Credendo’s new policy is meant to implement the Glasgow commitment to end international public finance for fossil fuels by the end of 2022, but it leaves loopholes for existing oil and gas fields and gas-fired power.
fossil fuel subsidies
Oil Change International submits evidence to the Environmental Audit Committee
The UK House of Commons Environmental Audit Committee have launched a inquiry into Accelerating the transition from fossil fuels and securing energy supplies, which is scrutinising the UK Government’s Energy Security Strategy and its North Sea Transition Deal (for oil and gas production in the UK’s Continental Shelf). Oil Change International submitted the following evidence for the committee.
Climate Groups Praise Democrats’ Action on Price Gouging, Urge Leaders to Back a Windfall Profits Tax
“Big Oil is gouging working families, and it’s critical to hold these companies accountable for their exploitative profiteering,” said Collin Rees.
Consumer Fuel Price Gouging Prevention Act is a key step; Windfall Profits Tax must come next
“Voters will reward politicians who stand up for people, not polluters, and taxing windfall profits is wildly popular in every part of the country,” said Collin Rees.
New energy security task force must not expand fossil gas production or invest in long-lived infrastructure
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.
EU position on ‘ending public support for fossil fuels’ fails to do exactly that
Today the Council of the European Union will approve a statement that commits all Member States to end international public finance in the form of export credits for projects in the fossil fuel energy sector.
Reaction to U.S. Interior Department oil and gas leasing reform report
“President Biden promised to end the leasing program entirely due to its deadly threat to the climate, but Interior’s recommendations fall far short of that goal — and ring particularly hollow days after the largest lease sale in U.S. history,” said Rees.
France joins commitment to end international oil, gas, and coal finance by 2022
Today’s announcement comes after the Netherlands, Germany and Spain confirmed their participation in the initiative earlier this week and alongside confirmations from Belgium and Sri Lanka today. The French development bank — AFD — had already signed up to the statement, but not the French government as a whole.
New report exposes five wealthy countries whose fossil fuel production threatens chance at 1.5ºC
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
The Fossil Fuelled Five: Comparing Rhetoric with Reality on Fossil Fuels and Climate Change
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.