Oil Change International- May 2015

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The Canadian tar sands is among the most carbon-intensive, highest-cost sources of oil in the world. Even prior to the precipitous drop in global oil prices late last year, three major projects were cancelled in the sector with companies unable to chart a profitable path forward.

Since the collapse in global oil prices, the sector has been under pressure to make further cuts, leading to substantial budget cuts, job losses, and a much more bearish outlook on expansion projections in the coming years.

In the wake of plummeting oil prices and ongoing market access constraints, the tar

Despite repeated calls for urgent action on climate change, the World Bank Group increased funding for fossil fuels in its last fiscal year. The World Bank’s increase in fossil fuel finance is especially disappointing as 2014 was the first full fiscal year following the World Bank’s commitment to limit coal financing due to climate concerns.

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