This report, Banking on Climate Chaos 2022, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in 2021 alone.
Gas
U.S. Oil and Gas Companies Set to Make Tens of Billions More from Wartime Oil Prices in 2022
As American families continue to be hammered by skyrocketing gasoline prices, U.S. oil and gas companies are poised to reap tens of billions in windfall profits thanks to high wartime prices.
U.S. Oil and Gas Companies Set to Make Tens of Billions More from Wartime Oil Prices in 2022
With oil prices rising to near-record levels due to Russia’s ongoing war in Ukraine, companies producing oil and gas in the United States are in line to make tens of billions in additional profits. Under conservative estimates, we find the U.S. upstream oil and gas industry will collect a windfall of $37 to $126 billion in 2022 alone.
New energy security task force must not expand fossil gas production or invest in long-lived infrastructure
Today, U.S. President Joe Biden and European Commission President Ursula von der Leyen announced a new task force to reduce Europe’s dependence on Russian fossil fuels. The announcement reveals that the EU and United States plan to expand LNG infrastructure in Europe. Recent research shows such new LNG import infrastructure is not needed.
European and U.S. Energy Companies are Responsible for Nearly USD 100 Billion to Putin’s War Chest Since Crimea Invasion
New analysis finds that revenues from oil and gas projects backed by European and U.S. companies have fueled Vladimir Putin’s regime to the tune of nearly USD 100 billion since 2014.
EU position on ‘ending public support for fossil fuels’ fails to do exactly that
Today the Council of the European Union will approve a statement that commits all Member States to end international public finance in the form of export credits for projects in the fossil fuel energy sector.
Over 200 Groups Call on Biden to Invoke Defense Protection Act for Renewables + Resist Short-Sighted Domestic Fossil Fuel Policies
Over 200 progressive groups sent a letter to the White House urging President Biden to resist Big Oil and invoke the Defense Production Act in order to ramp up the deployment of renewable energy to transition the world off the fossil fuels that are leading to global instability.
Locked Out of a Just Transition: Fossil Fuel Financing in Africa
Between 2016, following the adoption of the Paris Climate Agreement, and June 2021, public and private financial institutions poured at least $132 billion in lending and underwriting into 964 gas, oil and coal projects in West, East, Central and Southern Africa. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public institutions such as development banks and Export Credit Agencies.
New Report: At least $132 billion in finance for fossil fuels is locking Africa out of a Just Transition
Between 2016, following the adoption of the Paris Climate Agreement, and June 2021, public and private financial institutions poured at least $132 billion in lending and underwriting into 964 gas, oil and coal projects in West, East, Central and Southern Africa. The vast majority of this finance came from financial institutions based outside Africa, both commercial banks and public finance institutions like development banks and export credit agencies.
Oil Change International expresses solidarity with the people of Ukraine
Oil Change International is horrified by Russia’s war against Ukraine. We strongly condemn Russia’s military aggression. Our heart goes out to the people of Ukraine and people across the region who continue their human rights, climate and social justice work in these dangerous circumstances, including in Russia.