The climate plans of major oil and gas companies operating in Canada rank among the worst worldwide and will accelerate the climate crisis rather than help Canada and the world limit warming to 1.5 degrees Celsius (ºC), according to a new report launched at the UN Climate Change Conference.
Our new report “Past Last Call: G20 public finance institutions are still bankrolling fossil fuels” looks at G20 country and MDB public finance for fossil fuels from 2018-2020 for the first time and finds they are still backing at least USD 63 billion per year in oil, gas, and coal projects.
New report updates analysis of public financing for energy projects ahead of expected joint announcement to end these flows at COP26.
“This is a major victory for Indigenous resistance and the climate. Trudeau needs to stop supporting this risky project immediately, and end all fossil fuel subsidies,” said Kyle Gracey of OCI.
The new report shows that Indigenous communities resisting the more than 20 fossil fuel projects analyzed have stopped or delayed greenhouse gas pollution equivalent to at least 25 percent of annual U.S. and Canadian emissions.
Today, Canada’s export bank, Export Development Canada (EDC), released new climate targets.
More than 500 organizations called on policymakers in the U.S. and Canada to reject Carbon Capture and Storage (CCS) as a dangerous distraction and to end the “carbon capture of climate policy.”
“Every day President Biden refuses to stop the Line 3 pipeline is a slap in the face to Indigenous and environmental justice communities. Climate leadership means ending the fossil fuel era and stopping Line 3.”
In an open letter released as part of a week of action against the company ahead of their June 8 Annual General Meeting, signatories detailed the threats that ReconAfrica’s potential development poses for human rights, Indigenous rights, local livelihoods, drinking water for over 1 million people, the global climate, and a critical and world-famous ecosystem.
The creation of the NZPF is a tacit recognition by major oil and gas producers that their contribution to the climate crisis can no longer be ignored. But the framing of the initiative and its main objectives raise the prospect of the NZPF being a greenwashing tool in service to the oil and gas industry’s interests.