Read the latest insights and analysis from the experts at Oil Change International.
A new analysis from Bailoutwatch concludes that "fossil fuel companies participated in the government’s Paycheck Protection Program to bail out small businesses at far higher rates than companies in other key sectors".
The political system is broken. There may be tens of millions people demanding a just transition, but we live in a system of embedded cronyism, that rewards people closest to those in power.
The burning, melting, warming Arctic is clearly a sign that something is wrong and we need to stop investing in fossil fuels now.
We have leading experts warning that trillions could be at stake as the fossil fuel industry suffers a terminal and structural decline, but all governments do is pour billions more away on fossil fuels in COVID-19 recovery plans. It is nonsensical. There should be no Big Oil & Gas bailout.
More and more companies do not want to go back. They want a just transition moving forward. We have to make sure now that politicians meet rising corporate and political pressure. There can be no Big polluter bailout. Any post-COVID-19 economic recovery plan has to make central a managed transition away from fossil fuels to a cleaner, more sustainable, more just, future.
With the health and livelihoods of billions at risk from COVID-19, governments around the world are preparing historic levels of stimulus finance. Building a Just Recovery that avoids the worst of climate change means overhauling our public finance institutions fast.
So the public want change for a post-COVID-19 future, towards a cleaner, fairer, greener society. Whereas politicians want to remain stuck in our polluted past. It is time to make our voices heard.
As we transition out of the pandemic we need to transition out of fossil fuels too. We have the science. We have the knowledge. We have the expertise. And now we have to change.
Big Oil faces a new reality where "everything has changed.” Even their long-term survival.
There is no doubt we are at a historical moment with the industry in deep structural and financial trouble and where a post-COVID-19 recovery could see a radical shift away from oil and into a just transition into renewables. But will that happen?
