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Banks have poured $3.8tr into fossil fuels since Paris Agreement, says report

JPMorgan Chase

In the five years since the Paris Agreement was adopted, 60 of the world’s largest banks have pumped over $3.8 trillion into the fossil fuel industry. JPMorgan Chase is said to be one of the largest funders of fossil fuels around the world The disclosure was made in a report, titled “Banking on Climate Chaos 2021” released on Wednesday, March 24, ...

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How COVID-19 pandemic accelerates end of fossil power generation

Fossil fuel pollution

COVID-19 has not only caused a temporary drop in global CO2 emissions, it has also reduced the share of power generated by burning coal – a trend that could in fact outlast the pandemic. Fossil fuel pollution from a coal power station This is the key result of a new study by a team of economists based in Potsdam and ...

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Planned fossil fuel high to attain climate goals – UN

António Guterres

The world’s planned production of fossil fuels is far too high to attain the goals of the Paris Climate Accord by 2030, according to a UN report released on Wednesday, December 2, 2020. António Guterres. UN Secretary General Countries must decrease production of coal, oil and gas by 6 per cent per year between now and 2030 limiting global warming to ...

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Energy transition: Why countries should not fire sell their oil and gas assets, by experts

Dr. Victoria R. Nalule

By Dr. Victoria R. Nalule and Dr. Xiaoyi (Shawn) Mu of the CEPMLP, University of Dundee address the misconceptions surrounding the continued role of fossil fuels in the energy transition era Dr. Victoria R. Nalule Does the energy transition imply a total ban on fossil fuels and should countries fire sell their oil & gas assets? No, energy transition does ...

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Govts, firms told to quit fossil fuels exploration in Africa

oil installation

Governments and corporations have been called upon to halt all new and existing fossil fuels exploration and extractive sites and activities across Africa. Fossil fuel infrastructure: oil installation The call was made in a communique released at the close of the Annual General Meeting (AGM) of Oilwatch Africa, held virtually on August 10, 2020. The session was themed: “We can’t ...

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UK review must ban funding fossil fuels abroad, group insists

Boris Johnson

Responding to recent media reports that Boris Johnson has ordered a review into the UK’s funding of fossil fuels overseas, Global Witness, a not-for-profit, is calling on the UK government to unequivocally announce such a ban, with no loopholes or exceptions. Britain’s Prime Minister, Boris Johnson. Photo credit: AP Photo/Alberto Pezzali “This ban should explicitly rule out any support for fossil ...

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South Africa bankrolling billions in fossil fuels, report reveals

President Cyril Ramaphosa of South Africa

A new report released on Thursday, June 11, 2020 by Friends of the Earth U.S. and Oil Change International reveals South Africa provided at least ZAR (South African Rand) 2.2 billion ($153 million) a year in trade and development finance for coal projects 2016 to 2018. President Cyril Ramaphosa of South Africa In total, the report found G20 countries have been providing ...

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World Environment Day: Nature is sending us a message – Oilwatch

Oil spill pollution

Oilwatch, a network that builds solidarity and promotes a common identity in the peoples of the Global South, celebrate the 2020 World Environmental Day (WED) with a message to the Nigerian government to halt every form of new extractive activities most especially in the Niger Delta region as the activities from the extractive sectors causes harm to natural environment and ...

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Study outlines principles for managed phase-out of fossil fuels

Fossil fuel pollution

A new scientific study published in Climate Policy entitled, “Equity, Climate Justice and Fossil Fuel Extraction: Principles for a managed phase out” has underlined the need for an equitable and just phase out of fossil fuel production in order to limit global warming to 1.5C, as laid out in the Paris Agreement. Fossil fuel pollution from a coal power station Observers believe that the ...

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G20 govts accused of bankrolling fossil fuel industry with $77bn yearly

G20 Osaka 2019

A new report released by Friends of the Earth U.S. and Oil Change International reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Climate Agreement was reached. Leaders pose for a family photo at the G20 Summit in Osaka on Friday, June 28, 2019 This government-backed support to fossil fuels ...

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