Ending Oil Subsidies, Taxing the Rich Could Help Free Up $5 Trillion a Year for Climate: Report

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Original article by Jake Johnson republished form Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Wildfires are seen in San Marcos Sierra, Cordoba province, Argentina, on September 23, 2024. (Photo: Stringer/AFP via Getty Images)

“The real question isn’t whether we can afford to act, but whether we can afford not to.”

Research published Tuesday estimates that rich countries could mobilize over $5 trillion a year for climate action worldwide by cutting off subsidies to the oil and gas industry, imposing a levy on big polluters, and cracking down on tax evasion by large corporations and the rich.

The new report from Oil Change International (OCI) was released as world leaders gathered in New York City for high-level United Nations General Assembly talks, a meeting that comes less than two months before the COP29 climate summit in Azerbaijan.

OCI’s research, which includes a fact sheet outlining various proposals to raise funds for climate action, stresses that “there is no shortage of public money available for rich countries to pay their fair share on fair terms for climate action at home and abroad.”

“The urgency and extent of growing economic inequality, unfair sovereign debt crises, climate disasters, and fossil fuel profits have created significant momentum towards many of these measures in international and domestic policy spheres,” OCI’s research brief notes. “Finance has been in the spotlight in most major international political fora in the past few years in recognition that our current financial architecture is a major driver of these overlapping crises.”

Among the proposals laid out in OCI’s brief are an equitable end to “public finance, direct subsidies, and state-owned company investments in fossil fuels,” which could raise $846 billion a year globally; a “climate damages tax” on fossil fuel extraction, which could raise $618 billion a year; a 25% minimum corporate tax rate, which could raise $479 billion annually; and a wealth tax on billionaires, which could raise roughly $2.60 trillion a year in the Global North and over $5.6 trillion worldwide.

Laurie van der Burg, OCI’s public finance lead, said that the rich nations most responsible for the climate emergency “owe this money to Global South countries that have not caused this crisis and need fair finance to deliver strong climate plans next year that phase out fossil fuels.”

“This is essential to avoid climate breakdown and save lives,” she added.

The COP29 climate summit will take place a year after nations agreed at COP28 to transition “away from fossil fuels in energy systems” in a “just, orderly, and equitable manner.”

The success of that pledge, OCI said, depends on rich nations contributing massively to global climate finance after years of falling short of their pledges and continuing to expand fossil fuel extraction and handouts. Worldwide, environmentally harmful subsidies—including fossil fuel subsidies—have surged to $2.6 trillion a year, according to a report released last week.

“Global North countries have a responsibility to redirect their share of these subsidies in support of climate action,” OCI said Tuesday.

The new report comes on the heels of a record-hot summer and amid devastating extreme weather, from massive flooding across Europe and Africa to wildfires in South America.

Andreas Sieber, associate director of policy and campaigns at 350.org, said Tuesday that “the real question isn’t whether we can afford to act, but whether we can afford not to.”

“It is a bitter irony that rich nations hide behind claims of fiscal restraint, yet trillions are still spent on fossil fuel subsidies and militarization,” said Sieber. “The truth is simple: the money exists, but the political will does not. By treating climate finance as a zero-sum game, wealthy countries not only deepen global inequality but also undermine their own futures.”

“The energy transition isn’t charity—it’s an investment in global stability and security,” Sieber added. “Ignoring the need for support only worsens the climate crisis, which knows no borders.”

Original article by Jake Johnson republished form Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Continue ReadingEnding Oil Subsidies, Taxing the Rich Could Help Free Up $5 Trillion a Year for Climate: Report

Tory government met with oil and gas lobbyists daily last year

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Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil's You May Find Yourself... art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.
Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil’s You May Find Yourself… art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.

https://morningstaronline.co.uk/article/tory-government-met-oil-and-gas-lobbyists-daily-last-year

THE Tory government met representatives from the oil and gas sector an average of 1.4 times per working day in 2023, an investigation by Global Witness revealed today.

At least 65 fossil fuel organisations and industry bodies were identified as meeting with ministers over the year, according to the group.

Global Witness analysed data by Transparency International UK, looking at any organisation that “could be reasonably assumed to have the goal of influencing policy or legislation in the interests of a fossil fuel company and its shareholders.”

According to its findings, ministers met representatives from the oil and gas sector at least 343 times last year, up from 330 meetings held in 2022.

More widely, the group found that meetings between oil and gas lobbyists and the government have been steadily increasing over the past 11 years.

November 2023 saw record-high levels of meetings when the government met oil and gas lobbyists at least 63 times, equivalent to almost three meetings every working day, the campaigners said.

The Offshore Petroleum Licensing Bill, which would mandate annual licensing of new oil and gas fields in the North Sea, was introduced the same month, they noted.

The end of November also marked the start of the UN climate change conference Cop28 in Dubai.

Article continues at https://morningstaronline.co.uk/article/tory-government-met-oil-and-gas-lobbyists-daily-last-year

Continue ReadingTory government met with oil and gas lobbyists daily last year

The world no longer needs new fossil fuels – and the UK could lead the way in making them taboo

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Savva_25/Shutterstock

Greg Muttitt, UCL; Fergus Green, UCL, and Steve Pye, UCL

North Sea oil and gas has become a battleground issue in the UK general election.

The Labour party’s manifesto promises an end to issuing new licenses for finding oil and gas. The Conservative party meanwhile proposes a law that would require the next government to hold a licensing round every year.

Our recent study found that new fossil fuels are not needed, and that stopping the extraction of new coal, oil and gas is among the best ways to tackle the climate crisis.

Scientific assessments tell us that global warming above 1.5°C will mean escalating danger to the environment, human health and the economy. We found that, in a world that limits warming to 1.5°C, remaining global demand for fossil fuels could be met by assets that have already been built.

