The Paris climate goals demand a rapid, just transition from fossil fuels to clean energy. We’re pushing governments to lead the way by adopting policies to end oil and gas production.
OVERVIEW OF WORK
In order to achieve climate goals, governments and other decision makers must support a just and equitable move away from fossil fuels. We are pushing for precedent-setting leadership from governments to put policies in place to manage the decline of oil and gas and ensure a just transition for fossil-fuel dependent workers and communities.
Building from a growing group of first mover governments, we are pressuring for increasing numbers of national and regional governments to end new licenses and permits for oil and gas production, and to develop plans to wind down their existing production over time.
LATEST PROGRAM POSTS
In light of the war in Ukraine, shareholder actions on climate against Big Oil are faltering. One activist investors says: “The oil industry is really using the energy crisis as an excuse now to stall climate action.”
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.
Leading climate scientists have revealed that there is a “very strong likelihood” that one of the next five years will be the warmest on record and that the chance of at least one of the next five year’s exceeding 1.5°C is rapidly increasing.
"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.
LATEST PROGRAM RESEARCH
This briefing shows that companies are set to make £11.6 billion windfall on UK oil and gas in 2022 and why the UK government is missing this opportunity to fund an energy transition.
This briefing explains why financial flows to fossil fuels matter and how to use the data provided by the Public Finance for Energy Database to help secure a just energy transition.
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.