This report finds that the EU’s demand for gas is set to decline significantly in line with climate targets, eliminating the need to expand supply from new fields or infrastructure. In the report the authors model how EU’s gas demand matches future supply in various forecasted scenarios.
Over 250 organizations from 30 countries call on governments to support fellow OECD members’ efforts to end oil and gas export finance at OECD meeting on 6 November 2023.
Yesterday night European Union (EU) environment ministers agreed on their negotiation position for COP28, the UN climate conference starting at the end of November in Dubai – and ambiguity on abatement technologies risks undermining negotiation success.
Ending fossil fuel subsidies presents a massive opportunity to shift billions to pay for energy efficiency, renewable energy, and climate finance, as well as to social protection measures that can mitigate any harmful impacts on households. If the Netherlands takes action now, it has an opportunity to bring other countries along at COP28, the upcoming UN climate conference in Dubai.
“The EU’s new international energy strategy is woefully inadequate and would lock in decades’ more extraction of deadly gas and oil,” said Collin Rees.
Climate and environmental justice groups are raising concerns about a lack of transparency around the US-EU Joint Task Force for Energy Security that the Biden Administration announced on March 25.
“Furthering fossil fuel dependence would be the worst possible choice for Biden and von der Leyen in a critical moment — we need to double down on clean, renewable energy,” said Collin Rees.
Today, U.S. President Joe Biden and European Commission President Ursula von der Leyen announced a new task force to reduce Europe’s dependence on Russian fossil fuels. The announcement reveals that the EU and United States plan to expand LNG infrastructure in Europe. Recent research shows such new LNG import infrastructure is not needed.
“Ending government support for fossil fuels is a no-brainer. Globally, governments are still propping up fossil fuels with huge sums of public money, behaviour that is incompatible with keeping global warming below 1.5ºC,” said Laurie van der Burg.
The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.