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"We can't transition away from fossil fuels by locking in five more years of deadly extraction, and Biden can't claim to care about environmental justice while forcing oil and gas drilling on already burdened communities," said Collin Rees.
"This Supreme Court decision was illegitimate and wrong, but does almost nothing to constrain President Biden's toolbox to address the climate crisis," said Collin Rees.
G7 leaders watered down a commitment made in May by their energy ministers to end international public finance for fossil fuels by the end of this year, drawing a swift rebuke from climate and development campaigners.
Yesterday, the government of Norway and the European Commission released a joint statement on energy cooperation in which the EU officially supported “continued [oil and gas] exploration".
Today, the International Energy Agency (IEA) released a new special report on Africa. The 2022 Africa Energy Outlook suggests a potential to increase gas production on the continent to 2030 even in a “sustainable” scenario.
Today G7 climate, energy and environment ministers issued a communique committing to end public finance for fossil fuels by the end of this year.
The report finds the oil and gas majors are involved in over 200 expansion projects on track for approval from 2022 through 2025. If they go forward, these companies’ investments could create an additional 8.6 billion tonnes (Gt) of carbon pollution – equivalent to the lifetime emissions of 77 new coal power plants.
Russia’s war in Ukraine and fuel price spikes mean international public finance institutions must roll out rapid decarbonization and aid packages, not back track by locking in new fossil infrastructure.
"Voters will reward politicians who stand up for people, not polluters, and taxing windfall profits is wildly popular in every part of the country," said Collin Rees.
"Big Oil is gouging working families, and it’s critical to hold these companies accountable for their exploitative profiteering," said Collin Rees.
