GLOBAL INDUSTRY
The science says we need to keep fossil fuels in the ground to meet climate goals. We’re pushing back against industry spin saying otherwise.
OVERVIEW OF WORK
The oil and gas industry is on a public relations campaign to convince investors, financial regulators, and the public at large that they deserve continued support as “part of the solution” to the energy transition. Oil Change is working to challenge these narratives and provide analysis to the financial sector, movement allies, and other decision makers to support a shift away from fossil fuel finance. Further, we are working to reform international energy scenarios that currently guide investment decisions towards failure in meeting the Paris Agreement climate goals and, concurrently, are used by the oil and gas industry to justify dangerous expansion plans.
Following years of campaigning and pressure by Oil Change and others, in 2021, the International Energy Agency (IEA) released its first ever fully fledged energy scenario aligned with limiting global warming to 1.5ºC. Critically, the IEA concluded that: “There is no need for investment in new fossil fuel supply in our net zero pathway,” and, therefore, “there are no new oil and gas fields approved for development in our pathway.” We are using the IEA’s conclusion that 1.5ºC alignment means no new oil and gas fields to hold governments, companies, banks, and investors accountable to backing up ‘net zero’ commitments with an end to new oil and gas finance.
LATEST PROGRAM POSTS
On Monday, we welcomed the first step by the International Energy Agency towards describing how energy would look for the world to meet one of the Paris Agreement goals, to keep warming well below 2°C. Specifically, it looked at emissions being limited enough to give a 2-in-3 chance of staying below 2°C. The report was co-published by IEA and its clean energy counterpart IRENA and commissioned by the German government. The two agencies are also working on a 1.5°C scenario, to be published in June.
But there’s a problem with the IEA’s new climate scenario: it describes a slower decline in fossil
Today the IEA finally released an energy forecast that aims for a greater chance of avoiding climate catastrophe. It is crucial that the IEA now retire its outdated 450 Scenario, and instead focus on how to keep warming well below 2ºC and aim for 1.5ºC.
Yesterday, news broke that the Colorado ballot initiatives on fracking failed. But that's only half the story – the other half is the multi-million dollar industry campaign meant to silence our people-powered movement.
The Obama Administration has chosen to prioritize the transport of oil and the profits of oil companies ahead of the safety of residents. The industry's justifications are no longer true, if in fact they ever were. It is high time to ban crude oil transportation by rail.
LATEST PROGRAM RESEARCH
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 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.
The IEA has a crucial opportunity in 2021 to guide the world towards 1.5°C-aligned energy investment. We outline crucial steps the IEA must take to get on track.