Tribes Sue Six Oil Giants for Climate Deception
Original article by JULIA CONLEY republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
“These oil companies knew their products were dangerous, yet they did nothing to mitigate those dangers or warn any of us about them, for decades,” said the chairwoman of the Shoalwater Bay Indian Tribe.
Two Indigenous tribes in Washington state said Wednesday that they intend to force several oil giants “to help pay for the high costs of surviving the catastrophe caused by the climate crisis,” as they filed lawsuits in the state’s largest trial court.
The Makah Indian Tribe and Shoalwater Bay Indian Tribe filed two separate complaints in King County Superior Court against ExxonMobil, Shell, Chevron, BP, ConocoPhillips, and Phillips 66, saying the defendants must be held “accountable for their deceptive and unfair conduct, and pay for the damage their deceptive conduct has caused and will cause for decades to come.”
The lawsuits—among dozens filed against Big Oil since 2017—detail the extent to which the companies have long known that their fossil fuel extraction would drive planetary heating and the resulting sea-level rise, extreme weather, public health crises, and other impacts of the climate crisis, which now costs the U.S. roughly $150 billion per year just in damages from hurricanes and other weather disasters.
“We are seeing the effects of the climate crisis on our people, our land, and our resources. The costs and consequences to us are overwhelming,” said Timothy Greene Sr., chairman of the Makah Tribal Council. “We intend to hold these companies accountable for hiding the truth about climate change and the effects of burning fossil fuels.”
“We are facing hundreds of millions of dollars in costs to relocate our community to higher ground and protect our people, our property, and our heritage. These companies need to be held accountable for that.”
Newly uncovered documents revealed earlier this year that scientists at Shell warned executives of the climate impact of the company’s products in the 1980s, and an analysis published in Science in January showed that 63-83% of the global warming projections documented by Exxon scientists between 1977 and 2003 were accurate.
“These oil companies knew their products were dangerous, yet they did nothing to mitigate those dangers or warn any of us about them, for decades,” said Charlene Nelson, chairwoman of the Shoalwater Bay tribe. “Now we are facing hundreds of millions of dollars in costs to relocate our community to higher ground and protect our people, our property, and our heritage. These companies need to be held accountable for that.”
The tribes said in their complaints that they are “particularly vulnerable” to rising sea levels because their reservations are adjacent to the Pacific Ocean, and they have already incurred “significant costs” as they try to mitigate its risk by preparing to build and move housing and government buildings to higher ground.
The tribes accused the companies of creating a “public nuisance” and violating Washington’s Products Liability Act by misrepresenting and intentionally concealing the risks involved in their fossil fuel extraction activities. They asked the court for jury trials and requested that the court order the companies to fund “an abatement fund to be managed by the tribe[s] to remediate and adapt [their] Reservation lands, natural resources, and infrastructure.”
Original article by JULIA CONLEY republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
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Biden Offshore Drilling Plan Continues ‘Dangerous Cycle’
Original article by JESSICA CORBETT republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
“Offshore oil and gas drilling is not only dirty and dangerous, but it also supercharges the existing climate crisis,” said one campaigner.
The Biden administration on Friday finalized a five-year plan for offshore fossil fuel leasing that was initially released in September and sharply condemned as a “climate nightmare.”
The Department of the Interior (DOI) highlighted in a statement Friday that the 2024-29 National Outer Continental Shelf (OCS) Oil and Gas Leasing Program has the fewest sales in history, with just three for the Gulf of Mexico set to be held in 2025, 2027, and 2029.
The DOI also stressed that the Inflation Reduction Act (IRA) signed last year by President Joe Biden “prohibits the Bureau of Ocean Energy Management (BOEM) from issuing a lease for offshore wind development unless the agency has offered at least 60 million acres for oil and gas leasing on the OCS in the previous year.”
“BOEM continues to treat the Gulf as a region where community health and well-being can be sacrificed to allow continued oil and gas production.”