This means that Labour’s plans do not go far enough. Even under existing licenses, new oil and gas fields need not be opened, nor new platforms and pipelines built.

Surplus to requirements

Our research confirms an earlier finding of policy experts at the International Energy Agency (IEA): that no new fields are needed to meet energy demand as the world attempts to achieve net zero emissions. However, our analysis goes further by demonstrating that no new fossil-fuelled power stations are needed either.

If governments stop new projects, the production and consumption of fossil fuel will gradually decline over coming decades as existing assets reach the end of their lifespans. This gradual transition will give time to plan the process, to protect and create jobs and to build solar and wind farms that meet energy demand as fossil fuels are phased out.

A seaman working on an offshore rig.
Winding down the fossil fuel industry should allow workers time to retrain.
Arild Lilleboe/Shutterstock

A stop to new fossil fuel projects is essential to “transitioning away” from coal, oil and gas, which is what governments agreed to do in December 2023 at the COP28 climate summit in Dubai. This is a necessary commitment, but since it is expressed as a vague and collective goal with an indeterminate end point, it is easy for governments to pay lip service to it while maintaining business-as-usual.

The IEA recently reported that global investment in fossil fuels has increased every year since 2020, even as governments announced net zero emissions targets. An investigation by campaign group Global Witness found that the United Arab Emirates signed over US$100 billion of oil deals in 2023 while it presided over climate negotiations.

Commitments to no new fossil fuels, such as Labour’s plan to end new licensing, are less prone to obfuscation because they are specific and immediate. What’s more, it is clear for everyone to see if a new fossil fuel project is being built. Making commitments that are easily verifiable is a proven recipe for building international trust and cooperation around a shared goal.

There are also political advantages to stopping new fossil fuel projects. Coalitions that support fossil fuels, including oil firms and their employees, are more capable of organising against the closure of existing assets than the cancellation of those yet to be built. Opposing coalitions, including communities living with the pollution and disruption of oil and gas extraction, tend to be more successful when mobilising against planned projects.

The new norm

By making a “no new fossil fuels” commitment, governments can help establish a new norm.

A norm is an expected standard of behaviour, like the norm against smoking in indoor public places, or the international norm against slavery. The more states and global institutions adopt a norm the more social pressure it places on others to follow suit. Once a critical mass has adopted the norm, its spread is self-sustaining.

Arguably, this process is well underway for coal – the dirtiest fossil fuel. The Powering Past Coal Alliance, a group of governments committed to phasing out coal power, was founded in 2017 by the UK and Canada. Already the alliance has expanded to include 60 national governments, including major coal consumers Germany and the US.

An excavator piles coal onto a truck.
Global coal demand rose when gas prices spiked in 2021 and 2022.
Roman Vasilenia/Shutterstock

The process of norm-building is gathering pace for other fossil fuels too. Governments that become core members of the Beyond Oil and Gas Alliance, which so far numbers 15, commit to issuing no new licenses for oil and gas exploration on a path to the total phase-out of fossil fuel production.

The Clean Energy Transition Partnership, comprising 41 governments and financial institutions, commits to ending international lending for fossil fuel projects. And in the private sector, 22 financial institutions have pledged to stop financing new oil and gas projects.

Were a future UK government to commit to stopping new oil and gas fields, it would lend considerable momentum to the norm, given the UK’s role in the history of the oil industry and the fact that is home to BP and Shell, two of the world’s five “supermajor” oil companies.

The UK Climate Change Committee, the government’s independent advisers, has noted that stopping new oil and gas projects would send an important signal to other countries. Such a move would also restore the UK’s reputation as an international leader on tackling climate change, at a critical time when the climate-denying far right is making inroads.


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Greg Muttitt, Honorary Research Fellow, Energy & Climate Change, UCL; Fergus Green, Lecturer in Political Theory and Public Policy, UCL, and Steve Pye, Associate Professor in Energy Systems, UCL

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Continue ReadingThe world no longer needs new fossil fuels – and the UK could lead the way in making them taboo

‘Dystopian’: UAE Used Global Climate Summit to Push $100 Billion in New Oil Deals

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

United Arab Emirates’ minister of industry and CEO of the Abu Dhabi National Oil Company, Sultan Ahmed Al Jaber, speaks at an event in Houston on March 6, 2023.  (Photo: Mark Felix/AFP via Getty Images)

“Make no mistake, COP28 was hijacked by the interests of the fossil fuel industry,” said one campaigner.

A new analysis released by human rights and anti-corruption group Global Witness on Wednesday left no room for doubt, said one campaigner, that the host country of last year’s United Nations climate summit, the United Arab Emirates, prioritized fossil fuel interests over the planet.

“Make no mistake, COP28 was hijacked by the interests of the fossil fuel industry,” said Patrick Galey, senior investigator for Global Witness, referring to the 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC).

The analysis showed that the UAE’s Abu Dhabi National Oil Company (ADNOC) used the COP28 presidency of its CEO, Sultan Ahmed Al Jaber, to seek deals worth nearly $100 billion with oil, gas, and petrochemical companies in at least 12 countries.

Fossil fuel firms, said Galey, “weren’t content simply to block or stall genuine climate policy but used the opportunity to pursue more climate-wrecking oil and gas deals.”

Al Jaber previously denied that ADNOC used COP28 to further its business interests after a leak of briefing documents that instructed the company to discuss fossil fuel deals with at least 16 states that were present at the talks.

According to Global Witness, the company sought deals with at least 11 of those countries and at least one other that had not been included in the leaked documents.

The group’s investigation found that the UAE redoubled its investment in oil and gas in Egypt in 2023, the year Al Jaber presided over COP28. ADNOC finalized a deal with TotalEnergies Marketing Egypt, purchasing a 50% stake in the company for a reported $200 million—resulting in the UAE now jointly operating 240 service stations across the country and contributing to its record profits posted in 2023.

