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Nov 16 • 12 tweets • 8 min read
Today at #COP27, we @priceofoil released a briefing peeling back the curtain on the oil & gas industry’s expansion plans: the new extraction approved in 2022 & what’s in the queue for 2023-2025ーunless govts put a stop to it ➡️ priceofoil.org/investing-in-d…

A thread 🧵
First, let’s look at the deep hole the fossil fuel industry has already drilled, dug, and fracked us into. 🔥Oil & gas fields already producing or approved PRIOR to 2022 would cause 490 GtCO2, if fully extracted. 🔥

That alone is enough to push the world past 1.5C warming.
Yet, the oil and gas industry keeps digging the hole deeper. We find new fields & fracking wells approved in 2022 + on the brink of approval in the next 3yrs would lock in an extra 70 Gt of CO2. That’s equal to 17% of the world’s remaining 1.5C carbon budget. #InvestingInDisaster
New expansion is an investment in climate and economic chaos. Either these new projects lock in warming above 1.5C OR force even larger shutdowns of existing fossil infrastructure to stay below it. #PhaseOutFossils theguardian.com/environment/20…
While the oil & gas industry approved less new development in 2022 than last year, the fields & fracking wells greenlit in 2022 lock in 11 Gt CO2. 11 Gt = 75 coal plants worth of new pollution.

We see the risk of a major surge in expansion over 2023-25 👇🏼
Who’s responsible? 👀

In 2022, the U.S. and Saudi Arabia are by far the countries with the most expansion. The US @POTUS came to #COP27 claiming ‘#climate leadership’ while letting the US oil & gas industry lock in decades of new extraction + LNG exports.
Big Oil & Gas companies touting ‘net zero’ & other greenwashed ‘climate’ plans are amongst the “who’s who” of major fossil fuel expanders.

The top 10 of 2022 includes: TotalEnergies, Chevron, Shell, ExxonMobil & Eni.

Fig. 9 has the full list: priceofoil.org/investing-in-d…
A key reason TotalEnergies tops the list of int’l oil companies in 2022 is its approval of extraction in Uganda meant to feed the 1443-km East African Crude Oil Pipeline. Communities are fighting to #StopEACOP & they won’t back down.
Over 2023-25, we calculate that oil & gas companies could lock in an extra *59 Gt of carbon pollution* via final investment decisions to develop more fields + wells.

But this expansion can be stoppedーvia people power pushing govts to stop🛑 permits & banks to #PhaseOutFossils.
Just last week, @EquinorASA paused its plans to develop the Wisting oil field in 🇳🇴, a huge win against what would be the northernmost oil field in the world. Wisting was slated for approval in 2023. Norwegian campaigners halted it.
Bottom line: The industry most responsible for causing the climate crisis isn’t going to phase itself out.

Governments at #COP27 must commit to #PhaseOutFossils & invest in a rapid and just clean energy transition.

See our full briefing here: priceofoil.org/investing-in-d…
This is why it is so important that countries at #COP27 commit to phasing out all fossil fuels.

We need to keep it in the ground. So we need to put it in the text.

Read our press release here: priceofoil.org/2022/11/16/new…

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More from @PriceofOil

Oil Change International Profile picture
Nov 16
LIVE FROM #COP27: What's needed from the 39 countries & institutions who promised to #StopFundingFossils abroad by the end of this year?

Follow along with us here as @vanessa_vash, @LaurenceTubiana, @AsianPeoplesMvt, @GrupoGFLAC and more give an update🧵
eventbrite.com/e/cop27-side-e…
@vanessa_vash @LaurenceTubiana @AsianPeoplesMvt @GrupoGFLAC The Glasgow Statement was a bright spot of COP26, as the 1st international pledge to deal not just with coal finance but oil & gas as well!

