In the latest setback for the oil giant, Shell has had to terminate the contract for the seismic ship that was due to undertake highly controversail exploration off South Africa’s wild coast, after a court ruled at the end of December that Shell had not adequately consulted the local community.
After what was dismissed as a disappointing COP 26 in Glasgow, in the last week we have seen significant victories in the climate fight on both sides of the Atlantic.
The Sky’s Limit Africa assesses fossil fuel industry plans to sink USD $230 billion into the development of new extraction projects in Africa in the next decade — and USD $1.4 trillion by 2050. It finds these projects are not compatible with a safe climate future and that they are at risk of becoming stranded assets that leave behind unfunded clean-up, shortfalls of government revenue, and overnight job losses.
The Parliament election in Norway, Europe’s largest oil and gas producer, ended up securing support for a shift in Government, from today’s Conservative-coalition government to a Labour-coalition government. Talks and negotiations are happening over the next weeks, and one of the biggest issues is the future of the Norwegian oil and gas industry. Will Norway’s new government pass a more restrictive oil and gas policy?
The Danish Government just announced the cancellation of the 8th North Sea licensing round, a ban on future offshore licencing (following an onshore ban in 2018), and a ban on all offshore production by 2050. Hannah McKinnon of Oil Change International responded as follows.
Whereas Big Oil bosses still continue a strategy of climate denial, the majority of oil workers would switch to jobs in the renewable industry.
The Norwegian Government has just given lucrative tax breaks to the oil industry to carry on drilling, despite the urgent need to tackle our climate emergency.
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.
As we approach the Global Climate Action Summit, hosted by Governor Brown later this year, the governor himself has an opportunity to show true leadership and announce new steps to limit fossil fuel extraction across the state. After all, the case for a managed phase out of fossil fuel production in California has now been clearly laid out by his own team.
We have known for years that the days of finding easy oil outside the Middle East are over. It means that the oil industry has to go into fragile ecological areas like the Arctic or exploit dirty unconventionals like the tar sands or shale gas.