Other deals sought by ADNOC with COP28 participants include a joint venture with BP to buy a 50% stake in NewMed Energy in Israel and multiple bids for a stake in Braskem, the largest petrochemical producer in Latin America. The company is part-owned by Brazil’s state-run oil and gas producer Petrobas.

ADNOC also finalized deals worth an estimated $17 billion with Lukoil in Russia and Wintershall in Germany to develop the Hail and Ghasha gas field in the UAE.

Global Witness’ findings bolstered a report by the Center for Climate Reporting and the BBC in November, which showed Al Jaber used his position at COP28 to push for fossil fuel deals with foreign governments.

The report confirms the worst fears of climate campaigners, who were incensed in early 2023 when Al Jaber was named the president of the U.N.’s largest annual climate conference and warned of conflicts of interest due to his position at the helm of ADNOC.

As it turns out, said Galey, “the UAE knew exactly what it was doing and was not let down—COP28 seems to have been molded towards the benefit of its state oil company.”

“As depressing as it is dystopian, climate talks must never be allowed to create more climate chaos,” he added.

The analysis was released weeks after U.S. Sen. Jeff Merkley (D-Ore.) and Rep. Jan Schakowsky (D-Ill.) led 24 Democratic lawmakers in writing to Secretary of State Antony Blinken and White House Senior Advisor John Podesta, urging them to support conflict of interest guidelines ahead of COP29, which is scheduled to take place in November in Baku, Azerbaijan.

With Mukhtar Babayev, the country’s ecology and natural resources minister who worked for a state-owned oil and gas company for more than 20 years, set to preside over the conference, Galey said that “COP28 seems to have provided other petrostates with a sinister playbook to copy and paste from.”

“As the UAE passes the baton onto Azerbaijan, we are now looking at the possibility of consecutive COPs being hijacked for the interests of big polluters and their profits,” said Galey, noting that scientists have warned the planet is “dangerously close” to heating that exceeds 1.5°C.

Global Witness pointed to recently announced plans to partially privatize the State Oil Company of Azerbaijan (SOCAR) ahead of COP29, “with its downstream and petrochemical subsidiaries made available to help attract foreign investments.”

Rep. Rashida Tlaib (D-Mich.), who signed the letter spearheaded by Merkley and Schakowsky, said Global Witness’ report “is a disturbing warning about the potential for further fossil fuel corruption at COP29, which incredibly will also be hosted by another fossil fuel executive.”

“I will continue urging the U.S. and UNFCCC to adopt new policies to prevent these absurd conflicts of interest that frustrate the international community’s work to address the urgent threats of climate change,” she said.

Global Witness reached out to ADNOC, SOCAR, and COP29 for comment regarding its investigation, and was told that ADNOC is working to “secure, reliable, and responsible supply of energy to support a just, orderly, and equitable global energy transition and that allegations regarding Al Jaber’s deal-making at COP28 are “false, not true, incorrect, and not accurate.”

A COP29 spokesperson said Azerbaijan is “100% committed to bringing countries together with the ambition of keeping the 1.5° target within reach.”

Rep. Barbara Lee (D-Calif.), said in a statement Wednesday that Babayev should be removed “from any leadership role at COP29.”

“It is an absolute scandal that the UNFCCC has two years running put an oil and gas executive in charge of this event,” she said, “thus putting foxes in charge of the henhouse.”

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

Continue Reading‘Dystopian’: UAE Used Global Climate Summit to Push $100 Billion in New Oil Deals

200+ Groups to Congress: Stop ‘Zombie’ Funding for Fossil Fuels on Public Lands

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

A gas drilling rig sits in an area of southeastern Utah managed by the Bureau of Land Management. 
(Photo: Richer Images/Construction Photography/Avalon/Getty Images)

“It’s past time our leaders take this simple step and stop funding activities that are completely at odds with protecting our climate,” one advocate said.

More than 200 environmental and climate advocacy groups sent a letter to Congress on Wednesday demanding that lawmakers stop funding the extraction of fossil fuels on public lands and waters.

The letter argues that Congress’ annual approval of taxpayer funds to subsidize oil and gas drilling and coal mining “undermine” the international agreement reached at the United Nations COP28 climate conference last year on the need for “transitioning away from fossil fuels.”

“Congress has coddled the fossil fuel industry for decades, scarring millions of acres of public lands in the process,” Ashley Nunes, public lands policy specialist at the Center for Biological Diversitysaid in a statement. “It’s past time our leaders take this simple step and stop funding activities that are completely at odds with protecting our climate.”

“Every year that Congress keeps supporting status quo drilling on public lands and offshore waters is a missed opportunity that locks us into a hotter and more dangerous future.”

The Center for Biological Diversity was one of 234 groups behind the letter, which was addressed to Senate Appropriations Chair Sen. Patty Murray (D-Wash.), Appropriations Vice Chair Sen. Susan Collins (R-Me.), House Appropriations Chair Rep. Tom Cole (R-Okla.) and House Appropriations Ranking Member Rep. Rosa DeLauro (D-Conn.). Specifically, the letter asks that the lawmakers “zero out funding for all fossil fuel extraction on public lands and offshore waters” in the Department of the Interior’s budget for the coming fiscal year.

“Despite the urgency of the climate crisis, year after year, and regardless of the which political party retains control of Congress, Congress continues to direct the Department of the Interior to authorize fossil fuel extraction on our public lands and oceans,” the letter states. “This zombie funding continues despite its harmful and lasting impacts to tribal nations, frontline communities, and other groups, as well as its harm to public health, public lands, the climate, and wildlife populations.”

