A new report analyzes how the Inflation Reduction Act fails to reduce fossil fuel production or alleviate impact on environmental justice communities, and that current policies will instead lead to a deadly increase in oil and gas production and exports.
A new report commissioned by Oil Change International attempts to map out the potential influence that oil and gas interests may have on other influential stakeholders in Norway.
“Sacrificing millions of acres in the Gulf of Mexico for oil and gas extraction is a gross denial of reality by Joe Biden in the face of climate catastrophe,” said Collin Rees.
Climate justice advocates expressed outrage at California state oil regulator CalGEM over the recent approval of hundreds of oil and gas rework permits to continue dangerous oil operations within 3,200 feet of communities.
Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the world’s largest international financiers of fossil fuels, with international climate goals.
Rather than building momentum towards COP27 through delivering strong policies and a harmonized approach to implementing the collective promise to end international public finance for fossil fuels by the end of 2022, the Summit was overshadowed by backsliding.
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.
A new peer-reviewed study published in Environmental Research Letters finds that existing oil, gas, and coal extraction sites need to be closed down to stay within 1.5C. The study, led by researchers at Oil Change International and the International Institute for Sustainable Development, finds that nearly 40% of developed fossil fuel reserves need to stay in the ground to keep the 1.5°C limit in reach.
The communities most at risk from new fossil fuel extraction are primarily Black, Brown and Indigenous peoples, people of the global majority and those on the frontlines of fossil fuel industry expansion.
“True energy independence means rejecting fossil fuel expansion and ending Big Oil’s greed while rapidly building out renewable energy on public lands and beyond,” said Rees.