement, and June 2021, public and private financial institutions poured at least $132 billion in lending and underwriting into 964 gas, oil and coal projects in West, East, Central and Southern Africa. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public institutions such as development banks and Export Credit Agencies.
In this six-part series, we explore the ongoing oil, gas, and petrochemical boom in the Permian Basin and Gulf Coast. It is a story of runaway toxic infrastructure, environmental injustice, and climate overshoot.
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
The assessment by Environmental Defence Canada and Oil Change International assesses eight of Canada’s top oil and gas producers, including Imperial (ExxonMobil) and Shell. It finds they are all on track to increase their oil and gas production in Canada, rather than planning a fair transition away from fossil fuels that are fuelling the climate crisis.
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
The Sky’s Limit Africa assesses fossil fuel industry plans to sink USD $230 billion into the development of new extraction projects in Africa in the next decade — and USD $1.4 trillion by 2050. It finds these projects are not compatible with a safe climate future and that they are at risk of becoming stranded assets that leave behind unfunded clean-up, shortfalls of government revenue, and overnight job losses.
Released ahead of crucial UN climate talks in Glasgow, Scotland, this report examines why UK and Scottish Government policy to maximise oil and gas extraction from the North Sea is incompatible with stated commitments to the Paris Agreement goal of limiting dangerous warming to 1.5 degrees Celsius (ºC).
The report highlights and analyzes 26 Indigenous frontline struggles in the past decade against a variety of fossil fuel projects across Turtle Island over all stages of the fossil fuel development chain. Our analysis reveals that Indigenous resistance to carbon over the past decade has stopped projects equivalent to 400 new coal-fired power plants, or roughly 345 million new passenger vehicles. Additionally, Indigenous resistance has helped shift public debate around fossil fuels and Indigenous Rights, while averting lock-in of carbon-intensive projects.