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"After 30 years, governments finally had the guts to talk openly about the problem of fossil fuel dependence at COP26, but failed to encode a bold solution in their final outcomes."
Incremental progress is not good enough. What we need is concrete commitments to fight the climate emergency. This includes a rapid phase out of all fossil fuels through a just energy transition and revisions of national climate targets in line with the 1.5C goal.
”Continued failure to treat climate change as the crisis it is, will condemn current and future generations to a world of untold suffering and harm. Instead, world leaders should heed young people’s urgent calls to protect their futures.”
Today’s announcement comes after the Netherlands, Germany and Spain confirmed their participation in the initiative earlier this week and alongside confirmations from Belgium and Sri Lanka today. The French development bank — AFD — had already signed up to the statement, but not the French government as a whole.
The new report finds that wealthy nations — the United States, United Kingdom, Canada, Norway, and Australia — planning to approve and subsidize new fossil fuel projects which undermines their recent claims of leadership in addressing the climate crisis.
"Gov. Newsom has made key strides, and it’s exciting to see California joining BOGA’s second tier — but to align with science and justice, he must announce a full ban on new oil and gas permits," said Rees.
With launch of 'Beyond Oil & Gas Alliance', countries and regions forge first diplomatic initiative to phase out fossil fuel extraction. Civil society applauds the creation of BOGA and asks countries: Where is your plan to stop producing the fossil fuels that are driving the climate crisis?
This increases the number of signatories to 30 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 23.6 billion per year. This equals 37% of annual public finance for fossil fuels provided by G20 countries and the Multilateral Development Banks (MDBs) between 2018 and 2020.
This increases the number of signatories to 29 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 21.7 billion per year.
The report additionally reveals that burning the oil and gas projected to be produced in the Permian Basin by 2050 will release nearly 40 billion tons of CO2, almost 10% of the remaining global carbon budget for staying under 1.5°C. 80% of these emissions, over 30.6 billion tons of CO2, would come from burning the liquids and gas produced from new wells that were not in production at the end of 2020, signaling an urgent need — but an opportunity — for President Biden to immediately deny new oil and gas infrastructure permits.
