New Study Identifies United States as ‘Planet-Wrecker-in-Chief’

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Original article by JAKE JOHNSON republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Planned fossil fuel expansion in the U.S. accounts for more than a third of new oil and gas extraction projects set to begin through 2050, according to Oil Change International.

Canadian wildfire 2023
Canadian wildfire 2023

A new report released Tuesday identifies the United States as “planet-wrecker-in-chief,” pointing to the nation’s plans for a massive expansion of oil and gas production over the next two and a half decades even as it postures as a climate leader on the world stage.

According to Oil Change International’s (OCI) research, planned oil and gas expansion in the U.S.—the largest historical contributor to planet-warming greenhouse gas emissions—accounts for more than a third of prospective global oil and gas expansion through 2050. Much of the U.S. expansion is tied to fracking, the report observes.

The U.S. is one of just 20 countries that are projected to be responsible for nearly 90% of the carbon dioxide pollution from new oil and gas extraction projects between 2023 and 2050.

If those 20 countries follow through with their fossil fuel expansion plans, OCI noted, the projects will emit an estimated 173 billion tonnes of carbon dioxide, the equivalent of the lifetime emissions of more than 1,000 new coal plants.

“If that amount of CO2 is emitted into the atmosphere, then we’re in serious trouble,” Romain Ioualalen, global policy lead for OCI and a co-author of the new report, said during a press conference on Tuesday.

Such emissions, Ioualalen warned, would blow through the world’s dwindling carbon budget and make it “mathematically impossible” to limit global warming to 1.5°FC by the end of the century.

“The planet-wreckers report presents unmistakable evidence of the peril of fossil fuel expansion while reckoning with the world’s historic polluters, namely the United States.”

Five rich countries—the U.S., Canada, Australia, Norway, and the United Kingdom—account for more than half of all planned oil and gas expansion globally, even though they are far less reliant on fossil fuel revenues than other nations and have the resources for a renewable energy transition, OCI said.

The new report takes the Biden administration to task for “pledging climate leadership” while simultaneously facilitating “the continued expansion of fossil fuel production in the United States.”

“In 2023 alone, the administration greenlit the Alaska Willow Project; approved multiple LNG export facilities in Alaska and along the Gulf Coast, held a massive oil and gas lease sale in the Gulf of Mexico, fast-tracked the Mountain Valley Pipeline, and oversaw the weakening of bedrock environmental laws, making it easier for fossil fuel infrastructure to move forward,” the report notes.

The new research was released just over a week before United Nations Secretary-General António Guterres’ Climate Ambition Summit, which will be preceded by more than 400 mobilizations worldwide aimed at pressuring world leaders to urgently phase out fossil fuels.

“The planet-wreckers report presents unmistakable evidence of the peril of fossil fuel expansion while reckoning with the world’s historic polluters, namely the United States, and how we must hold them accountable,” Helen Mancini, a 16-year-old Fridays for Future activist from New York City, said in a statement Tuesday.

“The activism youth are doing is not radical,” Mancini added, “it’s a demand for survival that the planet-wreckers must heed.”

Original article by JAKE JOHNSON republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingNew Study Identifies United States as ‘Planet-Wrecker-in-Chief’

World Bank Pumping Billions More Into Fossil Fuels Than Publicly Known: Study

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Original article by JAKE JOHNSON republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Exploiting a “trade finance” loophole, the bank dumped an estimated $3.7 billion into oil and gas projects in 2022.

Cyclists take over rush hour traffic outside World Bank headquarters and urge the bank's president to end funding for fossil fuels on April 10, 2023 in Washington, D.C. (Photo: Kevin Wolf/AP Images for Glasgow Actions Team)
Cyclists take over rush hour traffic outside World Bank headquarters and urge the bank’s president to end funding for fossil fuels on April 10, 2023 in Washington, D.C. (Photo: Kevin Wolf/AP Images for Glasgow Actions Team)

An analysis released Tuesday by the German nonprofit Urgewald estimated that the World Bank spent nearly $4 billion on fossil fuel financing last year, when it was under the leadership of a climate denier nominated by former U.S. President Donald Trump.

The World Bank pledged in 2017 to end financing for upstream oil and gas—with narrow exceptions—after 2019. But Urgewald observed in its new report that the World Bank’s pledge applied only to direct finance, allowing the powerful institution to funnel cash to oil and gas projects through “trade finance” dished out by its private-sector arm, the (IFC).

“Despite trade finance’s vast and still-growing share of the IFC’s budget, over 70% of it is given out in secrecy,” Urgewald noted. “The types of goods and businesses it is funding are not even reported to the World Bank’s shareholders, i.e., our governments. The public has a right to know where all this money is going.”

Citing the IFC’s “severe lack of transparency,” Urgewald stressed that it was only able to “formulate an estimate” for oil and gas transactions. The group calculated that the World Bank spent roughly $3.7 billion on oil and gas trade finance in 2022.

“This would more than triple the current annual level of fossil fuel finance attributed to the World Bank and cast serious doubts on Bank claims of alignment with the Paris Climate Agreement,” Urgewald’s Heike Meinhardt said in a statement.

