Oil Change International publishes upwards of 20 reports and briefings every year focused on supporting the movement for a just phase-out of fossil fuels.
Last year at COP28, governments committed to transition away from fossil fuels. The next key step to make good on this landmark energy agreement is rich countries agreeing to a new climate finance goal of at least $1 trillion annually to make this possible. This will allow countries to deliver national climate plans (NDCs) due in 2025 that phase out fossil fuels.
Big oil and gas companies’ voluntary “Decarbonization Charter,” launched at COP28, is a dangerous distraction from the urgent need to rapidly phase out fossil fuels. New data shows Charter members have approved massive oil and gas expansion plans since signing on.
There is no shortage of public money available for rich countries to pay their fair share on fair terms for climate action at home and abroad. They can mobilize over USD 5.3 trillion per year for the new climate finance target at COP29, international development needs, ensuring fair fossil fuel phase out in their NDCs, and other public goods.
New research shows COP Troika nations - Brazil, UAE, and Azerbaijan - plan to expand oil and gas production 32% by 2035, endangering the 1.5°C climate limit their role as COP presidencies is meant to champion. Limiting warming to 1.5°C, a key objective the COP Troika has committed to defend, requires countries to immediately end fossil fuel expansion.
Last year at COP28, governments committed to transition away from fossil fuels. The next key step to make good on this landmark energy agreement is rich countries agreeing to a new climate finance goal of at least $1 trillion annually to make this possible. This will allow countries to deliver national climate plans (NDCs) due in 2025 that phase out fossil fuels. Rich countries can mobilize well over $5 trillion a year for climate action at home and abroad by ending fossil fuel handouts, making big polluters pay, and changing unfair global financial rules.
This briefing from Oil Change International shows that G7 countries, which have both the capacity and the responsibility to be leaders in phasing out fossil fuels, are not walking the walk – at home or abroad: some G7 countries are massively expanding fossil fuel production at home, while others are investing in more fossil fuel infrastructure abroad. Both are catastrophic failures of leadership, which the G7 has a responsibility to correct.
