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
Fossil fuel companies operating in the U.S. and Canada made $271 billion dollars in profit in 2012, while continuing to receive billions in subsidies.
The 40 Senators voting against Gina McCarthy's nomination for EPA Administrator would have voted against anyone who would even consider measures that could affect the fossil fuel industry...thanks to $25 million in dirt energy money.
Once again, a group of Senators, spearheaded by Hoeven and Baucus, has released a new bill to push for approval of the Keystone XL pipeline. And, following the clear pattern set by their colleagues, the co-sponsors of this new bill have enjoyed massive contributions from the fossil fuel industry.
The United States of America has finally acquired the vast territory of Canada and its massive fossil fuel resources.
The acquisition appears to have been made via an episode of collective wishful thinking and misinformation, triggered by an optimistic report discussing American oil production issued by the International Energy Agency.
Okay, back to the real world.
The mass misreporting of the findings of the IEA’s World Energy Outlook 2012, published Monday, seems to be spreading like a virus. Key to the rose colored tint of many reports was the interpretation of North America as simply America.
The IEA said that North America would become
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.
Zeroing In: A guide for the finance sector on the IEA’s Net Zero Emissions scenario and its implications for oil and gas finance
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.
Getting On Track to 1.5°C: The IEA's Opportunity to Steer Investments towards Success in Meeting the Paris Goals
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.