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Negotiators must be laser focused in Baku this week. They must deliver a new grant-based climate finance target in the trillions at COP29, ensuring rich countries pay up for global climate action. They must also secure national climate plans that phase out fossil fuels.
Don’t be fooled: the Energy Permitting Reform Act is another dirty deal to fast-track fossil fuels above all else. It would unleash more drilling on federal lands and waters, unnecessarily rush the review of proposed oil and gas export projects, and lift the Biden administration’s pause on new LNG exports.
Altérra has funneled money through secondary sub-funds managed by Blackrock into building fossil fuel pipelines and gas projects. This includes TC Pipelines, a subsidiary of the company behind Coastal Gaslink and failed Keystone XL pipeline proposals.
"A $1 billion voluntary climate fund that gives polluters decision-making powers is greenwashing. There is momentum to make polluters and the super-rich pay up for the trillions needed for climate action. Inviting fossil fuel interests to play-act as climate champions is a waste of time."
The COP Presidency is centering the new climate finance target, the New Collective Quantified Goal (NCQG), in this year’s UN climate talks. To deliver on last year's groundbreaking commitment to transition away from fossil fuels, rich countries must raise trillions of dollars to support climate action in developing countries. While the COP29 host recognizes the need for a significant financial increase, it fails to emphasize that it must be on fair terms to countries that need it most.
Switzerland is the first signatory of the Clean Energy Transition Partnership (CETP) to water down its policy to end international public finance for fossil fuels. The country has now also surpassed the United States in providing the most international fossil fuel finance since the end of 2022 deadline passed, providing a total of almost $3.6 billion.
Switzerland is the first signatory of the Clean Energy Transition Partnership (CETP) to water down its policy to end international public finance for fossil fuels. The country has now also surpassed the United States in providing the most international fossil fuel finance since the end of 2022 deadline passed, providing a total of almost $3.6 billion.
As the world's biggest expander of oil and gas, the U.S. has a responsibility to lead a global and just transition away from fossil fuels. President Biden has the authority he needs and more tools than he has used to end the era of fossil fuels. All he needs is the political will.
Projects like CP2 will never be built because of fierce opposition by frontline communities. But instead of taking note, Japanese financiers and companies are doubling down on support for US LNG which poses tremendous financial, social and environmental risks.
“As the head of the IEA, Mr. Birol should know the time to focus only on coal as a climate culprit is over. We need a full, fast, fair, funded phase out of all fossil fuels. Setting such a low bar for ambition is out of touch and inequitable, keeping the door wide open for major oil and gas producers."
