It is a gruesome milestone. A year after Russia’s brutal and bloody invasion of Ukraine, the ripples of war have spread across the globe. Tens of thousands of civilians have been killed, along with over a hundred thousand Ukrainian and Russian soldiers.
Russia’s invasion of Ukraine one year ago is a wake-up call to stop dependence on unstable and war-driven fossil fuels, and instead transition to reliable renewable energy. Oil companies are both fueling and profiting from this crisis, while the rest of the world has suffered dire consequences.
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.
This briefing shows that companies are set to make £11.6 billion windfall on UK oil and gas in 2022 and why the UK government is missing this opportunity to fund an energy transition.
“The only effective response to today’s compounding crises is for global leaders to support the efficiency and clean energy solutions that can replace these dirty fuels and eliminate the need for any new LNG infrastructure,” said Laurie van der Burg.
“President Biden and world leaders must do everything in their power to end the fossil fuel era and move the United States and the world to 100% renewable energy as quickly as possible,” said Collin Rees.
New analysis finds that revenues from oil and gas projects backed by European and U.S. companies have fueled Vladimir Putin’s regime to the tune of nearly USD 100 billion since 2014.
Just eight of the world’s biggest energy companies helped enrich Vladimir Putin’s war chest to the tune of $95.4 billion (USD) in the seven years after Russia annexed Crimea.
Over 200 progressive groups sent a letter to the White House urging President Biden to resist Big Oil and invoke the Defense Production Act in order to ramp up the deployment of renewable energy to transition the world off the fossil fuels that are leading to global instability.
For decades Big Oil courted Putin and helped him exploit Russia’s vast reserves. Big Oil poured billions into Russia’s war chest with devastating consequences.