If signatories follow through, it will directly shift at least USD 28 billion a year from fossils to clean 🌅 iisd.org/publications/r…
@vanessa_vash @LaurenceTubiana @AsianPeoplesMvt @GrupoGFLAC This public finance matters because it shapes our future energy systems, often tipping the ⚖️ on which projects get built, and which don't. But instead of building a just, renewable future wealthy countries are still using it to lock in more fossils! priceofoil.org/g20-at-a-cross… Image
Read 20 tweets
Oil Change International Profile picture
Nov 16
Happening now: "We as civil society are holding governments to account and demanding that phasing out ALL fossil fuels must be in the #COP27 cover text. Moving backwards from Glasgow would be a failure." - @mayboeve Image
"The fossil fuel industry is directly responsible for the destruction we are seeing around the world. At #COP27 the current cover text does not even mention fossil fuels. We want all fossil fuels to be mentioned, b/c they are all responsible for the climate crisis." - @harjeet11 Image
"There is nothing that will stop [the industry] from making the profits shareholders want to see. We're going to continue to let [govt's & ff industry] know there will be repercussions for their actions. We must remind govt's that their loyalty is to the people." - @OmarElmawi Image
Read 7 tweets
Oil Change International Profile picture
Nov 15
Today, @thulimakama @PriceofOil introduced the @oilwatchafrica1 press conference on Ending Colonial Extraction at #COP27 in Sharm El-Sheikh

A thread of quotes and images from the brilliant panel below ⬇️
“The new colonialism is corporations…” Noble Wadzah of Oilwatch Ghana @oilwatchafrica1
“What we mean when we say colonial extractivism… some countries have 90% of exports coming from extraction… we need to create new societies not based on this model.” Ivonne Yanez, Accion Ecologica, Ecuador @AcEcologica
Read 6 tweets
Oil Change International Profile picture
Nov 15
NOW: At UK #COP27 pavilion, an update on #StopFundingFossils pledge promised last year by 39 countries & public banks to end all international public 💵 for fossils abroad and instead “fully prioritize” finance for clean & just energy transition by the end of 2022. Follow here 👇
Of the 16 major financing countries who signed onto the pledge, 6 have new policies that fully or almost fully #StopFundingFossils. More are expected in the coming days and weeks to meet 2022 deadline. Check for updates on our tracking briefing here ➡️ priceofoil.org/2022/10/07/lea…
If signatories follow through on their commitment, this will directly shift USD 28 billion a year out of fossil fuels and into clean energy, which would help shift even larger sums of public and private money.
Read 25 tweets
Oil Change International Profile picture
Nov 14
"Developed countries should not just sit, wait and delay progress on
loss & damage. That’s an age-old strategy and we risk seeing inaction until 2024 - that's too late. The EU should play an active role to achieve a substantial outcome here at
#COP27" - @RachelSimonSays Image
"Delaying or refusing to set up a loss and damage finance facility will not change the scientific fact that climate-driven extreme events and slow-onset disasters will continue to
accelerate causing increasing harm to the poorest and most marginalized people." - @RachelCleetus Image
"We must not allow oil & gas companies to take us backwards. The world’s most vulnerable & oppressed peoples are depending on us. Countries like India & the EU must stand firm in their demands for the #COP27 decision text to call for phasing out ALL fossil fuels." - @Davidxvx Image
Read 5 tweets
Oil Change International Profile picture
Nov 1
NEW REPORT: We looked under the hood of G20 countries' international public finance for energy ahead of their Very Big Deadline to #StopFundingFossils.

🧵Here's more on the $55 billion / yr in fossil fuel money we found & how we can stop it 🧵
priceofoil.org/g20-at-a-cross…
GOOD NEWS: Public 💵 for fossils just dropped for the first time, and ~1/3 of this is from action from UK, @EIB, & others.

BAD NEWS: The rest of the drop is (a) just noise, (b) already overturned in early 2022 data, or (c) from worse data availability!
priceofoil.org/g20-at-a-cross…
But there is a growing 🌊 of countries adding more fossil free public finance policies that could mean this trend continues. For this to happen, @OlafScholz, @JustinTrudeau, @POTUS, @ItalyMFA_int need to show up at #COP27 with policies too! priceofoil.org/g20-at-a-cross…
Read 8 tweets

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