Read the latest insights and analysis from the experts at Oil Change International.
It would make a great April Fools joke. Investing $5 billion in a product that is nearly worthless in the middle of a global pandemic, which puts communities and construction workers at risk. Make sense to you? No, of course it doesn’t. You would reply: “Don’t be so stupid! That must be a joke.”
Warren Mabee, the director of the Institute for Energy and Environmental Policy at Queen’s University, said he "wouldn’t be surprised if Canadian crude prices briefly go negative - a scenario where producers are paying people to take away product.”
Later today, the Senate is set to vote on an unprecedented $2 trillion bi-partisan stimulus package that is designed to try and prop up a creaking American economy, which has been brought to a juddering halt by the Coronavirus.
We are in the midst of a global crisis. COVID-19 has put the health, livelihoods, homes, and safety of billions at risk. At Oil Change International we are reorienting our work at this critical time to respond to the needs of this moment.
People all over the world are facing unprecedented crises from COVID-19. These tragic impacts will be the deepest in the world’s most vulnerable communities, regions and countries. IEA director Dr. Fatih Birol has urged governments worldwide to place clean energy at the heart of stimulus. Here Dr. Birol is right - but making this clean energy call count with real ambition is critical if the IEA wants to shake its reputation as a shill for the fossil fuel sector.
The unthinkable could soon be thinkable.
Rather than fund a just transition, the Canadian government is “preparing a multibillion-dollar bailout package for Canada’s oil and gas sector that is expected to be unveiled early next week”.
A new report highlights how 35 leading global banks have provided a staggering USD $2.7 trillion to fossil fuel companies since the Paris Agreement in 2015.
What America needs is a comprehensive vision for energy security, one that goes beyond fossil fuel independence. This plan should entail sustained investment in alternative fuel sources and technologies… If the United States really wants to be energy independent, it must look toward preparing for a post-oil future.”
Some 30 young South Koreans are suing their Government, claiming that their parliament’s “recent revision to the nation’s climate-change law doesn’t go far enough to protect their future.”
