#timeforaction on fossil fuels

December 7, 2019

A recent SEI report http://productiongap.org/  The Production Gap found that the world is on track to produce 50% more fossil fuels by 2030 than would be consistent with a 2°C pathway and 120% more than would be consistent with a 1.5°C pathway. This demands action and my takeaway from today at COP 25 is that we should all prioritise this issue.

 

This morning I attended an inspiring seminar about financial and legal ways to reduce fossil fuel extraction. The seminar was moderated by a leader of Fridays for Future in Germany and most of the panel were women. Each presenter gave their perspective on why fossil fuel extraction is set to increase in coming years:

 

  • banks, including in Europe, continue to give loans for fossil fuel extraction
  • investors continue to back the fossil fuel industry
  • insurers and re-insurers, such as AIG, continue to insure fossil fuel developments
  • regional development banks such as the ADB, continue to finance oil and gas projects
  • laws against environmental degradation and climate harm are too weak
  • governments give subsidies, loans and assistance to fossil fuel companies, including land access
  • companies and financial institutions and not transparent about what their money is used for.

 

This list shows that we are all connected, often in multiple ways, to the organisations and institutions responsible.  So I asked the panel for the actions they wanted us in the audience to take:

 

  1. find out what your money is being used for, in banks, savings and pensions eg coalexit.org
  2. join campaigns to challenge companies, insurers and banks that are supporting fossil fuels
  3. campaign for financial transparency by all companies
  4. raise awareness on these issues among your colleagues
  5. challenge national and international institutions that are assisting fossil fuel companies.

It’s clear that fossil fuel extraction is having a net negative impact on us all and we all need to act. #timeforaction

Claire Wigg
claire.wigg@zeromission.se

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