With only six months left till COP26, the UK host has work to do. Ending public finance for fossil fuel projects overseas shows potential, but the UK’s lack of action on fossil fuels domestically risks undermining its credibility.
President Joe Biden has made good start on climate change. But one area that the President is coming under pressure is to take action over fossil fuel subsidies and finance.
Exxon, which has been bruised, battered and bloodied by a catastrophic collapse in the oil price, and is haemorrhaging money, wants us all to drive over a climate cliff too. It is reckless corporate behaviour, which the executives must know will cost lives.
Big Oil faces a new reality where “everything has changed.” Even their long-term survival.
A new report highlights how 35 leading global banks have provided a staggering USD $2.7 trillion to fossil fuel companies since the Paris Agreement in 2015.
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.”
“I’m done with fossil fuels. We are done. They are just done.”
“Australia is burning and yet ANZ continues to invest billions of dollars in climate wrecking projects. It is illegal for someone to light a bushfire, and we believe it is illegal for companies to finance the burning of our common home. This case is one of many to come against climate criminals”.
Decades after BP became aware about the serious consequences of climate change, and as the world faces a climate emergency, the company’s outgoing boss, Bob Dudley, seems more content about saving BP, than the planet itself.
Greta Thunberg told delegates at Davos that “Our house is still on fire. Your inaction is fueling the flames by the hour.”