“The easiest way for a big oil company or coal operation to escape attention surrounding public assistance is to cloak it in trade finance.”

The World Bank has long been accused of reneging on its climate commitments. A report released last year by Big Shift Global estimated that the World Bank has spent nearly $15 billion supporting fossil fuels since the adoption of the Paris Climate Agreement in 2015.

Late last year, former World Bank President David Malpass sparked global outrage by saying he’s not sure whether he accepts the scientific consensus that climate change is caused by the burning of fossil fuels, further validating climate activists’ longstanding calls for systemic reforms at the bank.

“I don’t know,” Malpass said in response to a reporter’s question about his views on climate change. “I’m not a scientist.”

The comments prompted widespread calls for Malpass to step down, which he did in June. Current World Bank President Ajay Banga, who U.S. President Joe Biden nominated to replace Malpass, is a former private equity executive who has worked for Nestlé, PepsiCo, and Citibank.

Urgewald warned in its report Tuesday that the World Bank will remain a major source of funding for the fossil fuel industry until it enacts reforms that prevent the IFC from bolstering oil and gas under the guise of “trade finance.”

“The easiest way for a big oil company or coal operation to escape attention surrounding public assistance is to cloak it in trade finance,” the group said. “It is a huge loophole that must be closed and evaluated through public disclosure.”

Urgewald added that “there is no doubt” the World Bank and IFC “are going to deny” its findings and “claim the figures are inaccurate.”

That’s exactly what an IFC spokesperson did on Tuesday, tellingThe Guardian that “Urgewald’s report contains serious factual inaccuracies and grossly overstates IFC’s support for fossil fuels.”

“IFC regularly reports accurate and timely project information through various channels,” the spokesperson added.

Urgewald disputed that narrative in its report, asserting that the “continued secrecy surrounding trade finance makes it impossible to determine how much fossil fuel business the IFC is ultimately facilitating and whether the World Bank is actually aligned with the goals of the Paris Climate Agreement.”

“An exorbitant amount of IFC money, i.e., more than half its budget, is streaming through banks without any oversight by the [World Bank Board of Directors], without any opportunity for public scrutiny, without any accountability,” the group said.

Original article by JAKE JOHNSON republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingWorld Bank Pumping Billions More Into Fossil Fuels Than Publicly Known: Study

Peace campaigners protest against DSEI arms fair in London

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https://morningstaronline.co.uk/article/peace-campaigners-protest-against-dsei-arms-fair-in-london

Campaigners block the road in East London outside the DSEI arms fair Photo: @CAATuk / Twitter
Campaigners block the road in East London outside the DSEI arms fair Photo: @CAATuk / Twitter

HUNDREDS of peace campaigners gathered outside of London’s ExCel centre today to tell arms dealers and the world’s worst human rights abusing nations that they are not welcome.

It came as UK Defence and Security Exports published the list of countries invited to Defence and Security Equipment International (DSEI).

Eight of the nations are on the British government’s own list of countries of concern, such as Saudi Arabia.

Protests, co-ordinated by the Stop The Arms Fair (Staf), have been targeting the event since it began preparations last week, leading to at least 12 arrests.

https://morningstaronline.co.uk/article/peace-campaigners-protest-against-dsei-arms-fair-in-london

Continue ReadingPeace campaigners protest against DSEI arms fair in London

More than a fifth of UK shoppers’ favourite grocery items at climate breakdown risk

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https://www.theguardian.com/food/2023/sep/13/uk-grocery-items-climate-breakdown-risk

Report finds consumers could also face shortages of bananas, avocados, peas and tea in the coming years owing to carbon dioxide emissions

Empty supermarket shelves. Image: citytransportinfo  Creative Commons CC0 1.0 Universal Public Domain Dedication. Creative Commons CC0 1.0 Universal Public Domain Dedication.
Empty supermarket shelves. Image: citytransportinfo Creative Commons CC0 1.0 Universal Public Domain Dedication. Creative Commons CC0 1.0 Universal Public Domain Dedication.

More than a fifth of UK shoppers’ favourite grocery items are at risk from climate breakdown, a new report has found.

Consumers could also face shortages of bananas, grapes, avocados, cashews, cocoa, peas, canned tuna and tea in the coming years, as the countries they come from are hit by changing weather patterns because of CO2 emissions, the charity Christian Aid has said.

Of the 25 biggest food exporters to the UK, eight – Brazil, South Africa, India, Vietnam, Peru, Colombia, Ivory Coast and Kenya – faced high climate vulnerability, according to research by the charity. It found 22% of the items in a typical British grocery shop were at risk.

Some effects have been seen already. Earlier this year, UK supplies of tomatoes, cucumbers, lettuce, peppers and citrus fruits ground to a halt as drought hit parts of Spain and Morocco.

https://www.theguardian.com/food/2023/sep/13/uk-grocery-items-climate-breakdown-risk

Continue ReadingMore than a fifth of UK shoppers’ favourite grocery items at climate breakdown risk