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Despite fierce local and national opposition, the Federal Energy Regulatory Commission approved new LNG projects in South Texas at a time when we so clearly must transition away from fossil fuels.
Our new report shows that certified gas programs are likely highly unreliable and ineffective, resulting in increased threats to health and climate from the oil and gas industry.
Today, G7 Climate, Energy and Environment Ministers issued a communique ahead of next month's G7 Leaders Summit that leaves the door open for investments in new capacity and endorses fossil fuel-based technologies promoted by Japan, this year’s G7 host. This contradicts the International Energy Agency’s (IEA) most recent G7 analysis.
There have been few concrete developments on the G7-led 'evolution roadmap' and a new Paris Alignment ‘sector note on energy and extractives’ keeps all existing pathways for WBG fossil gas support open.
In the seven years since the Paris Agreement was adopted, the world’s 60 largest private banks financed fossil fuels with USD $5.5 trillion. The report lays bare the shocking fact that even as fossil fuel companies made $4 trillion in profits in 2022, banks still provided $673 billion in financing. Remarkably, this happened while oil majors like Exxon Mobil and Shell PLC asked for $0 financing from banks in 2022.
Today, ahead of the G7 Climate, Energy and Environment Ministerial meeting this weekend in Japan, the International Energy Agency (IEA)released analyses to inform the G7 energy agenda, including on the outlook for fossil gas.
Over 100 groups sent a letter to Biden Administration officials ahead of this week’s G7 meeting of climate change and environmental ministers urging the United States to resist the Japanese push for increased public investments in LNG.
As G7 Climate, Energy and Environment Ministers prepare to meet in Japan, two new briefings launched today show the extent to which G7 countries are succeeding and failing in holding up their climate and energy security commitments.
"The World Bank cannot be effective on climate action until it stops adding fuel to the fire. We'll be looking to shareholders and Bank leadership to make serious commitments to stop all forms of support for fossil fuels,” said O'Manique.
Government-backed LNG projects are exposing the public to stranded asset risks and causing emissions nearly twice the annual emissions of Canada.
