GLOBAL POLICY
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
For Immediate Release
December 8, 2023
Contact
Al Johnson-Kurts, al@priceofoil.org
An open letter released today from 800+ CEOs, mayors, governors, investors, Indigenous peoples, health professionals, philanthropists, young people, faith leaders, NGOs, scientists, athletes, and more calls for: “An orderly phase out of all fossil fuels in a just & equitable way, in line with a 1.5°C trajectory – whilst ensuring the tripling of global renewable energy capacity by 2030 from 2022 levels and the doubling of energy efficiency.”
Elizabeth Bast, Executive Director, Oil Change International, said:
“This letter adds to the unprecedented global momentum for a full, fast, fair, and funded fossil fuel phaseout. People from
Illustration by Pawel Kuczynski
Many of the largest CCS projects in the world overpromise and under-deliver, operating far below capacity.
An analysis by OCI of six of the leading CCS plants in the US, Australia, and the Middle East reveals that they are all either operating significantly below capacity, ranging from an estimated 10 to 60% capacity, or are designed only to capture a fraction of the emissions produced by the facilities they are attached to. In some cases, it is both.
Underperformance is the norm
Today, the total installed capacity of carbon capture projects operating worldwide is stated to be 49.7 million metric
COP28 has the potential to be an historic moment in confronting the climate crisis. The COP28 Presidency has an opportunity to secure a transformational negotiated outcome, if it secures a robust negotiated energy package, including an unambiguous agreement to end all new oil and gas expansion, a clear call to equitably and rapidly phase out all fossil fuels, and a commitment to triple deployment of nature-positive and community-beneficial renewable energy and double energy efficiency.
As the U.S. government arrives in Dubai for the UNFCCC COP28 climate summit, frontline communities, youth, and civil society are planning to confront the Biden-Harris administration’s oil and gas expansion and urging a rapid fossil fuel phaseout.
LATEST PROGRAM RESEARCH
Keystone XL will not lessen U.S. dependence on foreign oil, but rather transport Canadian oil to American refineries for export to overseas markets.
A dual focus on increasing access to energy services for the world’s poorest and promoting clean sources of energy is a win-win scenario for development and the environment.
Our research found that at least four of the top six IOCs have significantly relied on tar sands reserves additions to support RRR rates in the past five years. As a percentage of total liquids additions, tar sands represents between 26% and 71% of reserves additions for these four companies.