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For Immediate Release
June, 12 2018, 12:00am EDT
Contact:
Alex Doukas, alex@priceofoil.org, +1 202 817 0357
David Turnbull, david@priceofoil.org, +1 202 316 3499
Report: G20 Countries Set to Invest Over $1.6 trillion in 'Fossil Gas,' Jeopardizing Paris Climate Goals
New analysis finds G20 countries are investing heavily in fossil gas in direct contradiction with Paris Agreement goals they have agreed to.
BARILOCHE, ARGENTINA
As G20 energy ministers gather in Argentina, a new report out today entitled 'Debunked: The G20 Clean Gas Myth' finds that G20 countries, in the absence of new policies, are set to see investment of over $1.6 trillion USD in new gas projects. If this investment takes place - and if Argentina's Vaca Muerta shale gas reserves are developed - it would seriously jeopardize the climate goals set out in the Paris Agreement.
The report, published by Oil Change International and endorsed by over 20 organizations around the world, finds the following:
The concept of fossil gas as a "bridge fuel" to a stable climate is a myth. Emissions from existing gas fields, alongside existing oil and coal development, already exceed carbon budgets aligned with the Paris Agreement. Even if all coal mines were shut down tomorrow, the gas and oil in already-developed fields alone would take the world beyond the carbon budget for a 50% chance at staying below 1.5oC of global warming.
Despite this reality, G20 countries are projected to host investment of over $1.6 trillion USD in new gas projects by 2030. If this happens, emissions unlocked through 2050 would make it extremely difficult to meet the goals of the Paris Agreement, which has been signed by all G20 members.
Five countries - the United States, Russia, Australia, China, and Canada - are projected to be responsible for 75% of capital expenditures in gas production in G20 countries from 2018-2030.
Argentina's push to open massive shale gas deposits to investment risks undermining its commitment to the Paris Agreement and the work of the Energy Transitions Working Group during its G20 Presidency.
This report is one of two reports published simultaneously that question the ongoing push for expanding fossil gas production in G20 countries.
This report, 'Debunked: The G20 Clean Gas Myth,' focuses on fossil gas development in the G20 and debunking the myth of fossil gas as a clean transition fuel. It is published by Oil Change International and available at: https://priceofoil.org/debunked-g20-clean-gas-myth
A partner report, 'Debunked: The Promise of Argentina's Vaca Muerta Shale Play,' published by Greenpeace in Argentina, focuses on the myths surrounding the development of shale gas in Argentina, particularly the Vaca Muerta shale play. It is available at: https://priceofoil.org/debunked-vaca-muerta
Reactions:
Stephen Kretzmann, Executive Director of Oil Change International:
"The idea that fossil gas could be a bridge to clean energy dates back to the time when cell phones were tethered to briefcase-size batteries. Fossil gas today is just one more dirty energy source now completely bypassed by newer, cleaner, cheaper, and better technology. It's time for the G20 to follow through on their commitment to end fossil fuel subsidies, and to begin to discuss how to limit production of all fossil fuels in line with the Paris Agreement's goals."
Lidy Nacpil, Coordinator of the Asian Peoples' Movement on Debt and Development:
"The world does not have the time nor the space to use gas as bridge or transition fuel. We need to fully decarbonize by 2050 if we are to have a good chance of preventing the climate crisis from reaching catastrophic levels. And that means phasing out the use of all fossil fuels as fast as possible. Those who argue for stepping up production and consumption of gas in the transition are either conveniently ignorant of the science or are deliberately deceptive."
Dr. Katherine Kramer, Climate Change Global Lead of Christian Aid:
"The G20 presents an opportunity for economically powerful countries to debunk the dangerous myth that fossil gas can act as a bridging fuel to a low carbon future. Fossil gas is a false solution, all the more egregious when there are sustainable renewable sources of energy that are cost-effective and provide energy access for the poorest people through using indigenous wind and solar. Why 'bridge' when you can leapfrog to truly clean energy?"
Paul Horsman, Greenpeace Andino Project Leader:
"Opening more oil, gas and coal reserves condemns the world to more deadly climate impacts. Governments should take responsibility, keep to their Paris Agreement pledges, and stop spending billions of dollars to open even more reserves that neglect the rights of citizens and the environment. People are already paying with their lives and livelihoods for oil and gas extraction, only a shift to massively expand renewable energy sources will guarantee economic success and protect us and our children."
The report was researched and written by Oil Change International, and can be found at https://priceofoil.org/debunked-g20-clean-gas-myth.