The FY 2024 budget, for example, directed more than $160 million toward fossil fuel management on public lands and waters. The amount earmarked for oil and gas management on public lands alone jumped by almost 90% from 2016 to 2023, from $59.7 million to $112.9 million.

Despite calling the climate crisis an “existential threat,” U.S. President Joe Biden has approved almost 10,000 permits for oil and gas drilling on public lands in three years, a similar rate to his predecessors and more in his first two years than former President Donald Trump. Under Biden’s watch, the U.S. became the leading producer of oil both in the world and in human history. The groups who signed the letter attributed this in part to Congress’ “status quo funding” of fossil fuel programs on public lands.

The letter comes as humanity just sweltered through its hottest year on record, atmospheric carbon dioxide levels made a record jump, and a vast majority of top climate scientists recently surveyed said they predicted 2.5°C of warming by 2100, largely because of a lack of “political will” to phase out fossil fuels and embrace the renewable energy transition.

Indeed, the latest Production Gap analysis concludes that governments’ plans through 2030 would produce more than twice the amount of fossil fuels that would be compatible with limiting global heating to 1.5°C above preindustrial levels.

“Climate scientists around the world are pleading for change, but Congress continues to let fossil fuel polluters run wild on our public lands,” Nunes said. “Every year that Congress keeps supporting status quo drilling on public lands and offshore waters is a missed opportunity that locks us into a hotter and more dangerous future.”

In particular, the green groups made the following recommendations for FY2025:

  1. Ending Bureau of Land Management (BLM) funding for new oil and gas approvals;
  2. Ending BLM funding for new coal leases and permits;
  3. Ending Bureau of Ocean Energy Management (BOEM) funding for all new oil and gas exploration, production, and drilling leases;
  4. Ending the provision of the Inflation Reduction Act that requires Interior to put up at least 2 million acres of land and 60 million of water annually for oil and gas leasing before it can install any new wind and solar;
  5. Putting $80 million toward BLM renewable energy programs; and
  6. Putting $80 million toward BOEM renewable energy programs.

“Congress must end business as usual funding of fossil fuel extraction on public lands and waters,” the letter concludes. “If Congress fails to change course, it will simply be impossible to limit warming to below 1.5°C and ensure a livable planet for future generations.”

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

Continue Reading200+ Groups to Congress: Stop ‘Zombie’ Funding for Fossil Fuels on Public Lands

Taxing big fossil fuel firms ‘could raise $900bn in climate finance by 2030’

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https://www.theguardian.com/environment/2024/apr/29/taxing-big-fossil-fuel-firms-raise-billions-climate-finance

Grangemouth oil refinery in Scotland. The report authors say the proposed levy could be easily administered within existing tax systems. Photograph: Murdo Macleod/The Guardian

A new tax on fossil fuel companies based in the world’s richest countries could raise hundreds of billions of dollars to help the most vulnerable nations cope with the escalating climate crisis, according to a report.

The Climate Damages Tax report, published on Monday, calculates that an additional tax on fossil fuel majors based in the wealthiest Organisation for Economic Co-operation and Development (OECD) countries could raise $720bn (£580bn) by the end of the decade.

The authors say a new extraction levy could boost the loss and damage fund to help vulnerable countries cope with the worst effects of climate breakdown that was agreed at the Cop28 summit in Dubai – a hard-won victory by developing countries that they hope will signal a commitment by developed, polluting nations to provide financial support for some of the destruction already under way.

David Hillman, the director of the Stamp Out Poverty campaign and co-author of the report, said it “demonstrates that the richest, most economically powerful countries, with the greatest historical responsibility for climate change, need look no further than their fossil fuel industries to collect tens of billions a year in extra income by taxing them far more rigorously. This is surely the fairest way to boost revenues for the loss and damage fund to ensure that it is sufficiently financed as to be fit for purpose.”

https://www.theguardian.com/environment/2024/apr/29/taxing-big-fossil-fuel-firms-raise-billions-climate-finance

Continue ReadingTaxing big fossil fuel firms ‘could raise $900bn in climate finance by 2030’

Green Groups Protest ‘Nuclear Fairy Tale’ in Brussels

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

Greenpeace activists disrupt a pro-nuclear summit in Brussels on March 21, 2024.  (Photo: Guillaume Chauvin/Greenpeace

“All the evidence shows that nuclear power is too slow to build, too expensive, and it remains highly polluting and dangerous,” one activist said.

An international coalition of environmental groups dropped banners and blockaded roads to protest the International Nuclear Energy Summit in Brussels on Thursday.

While the summit, hosted by the Belgian government and the International Atomic Energy Agency (IAEA), pushes nuclear energy as a replacement for fossil fuels, more than 600 climate action groups launched a declaration calling nuclear power plants a “distraction which slows down the energy transition.”

“We are in a climate emergency, so time is precious, and the governments here today are wasting it with nuclear energy fairy tales,” Greenpeace E.U. senior campaigner Lorelei Limousin said in a statement. “All the evidence shows that nuclear power is too slow to build, too expensive, and it remains highly polluting and dangerous.”

“The nuclear lobby camouflages itself beneath a climate-friendly facade, hoping to divert massive sums of money away from real climate solutions, at the expense of people and the planet.”

At the United Nations COP28 climate conference in the United Arab Emirates last year, more than 20 countries pledged to triple nuclear energy capacity by 2050. However, Greenpeace France calculated that achieving this would mean finishing 70 reactors each year between 2040 and 2050. This would be an unprecedented buildout in defiance of current trends: Between 2020 and 2023, 21 reactors were completed while 24 were shut down worldwide.

In the European Union specifically, many countries turned away from nuclear after 2011 in response to the Fukushima accident in Japan, according to Reuters. Germany shuttered its last three reactors for good in April 2023 following a successful anti-nuclear campaign there. In general, the nuclear share of the E.U. power mix dropped from 32.8% in 2000 to 22.8% in 2023, Greenpeace said.

