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"True energy security means affordable, reliable, and fossil-free energy for all communities," said Rees. "Congress should reject Big Oil and Gas’s cynical attempts to profit from human suffering and pass this bill immediately."
Released today, the 13th annual Banking on Climate Chaos report, the most comprehensive global analysis on fossil fuel banking to date, underscores the stark disparity between public climate commitments being made by the world’s largest banks, versus the reality of their largely business-as-usual financing to the fossil fuel industry.
As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime prices.
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.