It is endorsed by African Climate Reality Project, Amazon Watch, Asian Peoples' Movement on Debt & Development, Christian Aid, Earthworks, Engajamundo, Food & Water Europe, Food & Water Watch, Greenpeace, Health of Mother Earth Foundation, Leave it in the Ground Initiative, Legambiente, Observatori del Deute en la Globalitzacio, Platform, Rainforest Action Network, Re:Common, Stand.earth, the UK Youth Climate Coalition, urgewald, and 350.org.
Oil Change International is a research, communications, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the ongoing transition to clean energy.
(202) 518-9029LATEST NEWS
'Inconceivable': US Condemned Over Decision to Provide Landmines to Ukraine
"Ukraine already faces years of demining due to Russian landmine use," said the International Campaign to Ban Landmines. "Adding to this contamination would impact its own population for decades to come."
Nov 20, 2024
The Biden administration's decision Tuesday to reverse its own policy and greenlight the provision of anti-personnel landmines to Ukraine drew international condemnation, with human rights organizations warning that generations of civilians will bear the costs of the move.
The International Campaign to Ban Landmines (ICBL), which won the Nobel Peace Prize in 1997 for its work against the weapons, said Wednesday that it "strongly condemns" the Biden administration's move and noted that Ukraine is prohibited from acquiring or using landmines under the terms of the Convention on the Prohibition of the Use, Stockpiling, Production, and Transfer of Anti-Personnel Mines and on Their Destruction.
Neither the United States nor Russia—which has used landmines repeatedly against Ukraine since its full-scale invasion in February 2022—are signatories to the treaty. But in 2022, the Biden administration barred the transfer and U.S. of American-made landmines except in defense of South Korea, reversing a Trump-era policy that weakened restrictions on the weapons.
"The U.S. must respect its own policy prohibiting landmine transfers," ICBL said Wednesday. "As the world's largest donor to mine clearance, spending millions annually to protect civilians, it's inconceivable the U.S. would facilitate laying new mines."
"Ukraine has repeatedly affirmed its commitment to the Mine Ban Treaty since 2022. ICBL urges Ukrainian officials to demonstrate this commitment by refusing this transfer. International humanitarian law cannot be set aside during conflict," the organization added. "Ukraine already faces years of demining due to Russian landmine use. Adding to this contamination would impact its own population for decades to come."
ICBL implored the administration to reverse its decision, saying that "the protection of civilians cannot be compromised, even in extraordinarily difficult circumstances."
It's unclear when U.S. landmines will be shipped to Ukraine, which is already littered with landmines that, at the current pace, will take an estimated 757 years to remove. An unnamed official toldDefense News that the U.S. landmines would be delivered to Ukraine "soon."
On Wednesday, the Biden administration announced a fresh package of military assistance for Ukraine that includes mortar rounds, artillery ammunition, and "demolitions equipment and munitions." The package was announced hours after Ukraine fired American-made long-range missiles deep into Russian territory for the first time in the wake of U.S. President Joe Biden decision to allow Ukrainian forces to do so.
"Anti-personnel landmines are inherently indiscriminate weapons that maim and kill civilians long after conflicts end and shouldn't have a place in the arsenal of any country."
Speaking to reporters Wednesday, U.S. Defense Secretary Lloyd Austin said that Ukraine has "asked for" anti-personnel landmines.
"So I think it's a good idea," Austin said of the administration's decision to roll back its 2022 policy.
Ben Linden, advocacy director for Europe and Central Asia for Amnesty International USA, expressed strong disagreement, saying in a statement that the decision was "reckless" and "a deeply disappointing setback for a president who once agreed that landmines put more civilians at increased risk of harm."
"It is devastating, and frankly shocking, that President Biden made such a consequential and dangerous decision just before his public service legacy is sealed for the history books," said Linden. "Anti-personnel landmines are inherently indiscriminate weapons that maim and kill civilians long after conflicts end and shouldn't have a place in the arsenal of any country. Even the 'nonpersistent' mines are a threat to civilians. In the face of continued Russian aggression, including the killing and injuring of Ukrainian children, landmines are not the answer to keep civilians safe."
News of the Biden administration's decision came shortly before ICBL issued its annual report on anti-personnel landmines and their impacts worldwide.
The 142-page report found that "there were at least 5,757 new casualties from landmines and explosive remnants of war in 53 countries and two other areas in 2023, including 1,983 deaths."
"Civilians made up 84% of all recorded casualties in 2023," the report noted, "while children were 37% of casualties when the age was recorded."