Activists argue that nuclear still poses all the dangers the anti-nuclear movement has been warning about for decades and also cannot be ramped up quickly enough to prevent escalating climate extremes.

To reinforce this message, members of Greenpeace France blockaded the main roads to the Brussels summit using cars and bicycles. They also lit pink flares and threw pink powder as a motorcade of officials en route to the summit approached. The action succeeded in delaying the arrival of several delegations, Greenpeace E.U. said.

Other demonstrators dropped banners from the summit site at Brussels Expo reading, “Nuclear Fairy Tale,” while a group representing the 600 declaration signatories protested in front of an inflatable bouncy castle holding up a sign reading, “Nuclear fairy tales = climate crisis.”

The declaration was drafted by Climate Action Network Europe and signed by groups from at least 56 different countries and territories including Climate Action Network Canada, the David Suzuki Foundation, the Sierra Club, Food and Water Watch, CodePink, International Physicians for the Prevention of Nuclear War, and several 350.org, Fridays for Future, and Friends of the Earth affiliates.

“The nuclear lobby camouflages itself beneath a climate-friendly facade, hoping to divert massive sums of money away from real climate solutions, at the expense of people and the planet,” the declaration reads.

The signatories pointed out that, while the world must dramatically reduce greenhouse gas emissions by 2030 in order to limit global temperature rise to 1.5°C above preindustrial levels, it would take longer than this for any new nuclear plant to come online.

At the same time, it costs significantly more money to increase nuclear capacity than renewable options like wind and solar, they stressed. A new reactor requires almost four times the funds of a new wind power installation.

“Governments need to invest in proven climate solutions, such as home insulation, public transport, and renewable energy, rather than expensive experiments, like small modular reactors, which have no guarantees of actually delivering,” the declaration says.

It also points to safety risks across the nuclear lifecycle, from uranium mining to waste storage. And it adds that those dangers would only increase as temperatures rise.

“The climate crisis also increases the risks involved in nuclear power, as increased heatwaves, droughts, storms, and flooding all pose significant threats to the plants themselves and to the systems that aim to prevent nuclear accidents,” the signatories argued.

Instead, the declaration proposes that governments focus on achieving 100% renewable energy while also improving efficiency.

“What we demand is a just transition toward a safe, renewable, and affordable energy system that secures jobs and protects life on our planet,” the declaration concludes.

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

Continue ReadingGreen Groups Protest ‘Nuclear Fairy Tale’ in Brussels

Corporate Media Fed COP 28 Carbon Capture Confusion

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Original article by OLIVIA RIGGIO republished from FAIR under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

The COP 28 UN climate conference concluded with countries agreeing to a plan to transition away from fossil fuels, using language that fell short of calling for an explicit phaseout. In the debates over whether countries need to phase fossil fuels “out” or merely “down,” carbon capture and storage (CCS), a form of so-called fossil fuel “abatement,” played a central role.

Rather than exposing CCS as the greenwashing ploy it essentially is, some reporting placed disproportionate significance on the technology, adding to the confusion and misunderstandings about climate change that fossil fuel companies have been funding for decades.

An excuse to not eliminate

Scientific American: Don’t Fall for Big Oil’s Carbon Capture Deceptions

“Don’t be fooled,” writes Jonathan Foley in Scientific American (12/4/23): Carbon capture is “mostly a distraction from what we really need to do right now: phase out fossil fuels and deploy more effective climate solutions.”

Before COP 28 even began, climate activists were not hopeful. The conference, held in Dubai, capital of the oil-dependent United Arab Emirates, reeked of almost comedic irony. The conference’s president, Sultan Al Jaber, is the head of the petrostate’s national oil company.

During a November livestream event, Al Jaber falsely claimed there was “no science” indicating a phaseout of fossil fuels was necessary to keep warming levels below the 1.5°C threshold set by the Paris Agreement. He added that phasing out fossil fuels would “take the world back to the caves” (Guardian12/3/23).

CCS technology—which involves capturing carbon from sources like power plants and steel mills, and storing it underground—has become a key part of the fossil fuel industry’s arguments against the elimination of its environmentally devastating product. Instead of rapidly ending the extraction and burning of fossil fuels, the claim goes, we can simply “abate” the emissions with CCS.

The reality is that even optimistic estimates see CCS (also known as carbon capture and sequestration) as playing only a limited role in mitigating emissions from difficult-to-decarbonize sectors. But polluters aggrandize its potential contributions in order to keep expanding fossil fuel extraction while at the same time claiming to take action on climate (Scientific American12/4/23). In fact, most successful CCS projects are actually used to force more oil out from underground, in a process called “enhanced oil recovery” (Washington Post10/25/23).

Given the chokehold the fossil fuel industry had on this COP and subsequent conversations about climate change mitigation, journalists must be clear and realistic in their reporting about the capabilities of carbon capture, and its role in both climate crisis solutions and fossil fuel industry greenwashing.

‘A valuable role’

NYT: Can Carbon Capture Live Up to the Hype?

To back up the idea that carbon capture is a “valuable tool,” the New York Times (12/6/23) links to a study whose headline calls it “Too Little, Too Late, Too Slow.”

The New York Times’ headline, “Can Carbon Capture Live Up to the Hype?” (12/6/23), could have been most easily and accurately answered by a short “no.” Instead, the subheading misled about CCS’s plausibility as a climate change solution, claiming that “experts say it could play a valuable role.”

But what’s the evidence on offer? The article mostly described the failures of expensive carbon capture projects to even get off the ground. The only reference to that supposedly “valuable role” linked to three studies or reports. The titles of two were “[Carbon Capture]—Too Little, Too Late, Too Slow—It’s No Panacea” (S&P Global10/18/23) and “Heavy Dependence on Carbon Capture and Storage ‘Highly Economically Damaging,’ Says Oxford Report” (SSEE, 12/4/23).

