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.

Shell is currently moving its drilling rigs to Seattle in anticipation of resuming its US offshore Arctic drilling programme in July. However, it is far from clear that Shell has adequate physical or financial plans to deal with the impacts of a major oil spill in this remote region.

This analysis finds that over the last decade, export credit agency financing has played a significant role in supporting coal power generation globally. Most alarmingly, OECD export credit financing for coal has substantially increased in recent years.