As the U.S. government arrives in Dubai for the UNFCCC COP28 climate summit, frontline communities, youth, and civil society are planning to confront the Biden-Harris administration’s oil and gas expansion and urging a rapid fossil fuel phaseout.
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.
Over 250 organizations from 30 countries call on governments to support fellow OECD members’ efforts to end oil and gas export finance at OECD meeting on 6 November 2023.
Paris, France – Today, the International Energy Agency’s flagship report, the World Energy Outlook (WEO), reaffirms that world leaders must not develop new oil, gas, or coal beyond existing fields, and must close some existing fields and infrastructure early, to remain within the internationally agreed upon temperature limit. The WEO’s findings reinforce urgent calls for … Read More
“The United States can help lead a shift of billions of dollars from last century’s dirty energy into the clean, renewable energy of the future, but EXIM’s fossil fuel approvals like Liwathon are a huge step backward.”
“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.
Analysis shows just 20 countries are responsible for nearly 90% of carbon dioxide pollution threatened by new oil and gas extraction projects between 2023 and 2050 — with top ‘climate hypocrites’ the United States, Canada, Australia, Norway, and the United Kingdom accounting for a majority. If these 20 Planet Wreckers followed the call from UN Secretary General Guterres to stop new oil and gas fields and licensing, the equivalent to the lifetime carbon pollution of 1,100 new coal plants would be kept in the ground.
Rich countries have continued to approve USD 4.4 billion in international public finance despite committing to end this support by the end of 2022. Six countries including the United States, Germany, Italy and Japan have at least 26 fossil fuel projects awaiting approvals, with Germany having the biggest number of projects pending.
*Updated February 2024* Oil Change International analysis shows that several major countries continue to pump $6.2 billion in public finance into international fossil fuel projects despite committing to end this support by the end of 2022.
US main street banks like Wells Fargo and Bank of America have provided loans to Mountain Valley Pipeline since the beginning. These banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable, a threat to the climate and environmental justice communities in Appalachia.