A third, seemingly more optimistic, report came from the International Energy Agency (11/27/23). But that agency’s latest report actually offered the opposite message, its executive director explained (Toronto Star11/23/23): Oil companies’ plan to achieve “net zero”—removing as much carbon from the atmosphere as they emit—by capturing emissions while increasing production is an “illusion” based on “implausibly large amounts of carbon capture.” Lucky for those companies, New York Times headline writers are here to keep up that illusion.

The Times article itself even noted that “total fossil fuel use will have to fall sharply no matter what to keep global warming at relatively low levels,” and that carbon capture is “no silver bullet.” It cited the IEA’s roadmap to lowering carbon emissions to net zero by mid-century, noting that even in this ideal plan, CCS would account for just 8% of the world’s total emissions cuts, and that “the vast majority of reductions would come from countries shifting away from fossil fuels entirely.”

While CCS could play a part in mitigating emissions from industries like cement, steel and fertilizers, the benefit can only be realized if the technology’s logistical and financial limitations are addressed, explained Jonathan Foley in a piece for Scientific American (12/4/23). Food and Water Watch (7/20/21) characterizes CCS as an “expensive failure” that’s energy intensive and actually increases emissions.

Even while outlining CCS’s “limitations,” the Times managed to both-sides the issue:

One big dispute is over how big a role this technology, known as carbon capture and storage, should play in the fight against global warming. Some oil and gas producers say it should be central in planning for the future. Others, including many activists and world leaders, dismiss carbon capture as too unproven and too risky.

In a “dispute” about how to cut carbon emissions, oil and gas producers’ arguments should certainly not be taken at face value. And, while “activists and world leaders” are among those who “dismiss carbon capture,”crucially,  so are scientists.

The Times piece played down the many economic and logistical failures of CCS as “limitations.” While removing carbon will likely play a necessary—albeit small—role in meeting climate goals, CCS’s  success hinges on our abilities to phase out fossil fuels. The tone of the piece’s headline is overly optimistic, offering a false sense of hope—and “hype”—for a technology that’s used more as a fossil fuel fig leaf than a climate change solution.

‘Vital…but falling short’

Bloomberg: Why Carbon Capture Is Seen as Vital in Climate Fight But Falling Short

Bloomberg (12/6/23) notes without rebuttal that “CCS has been discussed as a way to limit the damage caused by fossil fuels without having to abandon them.”

An explanatory Bloomberg piece (12/6/23) about carbon capture, headlined, “Why Carbon Capture Is Seen as Vital in Climate Fight but Falling Short,” used similarly weak language.

In addition to CCS, the piece highlighted direct air capture (DAC), another carbon capture technology that removes carbon that is already in the atmosphere, rather than at the site of emission, and also performs at a tiny fraction of the scale that would be necessary for it to be an actual solution. According to the article, the largest DAC hub in the world, found in Iceland, only removes the equivalent of the annual emissions of 250 average US citizens.

For more context, the Regional Direct Air Capture Hubs that Biden’s Department of Energy is supporting are anticipated to suck only about 1 million metric tons of CO2 from the atmosphere annually. In 2022, global emissions of CO2 were 40.5 billion metric tons (Scientific American12/4/23)–adding more than 40,000 times as much carbon as the hubs are supposed to take out.

To say these technologies are “falling short” is quite the understatement.

To say they’re “vital” requires context. The Bloomberg piece explained:

Even if solar and wind energy largely supplant fossil fuels, holding temperatures down will require capturing large amounts of emissions produced by activities that are hard to decarbonize, such as making cement.

That much is true. However, it leaves out the most important part: Carbon capture can only make a difference in a world that drastically cuts emissions. Without that priority being met, its impacts are marginal at best—and, at worst, a distraction that permits fossil fuel companies to increase emissions and worsen the crisis.

In a press briefing with Covering Climate Now (11/9/23) regarding CCS and carbon dioxide removal, David King, former chief science adviser to the British government, emphasized that reducing greenhouse gas emissions was still the No. 1 priority, as human activity continues to emit the equivalent of about 50 billion tons of carbon dioxide into the atmosphere each year.

‘Some environmentalists’

WaPo: The two words island nations are begging to see in a global climate pact

Washington Post (12/11/23) attributes the idea that carbon capture is a “false climate solution” to “some environmentalists.”

Washington Post report (12/11/23), leading with the tearful remarks of Mona Ainuu, a climate activist from Niue, a small island nation, described the ultimate, disappointing outcome of the COP: The draft agreement to come out of the conference called not for the phaseout of fossil fuels, but for the mealy-mouthed “reducing both consumption and production of fossil fuels, in a just, orderly and equitable manner.”

The agreement also called for the rapid phase-down of “unabated coal.” The Post explained carbon capture and sequestration:

Some environmentalists view CCS as a false climate solution, saying it could prolong the life of polluting facilities for decades to come. They note that the International Energy Agency has warned that humanity cannot build any new fossil fuel infrastructure if it hopes to limit warming to 1.5°C.

Like the Times report, the Post framing failed to give readers the unvarnished truth they need, that CCS is only seen as a key climate solution by industries whose profitability depends upon the further burning of fossil fuels. No further information on the IEA report was given, or any information about the other litany of scientific studies, reports and information on the failures of CCS, allowing the specific concerns of “some environmentalists” to go unmentioned.

All of these pieces fail to mention why the fossil fuel industry is so gung ho about this dubious technology: While oil companies’ greenwashed PR campaigns tout CCS, corporations and governments continue to ramp up extraction.

Carbon capture and removal will likely play a small role in avoiding the most devastating effects of climate change, but it’s spitting in the ocean without a fossil fuel phaseout. It is journalists’ job to explain this accurately, while reminding audiences to not forget the No. 1 priority: eliminating fossil fuels.