Mark Hiznay, associate arms director at Human Rights Watch and an editor of the report, said in a statement that "new use of anti-personnel mines by countries that have not joined" the international mine ban convention "threatens both civilian lives and the effectiveness of this lifesaving treaty."
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'Betsy DeVos 2.0': Trump Picks WWE Billionaire Linda McMahon to Lead Education Department
"During his first term, Donald Trump appointed Betsy DeVos to undermine and ultimately privatize public schools through vouchers," said the president of the National Education Association. "Now, he and Linda McMahon are back at it."
Nov 20, 2024
U.S. President-elect Donald Trump announced late Tuesday that he intends to nominate Linda McMahon, the billionaire former CEO of World Wrestling Entertainment, to lead the Department of Education, a key agency that Republicans—including Trump and the authors of Project 2025—have said they want to abolish.
McMahon served as head of the Small Business Administration during Trump's first White House term and later chaired both America First Action—a pro-Trump super PAC—and the America First Policy Institute, a far-right think tank that has expressed support for cutting federal education funding and expanding school privatization.
Trump touted McMahon's work to expand school "choice"—a euphemism for taxpayer-funded private school vouchers—and said she would continue those efforts on a national scale as head of the Education Department.
"We will send Education BACK TO THE STATES, and Linda will spearhead that effort," Trump said in a statement posted to his social media platform, Truth Social. (McMahon is listed as an independent director of Trump Media & Technology Group, which runs Truth Social.)
The National Education Association (NEA), a union that represents millions of teachers across the U.S., said in response to the president-elect's announcement that McMahon is "grossly unqualified" to lead the Education Department, noting that she has "lied about having a degree in education," presided over an organization "with a history of shady labor practices," and "pushed for an extreme agenda that would harm students, defund public schools, and privatize public schools through voucher schemes."
"During his first term, Donald Trump appointed Betsy DeVos to undermine and ultimately privatize public schools through vouchers," NEA president Becky Pringle said in a statement. "Now, he and Linda McMahon are back at it with their extreme Project 2025 proposal to eliminate the Department of Education, steal resources for our most vulnerable students, increase class sizes, cut job training programs, make higher education more expensive and out of reach for middle-class families, take away special education services for disabled students, and put student civil rights protections at risk."
"The Department of Education plays such a critical role in the success of each and every student in this country," Pringle continued. "The Senate must stand up for our students and reject Donald Trump's unqualified nominee, Linda McMahon. Our students and our nation deserve so much better than Betsy DeVos 2.0."
Randi Weingarten, president of the American Federation of Teachers, took a more diplomatic approach, saying in a statement that "we look forward to learning more about" McMahon and that, if she's confirmed, "we will reach out to her as we did with Betsy DeVos at the beginning of her tenure."
"While we expect that we will disagree with Linda McMahon on many issues, our devotion to kids requires us to work together on policies that can improve the lives of students, their families, their educators, and their communities," Weingarten added.
McMahon is one of several billionaires Trump has selected for major posts in his incoming administration, which is teeming with conflicts of interest. During Trump's first term, McMahon and her husband, Vince McMahon, made at least $100 million from dividends, investment interest, and stock and bond sales.
The Guardiannoted Tuesday that "in October, [Linda] McMahon was named in a new lawsuit involving WWE."
"The suit alleges that she and other leaders of the company allowed the sexual abuse of young boys at the hands of a ringside announcer, former WWE ring crew chief Melvin Phillips Jr," the newspaper reported. "The complaint specifically alleges that the McMahons knew about the abuse and failed to stop it."
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Rahm Emanuel Made Alarming Stock Trades as Ambassador to Japan
A report on the "suspiciously timed" trading comes as the longtime party insider mulls a run for Democratic National Committee chair.
Nov 19, 2024
"Siri, what is insider trading?"
That's how one reader responded to Tuesday reporting by The American Prospect's Daniel Boguslaw that Rahm Emanuel, who is supposedly mulling a bid for Democratic National Committee (DNC) chair, made some concerning financial moves while in his current government job.
Emanuel is the U.S. ambassador to Japan. He was previously the mayor of Chicago, a Democratic Illinois congressman, and a key adviser to former Presidents Barack Obama and Bill Clinton. While in the House of Representatives, he chaired the Democratic Congressional Campaign Committee and then the party's caucus in the chamber. He's also been an investment banker.
As Boguslaw detailed Tuesday:
Periodic transaction reports filed with the Office of Governmental Ethics over the past two years suggest that Chicago's golden boy may be better served returning to his roots on Wall Street, given the six-figure trades he executed at highly opportune moments in U.S.-Japanese trade relations.