That part of the IRA is one of the key reasons it has been criticized by climate campaigners, who continue to warn that the landmark package is far from enough to meet the U.S. goal of halving planet-heating emissions by the end of this decade.
The DOI’s plan outraged the American Petroleum Institute and U.S. House Committee on Natural Resources Chairman Bruce Westerman (R-Ark.) for not being friendly enough to the fossil fuel industry while advocates for the planet warned that it’s not bold enough given the worsening climate emergency.
“Offshore oil and gas drilling is not only dirty and dangerous, but it also supercharges the existing climate crisis,” Beth Lowell, Oceana’s vice president for the United States, declared in a Friday statement about the finalized program. She pointed out that the process actually began under former President Donald Trump, who proposed 47 leasing sales.
“This five-year plan started with President Trump proposing to open nearly all U.S. waters to offshore oil drilling and ends with President Biden’s final plan that is the smallest to date,” she said. “The footprint of offshore drilling was not expanded, but the dangerous cycle of drilling and spilling must end.”
After the Biden administration released its proposal in September, Natural Resources Defense Council senior attorney Irene Gutierrez wrote the following month that “BOEM continues to treat the Gulf as a region where community health and well-being can be sacrificed to allow continued oil and gas production.”
“BOEM also fails to account for the severe risks from additional oil and gas leasing to the Gulf ecosystem and species like the critically endangered Rice’s whale,” Gutierrez charged. “BOEM’s analysis also treats catastrophic oil spills like the Deepwater Horizon disaster as events that are speculative and unlikely to repeat again, and the program excludes such spills from its analysis.”
“In our comments to the proposed program and in other advocacy, we urged BOEM to issue a program with no new lease sales. The agency has ample authority to do so,” she noted. “Further, declining fossil fuel demand and existing energy reserves mean that no new offshore leasing is needed for at least the next 30 years to meet national energy needs. BOEM could have issued a zero-lease sale plan, but declined to do so, despite calls from a wide range of community and environmental groups for no new leasing in the Gulf.”
The DOI plan comes near the end of what experts have said will be the hottest year on record. It also comes on the heels of United Nations climate talks that scientists called “a tragedy for the planet,” given that the final deal out of COP28 called for “transitioning away from fossil fuels,” but did not endorse the “phaseout” demanded by civil society and most participating countries.
Biden—who is seeking reelection next year and may face off against Trump—has previously come under fire from frontline communities and climate organizations for skipping that U.N. summit, supporting the Willow oil project and Mountain Valley Pipeline, enabling the expansion of liquefied natural gas exports, and refusing to declare a national climate emergency.
On Thursday, the Biden administration released new proposed guidance on clean energy tax credits from the IRA.
“President Biden must do so much more if he wants to be taken seriously by young voters,” Michele Weindling, political director of the youth-led Sunrise Movement, said in response to the guidance. “He is overseeing an explosion in oil and gas production that has resulted in the U.S. producing more fossil fuels than ever before.”
Original article by JESSICA CORBETT republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).
Cambridge University reportedly could drop Barclays in favour of greener bank
UK lender is a major European funder of oil and gas projects and university has said it does not want to back fossil fuel expansion
Cambridge University could cut ties with Barclays after more than 200 years over the bank’s refusal to stop financing new oil and gas projects, according to the Financial Times.
It reported that Cambridge is looking for an institution with robust climate policies to manage “several hundred million pounds” in cash and money market funds – a mandate expected to cover more than £200m in assets and generate about £10m in fees a year.
The university said it was “exploring opportunities to find financial products that do not finance fossil fuel expansion” as part of its “net zero engagement strategy with the banking sector”.
Though Barclays has provided financing to the university for centuries, the bank was also the top European funder of fossil fuels between 2016 and 2022, according to a report by the Rainforest Action Network.
…
‘Huge’: 1,600+ Institutions Holding $41 Trillion in Assets Have Now Divested From Fossil Fuels
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).
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