Original article by OLIVIA RIGGIO republished from FAIR under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

Addition by dizzy: When Rishi Sunak says that every last drop of oil should be taken from the North Sea, he is showing his full support to the oil industry and it’s CCS misdirection. CCS or it’s original name ‘enhanced oil recovery’ is needed to get every last drop.

Continue ReadingCorporate Media Fed COP 28 Carbon Capture Confusion

World Leaders Failed Us, But We Have the Power to End the Era of Fossil Fuels

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Original article by RABBI JACOB SIEGEL republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Extinction Rebellion climate activists hold a banner in Lincoln’s Inn Fields before a march on November 13, 2021 in London, United Kingdom.  (Photo by Mark Kerrison/In Pictures via Getty Images)

Over 1,600 institutions, including hundreds of faith-based organizations, have now joined the fight to move money away from polluting fossil fuels and toward clean energy solutions—yours should be next.

Last month saw an historic, albeit altogether insufficient, step forward to avoid climate catastrophe.

At the annual global UN-backed climate change conference in Dubai, known as COP28, countries for the first time unanimously acknowledged the necessity of “transitioning away from fossil fuels”: coal, oil, and gas. While short of an endorsement of a full fossil fuel phaseout—what scientists tell us is needed to avert the worst impacts of the climate crisis—it is a milestone, decades in the making.

Yet even this tepid sign of progress faced pushback from fossil fuel executives and the politicians who do their bidding.

The story of COP28 is one of the power and perniciousness of the fossil fuel industry. The CEO of the United Arab Emirates’ oil company (the 12th largest in the world) served as conference chair, and industry lobbyists outnumbered delegates from nearly every country. The final text is full of industry-friendly loopholes, giving fossil fuel corporations leeway to continue to profit off dirty energy.

Trying to address the climate crisis while expanding drilling, mining, and fracking operations is like offering chemotherapy to a lung cancer patient while handing them pack after pack of Marlboro Reds.

It’s clear we are at the end of the fossil fuel era. Solar and wind energy are the cheapest forms of energy to build.

Like tobacco companies before them, fossil fuel corporations have known for years (with shocking accuracy) about the science: their products, when used as directed, would harm the health of the planet and cause widespread devastation. But the industry has time and again blocked significant action or sought to delay it through false promises. They did so again at COP28.

As the future is at stake, it falls to the rest of us to take urgent action. Indeed, civil society institutions are not waiting. Last week marked a major achievement: 1600 institutions across the world representing more than $40 trillion (with a “T”) have now pledged to move money away from fossil fuels and toward clean energy.

Finance represents a critical lever for climate action. Fossil fuel corporations rely on an open spigot of funds – project finance through underwriting and loans from major banks, plus investment capital and approval for continued fossil fuel expansion from investors, including the world’s largest firms, BlackRock and Vanguard.

When investors move their money en masse, fossil fuel corporations face reputational and brand risk that can have knock-on effects, including lower credit ratings and challenges with securing financing for projects and operations. Crucially, doing so also erodes fossil fuel corporations’ social license to expand their operations.

The 1600 institutions that have committed to move their money include groups like the National Academy of Medicine, because profiting from burning fossil fuels violates the medical ethic of “first, do no harm.” They include universities like Brandeis, rooted in Jewish history, experience, and values, whose students and administration recognize the climate crisis as an existential threat to their future.

It’s clear we are at the end of the fossil fuel era. Solar and wind energy are the cheapest forms of energy to build. The market itself is acting on this imperative. Fossil fuels as a sector have performed worse financially over the past decade than the rest of the market. Over the last 30 years, they have shrunk from a quarter of the market to around 5%. According to a recent report, six public pensions could be $21 billion richer if they had ditched investments in coal, oil, and gas a decade ago.

As the future is at stake, it falls to the rest of us to take urgent action.

Faith-based institutions, representing more than a third of the commitments, are at the forefront of this movement for change. As Pope Francis has encouraged, we “must listen to science and institute a rapid and equitable transition to end the era of fossil fuel.”

One year ago, my organization, Dayenu: A Jewish Call to Climate Action, released a report about the investment capital of major Jewish institutions. The report found that these institutions had a substantial opportunity to move more than $3 billion in capital out of fossil fuels and into clean energy, and offered a roadmap to achieve this goal. Since last year, the climate crisis has grown more urgent, and so has the power of our faith and moral voice.

Faith groups are leading. They are making prudent, long-term decisions that will protect their communities. Join us before it is too late.

Original article by RABBI JACOB SIEGEL republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingWorld Leaders Failed Us, But We Have the Power to End the Era of Fossil Fuels

‘Huge’: 1,600+ Institutions Holding $41 Trillion in Assets Have Now Divested From Fossil Fuels

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A divestment message is shared on the Climate Clock in Union Square in New York City in June 2023.  (Photo: Climate Clock Union Square)

Original article by OLIVIA ROSANE at Common Dreams shared under Creative Commons (CC BY-NC-ND 3.0).

The milestone, one campaigner said, should “give hope to folks that we are making an impact.”

An earlier version of this story said that 16,000 institutions had divested. The correct number is 1,600 and it has been updated to reflect that.

More than 1,600 institutions like universities, pension funds, and governments that hold more than $40.6 trillion in assets have now divested from fossil fuels, the Global Fossil Fuel Divestment Movement announced Friday.

The announcement comes days after the 28th United Nations Climate Change Conference wrapped with a call for “transitioning away from fossil fuels” but stopped short of agreeing to the stronger “phaseout” of oil, gas, and coal backed by climate advocates and frontline communities.