Among the millions of dollars of stock trades Emanuel conducted between 2021 and 2024 while serving as ambassador, one purchase jumps out. On September 29, 2023, Emanuel bought between $250,000 and $500,000 worth of stocks in CoreWeave, a leading AI cloud computing service.
Emanuel's purchase took place one day before the Japanese government announced a $320 million subsidy to Micron Technology to manufacture storage components that are essential to the Nvidia chips which CoreWeave relies on for its AI computation services.
Emanuel "purchased between $100,000 and $250,000 worth of Ocient stock on March 8, 2024, before the close of the firm's series B raise," after the Illinois "data analytics company's CEO Chris Gladwin traveled to Japan in October on a trade delegation mission," Boguslaw noted. "At the end of July, Rahm also purchased between $50,000 and $100,000 worth of stock in Monroe Capital, a Chicago-based middle-market lender that specializes in collateralized debt obligations, the Frankenstein financial product that crashed global markets in 2008."
While Emanuel did not respond to the Prospect's request for comment, Jeff Hauser, executive director of the Revolving Door Project, declared on social media that it was a "MASSIVE STORY!"
Hauser told Common Dreams that "being ambassador to Japan is a big job, but normally owing to its importance to America's relationship with a key ally in a critical area of the globe, and not because of the access it apparently provides to actionable stock tips."
"Ambassador Emanuel's brain ought to have been focused on improving America's lot in East Asia, not maximizing his retirement account," he said. "We at Revolving Door Project have long argued that senior government officials should be limited to investing in diversified mutual funds rather than stock by stock. That Emanuel was making exotic investments in businesses he may have learned about on the government's dime only underscores the need for such reforms."
"If Democrats are to ever put a full and final end to Trumpism, they are going to need to develop a clear and consistent critique of why corruption by public officials is a bad thing. That would make Rahm Emanuel among the worst possible choices for DNC chair, especially since Sen. Menendez seems likely to be unavailable for the position," Hauser added, referring to Bob Menendez, a former Democratic senator from New Jersey who in July was convicted of taking bribes.
As Common Dreamsreported last week, progressive critics of Emanuel have called his potential leadership of the DNC—after various devastating losses for the party on Election Day earlier this month—a "sick joke" and "the worst idea in the world."
Noting Emanuel's consideration of the job in an email to supporters on Tuesday, Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) said that "there is a disease in Washington of Democrats who spend more time listening to the donor class than working people. If you want to know the seed of the party's political crisis—that's it."
"The DNC needs an organizer who gets people," she asserted. "Not someone who sends fish heads in the mail."
Martin O'Malley, a former Democratic presidential candidate and Maryland governor, and Ken Martin, the Minnesota Democratic-Farmer-Labor Party chair and a DNC vice chair, have both formally launched their campaigns for the position.
Other potential contenders for the DNC post include Wisconsin Democratic Party Chair Ben Wikler and Chuck Rocha, a political strategist for the latest campaign of Sen.-elect Ruben Gallego (D-Ariz.) and the presidential campaign of Sen. Bernie Sanders (I-Vt.).
Sanders, who caucuses with Democrats, said after the elections earlier this month that "it should come as no great surprise that a Democratic Party which has abandoned working-class people would find that the working class has abandoned them."
According toCBS News:
Rocha said he's still waiting to see how the field develops before jumping in, and "if there's a better candidate that really stands for what I want to see done with the party."
But Rocha has set several action items he would take as chair: eliminate education requirements for senior DNC positions, mandating that state parties "be more inclusive" and diverse with consultant hiring, and to focus on building party infrastructure in all 50 states.
Asked about Martin's and O'Malley's campaigns, Rocha called them "names that are from the institution."
"I think we need somebody from the outside and a strategist to come in and rebuild the party," said Rocha, who noted that his non-college background and upbringing in East Texas could be an advantage as the party looks to reconnect with working-class voters.
Politicoreported Tuesday that another Sanders ally, James Zogby, "expects to formally launch his campaign in the coming days."
A longtime DNC member and president of the Arab American Institute, Zogby told Politico that he was motivated to run by his anger over Republican President-elect Donald Trump's defeat of Democratic Vice President Kamala Harris.
Zogby criticized Harris for campaigning with former Rep. Liz Cheney (R-Okla.), said the Democratic Party was too "focused on suburban women and not on white working-class people," and called the decision to not invite a Palestinian American to speak at the national convention "unimaginative, overly cautious, and completely out of touch with where voters are."
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