Urgent political action needed to divest from fossil fuels, as oil and gas companies undermine climate goals

09 Sep 2019

Read on Twitter:

“EU countries have ‘no concrete plans’ to phase out fossil fuel subsidies” @FredSimonEU @EURACTIV https://t.co/Proc6eKBQp

“Oil and gas companies undermining climate goals” @JH_Ambrose @guardian https://t.co/LyyxSAbCTB

@IOGP_EU, it seems you are, 6(!)-reports-proof !

Why?👇 https://t.co/argVDvKcgy https://t.co/6gC7BSIkHk

Carbon Bubble report : major oil and gas companies invested 50bn in fossil projects that undermine efforts to avert runaway climate crisis

According to a recent report of @CarbonBubble @amwgrant [https://t.co/f9YrOYNpU8] :

“Major oil and gas companies have invested $50bn (£40.6bn) in fossil fuel projects that undermine global efforts to avert a runaway climate crisis” https://t.co/wliKQdzFW6

Chevron, Shell and BP each spent in 2018 at least 30 % of their investment in projects inconsistent with climate targets

@exxonmobil @Chevron @Shell @BP_plc each spent at least 30% of their investment in 2018 on projects that are inconsistent with climate targets, and would be “deep out of the money in a low-carbon world”

@baeckelmans @delbeke_jos

Report BNP : Economic case for Electric Vehicles + Renewables is a “no brainer”

Another recent report of @BNPParibas [https://t.co/7FKJXnjGxj], discussed at the @TheEnergyGang @Stphn_Lacey [https://t.co/ukUakRQ2Pw], concludes :

“Economic and environmental benefits set to make renewables in tandem with EVs irresistible” [https://t.co/YfjM4WoE7M] https://t.co/YfS9pX4uPU

“The economics of renewables are impossible for oil to compete with when looked at over the cycle. We calculate that to get the same amount of mobility from gasoline as from new renewables with EVs over the next 25 years would cost 6.2-7x more”


“even if we add in the cost of building new network infrastructure to cope with all the new wind and/or solar capacity implied by replacing gasoline with renewables and EVs, the economics of renewables still crush those of oil”


Not a single EU member state has spelled out comprehensive plan to phase out fossil subsidies

Despite this, “not a single EU member state has so far spelled out a comprehensive plan to phase out fossil fuel subsidies, despite a G20-commitment ten years ago to eliminate them”

@ODIdev @foeeurope @CANIntl @milieudefensie @LaurievdBurg report : https://t.co/4fv6ET7boG https://t.co/MeMLk1wCXY

5 countries are looking to introduce new fossil subsidies by 2030, labeled as ‘low carbon transition support’

“Worse, five EU countries – the UK, Germany, Greece, Poland, and Slovenia – are even looking to introduce new subsidies by 2030, many of which are labelled as ‘low-carbon transition support’.”

“EU governments provided on average €55 billion per year in fossil fuel subsidies between 2014 and 2016, according to research by @InfoTrinomics [https://t.co/wkIyesoAM8] contracted by the @EU_Commission, a level which stayed broadly stable over that period.” https://t.co/YeAOTUppjS

NERA Economics report : EU and Norway earned more than 400 billion in revenue from oil ans gas in 2017

“At the same time, EU countries and Norway earned more than €400 billion in revenue from oil and gas taxation in 2017, according to a @NERA_Economics report [https://t.co/Bi3yQL4hXu] for @IOGP_News, underlining the difficulty for governments to end the subsidies.” https://t.co/JxVDywjNlr

ODI, CAN International report : Transport sector received 44 % of total fossil energy government support

“The transport sector received 44% of the total government support identified, including tax breaks to reduce the price of diesel, according to an earlier analysis by the @ODIdev and @CANIntl @MaeveMcLynn @LaurievdBurg @LeahWorrall @shelaghwhitley (2017)” https://t.co/xpNtlooOpn https://t.co/IM1KGmuZdb