Things don’t seem to be getting any easier for Big Oil and I am going to venture a guess that 2015 is going to be their toughest year yet. Here are a few of the hurdles that are only going to grow for the industry over the coming year: The science: You can ignore the … Read More
The Lima UN climate talks which open today were always the diplomatic aperitif before the main three course carbon-fest in Paris next year. However they open with a renewed sense of optimism that after 20 years of delay and political deadlock – often driven by the fossil fuel industry – a deal may well be in sight for Paris.
Slowly but surely the world’s banks are waking up to the dangers of climate change and the idea that carrying on investing in fossil fuels might be a risky and reckless idea.
The oil industry and its allies are used to dismissing those who are warning about climate change as a bunch of lentil-eating, sandal-wearing commies. But over the last few months we have seen a growing number of authoritative voices calling for fossil fuel disinvestment, with a growing number of institutional investors actually saying they will disinvest from fossil fuels.
Yesterday was day two of the dynamic and energised protests against climate change in New York which saw several thousand activists take part in “Flood Wall Street.”
A new report released today by Oil Change International outlines billions of dollars of annual subsidies from the seven richest countries in the world to expand fossil fuel reserves, despite repeated commitments from those same countries to phase them out.
Exxon’s report, “Energy and Carbon – Managing the Risks” flatly states “we do not anticipate society being able to supplant traditional carbon- based forms of energy with other energy forms, such as renewables, to the extent needed to meet this carbon budget”. See Oil Change International Executive Director Stephen Kretzmann’s response.
Based on a report by Carbon Tracker, Bloomberg labels the tar sands a “shaky investment”
For over a decade now a growing band of activists and enlightened financiers have argued that if we are going to tackle climate change then a proportion of fossil fuels have to stay in the ground.
Only a few months ago, we reported on the release of the IEA’s World Energy Outlook, which for the first time ever acknowledged that we cannot burn at least two thirds of the fossil fuel reserves we currently classify as ‘proven’. So, one would assume that the IEA would agree that further exploitation of such … Read More