The wealthiest countries need to have phased out their production by 2034 at the latest, or by 2031 for a higher chance to stay below 1.5°C of warming. The report is also clear that immediate action is needed: their production must go down by 74% by 2030.
A new report released today by the Tyndall Centre for Climate Change Research in the UK concludes that wealthy, economically diversified countries, which currently account for more than a third of global oil and gas production, need to phase out their extraction by 2034 for the world to maintain a 50% chance of limiting warming to 1.5°C. This analysis, which is the first study to assign dates at which countries should phase out their production of oil and gas on the basis of equity, also highlights that a globally just transition will require wealthy countries to fund a systemic transition away from fossil fuels in the Global South, over and above their existing debts for climate finance and reparations.
In advance of this year’s G7 Summit, 353 organizations from 58 countries have signed a letter calling on G7 leaders to stop financing fossil fuels; cancel debt payments in global South countries grappling with COVID-19 and climate impacts, and pay their fair share of climate finance to global South countries for climate adaptation among other demands.
With the expected re-entry of the United States into the Paris Climate Agreement, the Biden administration is required to update the U.S. pledge for 2025 by formally submitting a 2030 pledge towards the global effort. To inform this contribution, U.S. Climate Action Network released an analysis of “fair share” country contributions with a particular focus on the United States.
The COVID-19 pandemic has shaken up the global energy economy. Wealthy countries have scrambled to support their own fossil fuel industries. Meanwhile, poor countries are reeling. So what would a sustainable and just energy transition look like?
As the oil and gas sector experiences a chaotic decline during COVID-19, a new peer-reviewed study outlines how policymakers can plan for a more resilient future through an equitable phase-out of production.
As COVID-19 and other factors force an unmanaged decline of oil and gas, a new peer-reviewed study outlines how policymakers can plan for a better future, with an equitable phase-out of fossil fuels.
Later this year, OPEC will mark its 60th birthday. Former OCI staff member Greg Muttitt has contributed a chapter to an important new book on OPEC’s history and future. In a guest blog based on his chapter, he argues we need to think about OPEC less simplistically, and suggests a role for OPEC in tackling … Read More
The Lofoten Declaration calls for no new exploration or expansion of oil, coal, or gas, and a managed decline of the fossil fuel sector. For a good part of the past three decades, climate action has been planned, measured, judged, and implemented based on tackling emissions where they come out of the chimney or the … Read More
Hundreds of Global Organisations Demand Supply-Side Action The Lofoten Declaration calls for a managed decline of the fossil fuel sector. For the text of the declaration and a full list of signatories, visit http://www.LofotenDeclaration.org. FOR IMMEDIATE RELEASE 7 SEPTEMBER 2017 Contact: Hannah McKinnon, hannah [at] priceofoil.org Over 220 organizations from 55 countries have released a … Read More