Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
Coal
A Dying Industry is Leaving A Deadly Legacy
The oil industry maybe dying, but it will still pollute us for decades after its death.
Fossil fuel companies getting more U.S. bailouts than any other sector
A new analysis from Bailoutwatch concludes that “fossil fuel companies participated in the government’s Paycheck Protection Program to bail out small businesses at far higher rates than companies in other key sectors”.
COVID-19 crisis accelerating “long-term decline of coal”
Even before the current COVID-19 crisis, coal was in trouble due to its high carbon content, coupled with high costs. But COVID-19 is accelerating that decline. And once coal is gone, it is not coming back.
Report: South Africa Continues to Bankroll Billions in Fossil Fuels
Poor transparency from DBSA, IDC, and ECIC means support for oil, gas, and coal likely higher than the ZAR 2.2 billion a year on record
International Groups: Japan Must Not Support Vung Ang 2 Coal Power Plant in Vietnam
Today, Japanese environmental NGOs submitted a petition for the cancellation of the Vung Ang 2 Coal-fired Power Generation Project in Vietnam to the Japanese public and private sectors signed by 127 organizations from more than 40 countries and regions.
Historic milestones reached in US and UK as renewables trounce coal
For years, coal lobbyists have been saying we needed the dirty fossil fuel for when the wind didn’t blow or the sun didn’t shine. We always knew that was a lie. For years, Donald Trump tried to prop up a dying industry. And now the market has proved them both wrong. And there will be no going back.
As School Strikes Go Digital, Young South Koreans Sue Government Over Climate
Some 30 young South Koreans are suing their Government, claiming that their parliament’s “recent revision to the nation’s climate-change law doesn’t go far enough to protect their future.”
$900 Billion “will be wiped off value of Big Oil if we restrict CO2 rise to 1.5C”
According to the Financial Times “Around $900bn – or one-third of the current value of big oil and gas companies – would evaporate if governments more aggressively attempted to restrict the rise in temperatures to 1.5C above pre-industrial levels for the rest of this century.”
“Grand Coalitions” with Big Oil and Gas Won’t Solve the Climate CrisisÂ
The IEA is embarking on a public relations effort that bears a striking resemblance to the spin coming from the oil and gas industry itself. This post takes a closer look at the IEA’s new spin, and why it’s a dangerous distraction from real solutions.