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
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
The IEA’s annual World Energy Outlook is out today and judging by the media attention it’s getting it might as well have been named, ‘U.S. Oil Boom Outlook’.
The International Energy Agency released its annual flagship publication today, the World Energy Outlook. The IEA made an historic statement in the executive summary.
It said, “No more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2 °C goal”, the internationally recognized limit to average global warming in order to prevent catastrophic climate change.
Let me rephrase that. Over two-thirds of today’s proven reserves of fossil fuels need to still be in the ground in 2050 in order to prevent catastrophic levels of climate change.
We congratulate the IEA for
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.