“This number is huge,” Amy Gray, Stand.earth climate finance associate director and coordinator of the Climate Safe Pensions Network, told Common Dreams. To put it in perspective, $40.6 trillion is equal to a little less than half of global gross domestic product.

The scale of the divestments to date, said Gray, “should show and give hope to folks that we are making an impact and we are making a difference and changing things for the better, regardless of these elitist events where the everyday person and the folks in the Global South and other places are discounted.”

A Decade of Divestment

Friday’s update to the Global Fossil Fuel Divestment Commitments Database reflects around a decade of organizing, Gray said. Organizers at 350.org started tracking divestment commitments when Gray and current Stand.earth climate finance director Richard Brooks worked there. When the pair moved to launch a climate finance team at Stand.earth, they brought the database with them.

While the divestment movement has seen ups and downs over that decade, Gray said it had picked up momentum over the last five or six years. In less than two years, the number of institutions divesting jumped by 120, holding a combined $1.4 trillion in assets.

“We’ve definitely seen a massive increase in divestment commitments as the divestment movement has built itself out and gotten stronger,” Gray said.

“This milestone follows years of attempted shareholder engagement, now a proven futile strategy, with fossil fuel corporations hell-bent on our destruction.”

Notable victories in 2023 included PMT, the largest private pension in the Netherlands; New York University, the National Academy of Medicine, and the Church of England.

The Church of England divestment was especially notable, Gray said, because of the statement that accompanied it. The church emphasized that it had tried to engage with the oil and gas companies it was invested in and urged them to adopt policies in line with the Paris agreement, but the companies did not change.

“The decision to disinvest was not taken lightly,” Alan Smith, first church estates commissioner, said at the time. “Soberingly, the energy majors have not listened to significant voices in the societies and markets they serve and are not moving quickly enough on the transition. If any of these energy companies come into alignment with our criteria in the future, we would reconsider our position. Indeed, that is something we would hope for.”

Gray remembered thinking at the time that it was the best divestment statement she’d ever read.

“It was really powerful,” she said.

The Church of England wasn’t the only institution that thought it could persuade Big Oil to change its ways without divesting.

“This milestone follows years of attempted shareholder engagement, now a proven futile strategy, with fossil fuel corporations hell-bent on our destruction,” Brooks said in a statement. “Instead of financing climate chaos-causing fossil fuels, violence, and extraction, financial institutions like big banks and pension funds must protect people and planet alike, cutting ties with fossil fuels and reinvesting in proven community-led climate-safe solutions.”

People vs. Fossil Fuels

The success of the divestment movement has been driven by “people power, 100%,” Gray said.

This includes larger organizations like Stand.earth or the Sierra Club and big-name activists like Bill McKibben or former New York Comptroller Tom Sanzillo, but ultimately comes down to smaller grassroots efforts.

“It’s the little group in Wisconsin that’s working on divesting their pension fund,” Gray said. “It’s a small group in the Bay Area who is pressuring Citi or one of the big banks, and it’s the kids at the colleges.”

“Oil companies are finding it increasingly difficult to raise financing amid rising ESG and sustainability concerns.”

There’s evidence that all this activism is making a difference for the industry. The “cost of capital” for funding new fossil fuel projects has risen steeply in the last decade, from 8% to 10% to around 20% as of 2021, according to Bloomberg.

During the same time, the cost for financing renewables has dropped from that same 8% to 10% to between 3% and 5%.

Bloomberg Intelligence analyst Will Hares laid the divergence at the feet of the push for environmental and social governance (ESG) in investing.

“Oil companies are finding it increasingly difficult to raise financing amid rising ESG and sustainability concerns, while banks are under pressure from their own investors to reduce or eliminate fossil-fuel financing,” Hares said.

Gray also added that Indigenous-led movements such as the Wet’suwet’en struggle against the Coastal GasLink pipeline in Canada have had a material impact on the industry.

The pipeline’s costs have more than doubled during that time from an estimated $6.6 billion to $14.5 billion, CBC News reported this month.

At the same time, divesting from fossil fuels is actually a financial win for pension funds and other institutions: A study released this year by the University of Waterloo found that six U.S. pension funds would actually be $21 billion richer today if they had quit fossil fuels 10 years ago.

The Next 1,600

In the context of a disappointing outcome at COP28, President Joe Biden’s greenlighting of drilling projects, and the specter of a second Trump presidency, the success of the divestment movement offers hope that climate campaigners can shift the world away from fossil fuels without needing to rely on international agreements or national legislation.

“It’s not necessary to enact the change we need to see,” Gray said. “We can change these systems of oppression from within.”

Looking ahead to 2024, Gray thinks there’s a good chance that California will finally pass legislation to divest its two pension funds, CalPERS and CalSTRS, from fossil fuels. The two funds, the largest public pensions in the country, control a total of $685 billion, including more than $42 billion in fossil fuels.

“Even the person with the smallest amount of investments can get involved.”

If California does pass the legislation, it will “cause a massive ripple effect,” Gray said.

“If we’re able to divest the two largest pension funds in the country, there’s nothing we can’t divest.”

Another thing Gray expects to see is more coordination between the efforts to divest from both fossil fuels and the weapons industry, as more and more people react with shock watching U.S.-made and -funded arms devastating the people of Gaza.

“War is a climate issue,” Gray said.

For people not yet involved in the divestment movement, Gray recommends signing up for email updates from Stand.earth or the Climate Safe Pensions Network and looking up local climate groups and going to a meeting.

“Even the person with the smallest amount of investments can get involved,” Gray said. “Anybody can join the climate movement, and we’re always ready to help folks take that step.”

Original article by OLIVIA ROSANE at Common Dreams shared under Creative Commons (CC BY-NC-ND 3.0).

Continue Reading‘Huge’: 1,600+ Institutions Holding $41 Trillion in Assets Have Now Divested From Fossil Fuels