Oil Change International is a research, communication, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating a just transition to clean energy. For media inquiries, please contact: Valentina Stackl at press@priceofoil.org
Just eight of the world's biggest energy companies helped enrich Vladimir Putin’s war chest to the tune of $95.4 billion (USD) in the seven years after Russia annexed Crimea.
Today, U.S. President Joe Biden and European Commission President Ursula von der Leyen announced a new task force to reduce Europe’s dependence on Russian fossil fuels. The announcement reveals that the EU and United States plan to expand LNG infrastructure in Europe. Recent research shows such new LNG import infrastructure is not needed.
A new report released today by the Tyndall Centre for Climate Change Research in the UK concludes that wealthy, economically diversified countries, which currently account for more than a third of global oil and gas production, need to phase out their extraction by 2034 for the world to maintain a 50% chance of limiting warming to 1.5°C. This analysis, which is the first study to assign dates at which countries should phase out their production of oil and gas on the basis of equity, also highlights that a globally just transition will require wealthy countries to fund a systemic transition away from fossil fuels in the Global South, over and above their existing debts for climate finance and reparations.
Today the Council of the European Union will approve a statement that commits all Member States to end international public finance in the form of export credits for projects in the fossil fuel energy sector.
"With sky-high energy prices, it’s mind-boggling to allow the fossil fuel industry to rake in record profits at the expense of working families. What’s needed now is immediate relief for American consumers, which is what this commonsense windfall profits tax bill would provide," said Rees.
Over 200 progressive groups sent a letter to the White House urging President Biden to resist Big Oil and invoke the Defense Production Act in order to ramp up the deployment of renewable energy to transition the world off the fossil fuels that are leading to global instability.
"The 'California Way' means protecting vulnerable communities and being a national leader in confronting climate chaos. Newsom has a huge chance to do both, but it will require bold action and follow-through, not just nice words," said Rees.
Between 2016, following the adoption of the Paris Climate Agreement, and June 2021, public and private financial institutions poured at least $132 billion in lending and underwriting into 964 gas, oil and coal projects in West, East, Central and Southern Africa. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public finance institutions like development banks and export credit agencies.
Oil Change International is horrified by Russia’s war against Ukraine. We strongly condemn Russia’s military aggression. Our heart goes out to the people of Ukraine and people across the region who continue their human rights, climate and social justice work in these dangerous circumstances, including in Russia.
A new briefing released today reveals that, despite claiming to be one of the world’s climate leaders, Norway has exponentially ramped up its exploration licensing over the past 10 years, making it Europe’s most aggressive explorer for new oil and gas.
