Tag Archives: International Energy Agency

Global Climate Movement Warns Nations Have Just 6 Months to End Fossil Fuel Finance

“The pandemic has shown that governments can rapidly mobilize massive sums of public money,” says one campaigner. “This is the moment to do it, and accelerate the transition.”

By Brett Wilkins  Published 5-19-2022 by Common Dreams

Clean energy advocates march in an anti-fossil fuel protest in San Francisco. (Photo: Greenbelt Alliance/flickr/cc)

More than 120 civil society groups from around the world on Thursday warned that nations have only six months left to meet a collective commitment made at last year’s United Nations Climate Conference to end public financing of fossil fuels.

The organizations detailed steps nations must take as soon as possible to comply with their obligations under the Glasgow Statement on International Public Support for the Clean Energy Transition, a product of last year’s COP26 summit. Continue reading

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Shareholders Target Wall Street Banks With ‘Groundbreaking’ Climate Resolutions

“Investors are saying we can’t conduct business in a world that is on fire, that has heatwaves and insufficient water. And I do think companies are beginning to understand that it’s in their interest to take action.”

By Brett Wilkins  Published 4-26-2022 by Common Dreams

Protest outside the Bank of America shareholder meeting on April 25, 2022. Photo: drew hudson #1u/Twitter

A significant percentage of shareholders at three of the biggest U.S. banks voted Tuesday to endorse first-of-their-kind resolutions urging the companies to stop supporting new fossil fuel development amid a worsening climate emergency.

Shareholders at Citi, Bank of America, and Wells Fargo voted 12.8%, 11%, and 11%, respectively, to support climate resolutions filed by the Sierra Club Foundation and other members of the Interfaith Center on Corporate Responsibility. According to the Sierra Club, any resolution that receives at least 5% of the vote can be refiled the following year, and those that get 10% or more are “considered difficult for a company to ignore.” Continue reading

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House Dems Unveil Bill to Stop Wall Street From Destroying the Planet

“The Federal Reserve’s role is not to surrender our planet to corporate polluters and shepherd our financial system to its destruction,” said Rep. Rashida Tlaib, among the Democrats urging the Fed to end fossil fuel financing.

By Kenny Stancil, staff writer for Common Dreams.  Published 9-15-2021

The Marathon Oil refinery in St. Paul Park, MN. Photo: Tony Webster/Wikimedia/CC

Progressives on Wednesday applauded Democratic Reps. Mondaire Jones, Ayanna Pressley, and Rashida Tlaib for unveiling a bill that would prevent Wall Street from continuing to bankroll fossil fuels, the primary driver of the climate emergency.

The Fossil Free Finance Act (pdf) would require the Federal Reserve to mandate, via regulation or guidance, that all banks and other financial insitutions with more than $50 billion in assets phase out the funding of coal, oil, and gas extraction as well as industries linked to deforestation, in accordance with science-based targets for slashing carbon pollution. Continue reading

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‘This Is Climate Denial’: Biden Goes to Bat for Massive Alaska Drilling Project Approved Under Trump

“Burning that oil would create nearly 260 million metric tons of CO2 emissions—about the equivalent of what is produced by 66 coal-fired power plants.”

By Jake Johnson, staff writer for Common Dreams. Published 5-27-2021

A map showing the location of the Willow Master Development Plan. Graphic: Bureau of Land Management

The Biden administration is facing backlash from climate activists and scientists after filing a court brief Wednesday in defense of a major Trump-era Alaska drilling project that’s expected to produce up to 160,000 barrels of oil a day over a 30-year period—a plan that runs directly counter to the White House’s stated goal of slashing U.S. carbon emissions.

“This is a complete denial of reality,” said Jean Flemma, director of the Ocean Defense Initiative and former senior policy adviser for the House Natural Resources Committee. “The project is expected to produce about 590 million barrels of oil. Burning that oil would create nearly 260 million metric tons of CO2 emissions—about the equivalent of what is produced by 66 coal-fired power plants.” Continue reading

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