Last week, U.S. Senator Joe Manchin — the fossil fuel-financed, coal- and gas-loving Democratic Senator from West Virginia — failed in his latest bid to attach his “dirty deal” to the must-pass National Defense Authorization Act.
The Norwegian Government just postponed one of the country’s two oil and gas licensing rounds for the next three years. The decision was part of Norway’s minority government’s budget deal with the opposition Socialist Left Party (SV).
The new briefing, titled ”Investing in Disaster”, exposes the countries and companies that have approved the most new oil and gas extraction in 2022, and that could be responsible for major expansion through 2025.
The briefing reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution. This is equivalent to almost two years’ worth of global carbon emissions from energy at current levels, 17 percent of the world’s remaining 1.5°C carbon budget, or the lifecycle emissions of 468 coal power plants.
This briefing, “Japan’s Dirty Secret: World’s top fossil fuel financier is fueling climate chaos and undermining energy security,” reveals that Japan is the world’s largest public financier of fossil fuel projects, providing 10.6 billion USD per year between 2019 and 2021. Japan has been leading the drive to expand gas consumption in Asia and is the world’s leading financier of gas infrastructure globally, spending USD 6.7 billion on gas projects on average each year between 2019 and 2021.
Rather than building momentum towards COP27 through delivering strong policies and a harmonized approach to implementing the collective promise to end international public finance for fossil fuels by the end of 2022, the Summit was overshadowed by backsliding.
Since May 2021, Shell has expressed interest to develop ten new oil and gas extraction assets, which could lock in additional CO2 pollution (325 million metric tonnes) two times greater than the Netherlands’ total CO2 emissions in 2021.
Despite the ongoing climate crisis, Shell continues to develop new oil and gas assets. Since the Dutch court ruling in May 2021, Shell has made definitive investments in 10 assets, which once burned will result in 325 million metric tonnes of CO2 emissions. Shell also co-owns more than 750 untapped oil and gas assets, which would amount to 4.3 billion metric tonnes of extra CO2 emissions, 30 times more than the total emissions from the Netherlands in 2021.
Today is a major defeat for the Manchin and American Petroleum Institute-approved bill which would have fast-tracked the Mountain Valley Pipeline and other fossil fuel projects.
As hundreds gather in DC to protest Manchin’s dirty side deal, Schumer & Pelosi should know that everything Joe Manchin says about the Mountain Valley Pipeline is wrong