Category Archives: Fossil fuel divestment

Cop29 at a crossroads in Azerbaijan with focus on climate finance

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Fossil-fuel dependent country hopes to provide bridge between wealthy global north and poor south at November gathering

Oil is inescapable in Baku, the capital of Azerbaijan. The smell of it greets the visitor on arrival and from the shores of the Caspian Sea on which the city is built the tankers are eternally visible. Flares from refineries near the centre light up the night sky, and you do not have to travel far to see fields of “nodding donkeys”, small piston pump oil wells about 6 metres (20ft) tall, that look almost festive in their bright red and green livery.

It will be an interesting setting for the gathering of the 29th UN climate conference of the parties, which will take place at the Olympic Stadium in November.

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‘No alternative’: EU climate chief urges MEPs not to use crisis as political tool

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Exclusive: Wopke Hoekstra says EU must press ahead with cutting greenhouse gases and use policy to bring about economic benefits

Europe’s climate chief has warned against politicians trying to use the climate crisis as a wedge issue in the forthcoming EU parliament elections, calling instead for climate policy that will bring wider economic benefits.

Wopke Hoekstra, the EU commissioner for climate action, said Europe had no choice but to press ahead with strong measures to cut greenhouse gases, whoever was in power, but added that more attention was needed to help businesses thrive in a low-carbon world.

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Women added to Cop29 climate summit committee after backlash

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Panel was originally composed of 28 men, a move condemned as ‘regressive’ and ‘shocking’

The president of Azerbaijan has added 12 women to the previously all-male organising committee for the Cop29 global climate summit, which the country will host in December.

The move follows a backlash after the Guardian reported the initial 28-man composition of the committee, which was called “regressive” by the She Changes Climate campaign group. “Climate change affects the whole world, not half of it,” the group said.

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UK students launch Barclays ‘career boycott’ over bank’s climate policies

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Campaign at leading universities such as Oxbridge and UCL warns lender it will miss out on top talent if it finances fossil fuels

Hundreds of students from leading UK universities have launched a “career boycott” of Barclays over its climate policies, warning that the bank will miss out on top talent unless it stops financing fossil fuel companies.

More than 220 students from Barclays’ top recruitment universities, including Oxford, Cambridge, and University College London have sent a letter to the high street lender, saying they will not work for Barclays and raising the alarm over its funding for oil and gas firms including Shell, TotalEnergies, Exxon and BP.

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Mary Robinson reiterates call for rapid phase-out of fossil fuels

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Former Ireland leader issues firm response in row over comments made to her by Cop28 president

Mary Robinson, the former president of Ireland, has called for a rapid phase-out of fossil fuels, in a diplomatic but firm response to the row over comments made to her by the Cop28 president, which were revealed by the Guardian this week.

In a live online event, Sultan Al Jaber had told Robinson there was “no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C”, a view strongly rejected by many scientists. As well as running the Cop28 UN climate summit in Dubai, Al Jaber is the chief executive of the United Arab Emirates’ state oil company, Adnoc.

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The secret plan to ‘hook’ the developing world on oil – podcast

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As the Cop28 climate summit begins in Dubai today, a secret Saudi Arabian plan to get poorer countries ‘hooked on its harmful products’ has emerged. Damian Carrington reports

Delegates from every country in the world are meeting today at the beginning of the Cop28 climate talks in Dubai, hosted by the United Arab Emirates. The scale of the challenge ahead of them is immense: phasing out the fossil fuels that power the global economy before a planetary tipping point is reached.

As the Guardian’s environment editor, Damian Carrington, tells Michael Safi this week, that task has got even tougher. It has emerged that Saudi Arabia is driving a huge global investment plan to create demand for its oil and gas in developing countries. Critics say the plan is designed to get countries “hooked on its harmful products”.

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Companies still investing too much in fossil fuels, global energy watchdog says

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Head of International Energy Agency says the industry faces a ‘moment of truth’ as Cop28 talks approach

Fossil fuel companies are investing twice as much in oil and gas as they should if the world hopes to limit rising global temperatures to avert a climate catastrophe, according to the International Energy Agency (IEA).

The world’s energy watchdog said that the sector still had “minimal” engagement with the global clean energy transition, and continued to contribute just 1% of clean energy investment globally.

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AustralianSuper helped Woodside stop investor protest vote over climate policies, analysis shows

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Activist group Market Forces says Australia’s biggest super fund ‘signalled tacit approval’ of oil and gas giant’s expansion policy

Australia’s biggest superannuation fund helped Woodside Energy fend off a shareholder revolt over its climate policies, nullifying concerns raised by global investors, according to new analysis.

Activist group Market Forces said AustralianSuper recently voted for the re-election of Ian Macfarlane, a senior Woodside director and longtime sustainability committee member at the oil and gas giant.

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China continues coal spree despite climate goals

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World’s biggest carbon emitter approving equivalent of two new coal plants a week, analysis shows

China is approving new coal power projects at the equivalent of two plants every week, a rate energy watchdogs say is unsustainable if the country hopes to achieve its energy targets.

The government has pledged to peak emissions by 2030 and reach net zero by 2060, and in 2021 the president, Xi Jinping, promised to stop building coal powered plants.

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C of E divests of fossil fuels as oil and gas firms ditch climate pledges

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Church pension and endowment funds shed holdings after U-turns by BP and Shell

The Church of England is divesting from fossil fuels in its multibillion pound endowment and pension funds over climate concerns and recent U-turns by oil and gas companies.

The church said it was abandoning oil and gas companies and all firms primarily engaged in the exploration, production and refining of oil or gas by the end of 2023, unless they were in genuine alignment with a 1.5C reduction pathway.

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Albanese government urged to push international banks to stop funding fossil fuel development

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Exclusive: Report claims Australia’s shareholdings in development banks has made it responsible for investing $828m in fossil fuel projects over five years

Australia’s shareholdings in three international banks – including the World Bank – has seen it responsible for investing $828m in fossil fuel projects between 2016 and 2021, according to a research report.

The World Bank, the Asian Development Bank and the Asian Infrastructure Investment Bank have collectively pumped $32.85bn into fossil fuel projects – almost entirely linked to oil and gas production or power generation – over the same period, the report says.

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Germany’s last three nuclear power stations to shut this weekend

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Closures, delayed after Russia reduced Europe’s gas supplies, leave conundrum for energy policymakers

Germany’s three remaining nuclear power stations will shut down on Saturday, 12 years after the Fukushima disaster in Japan accelerated the country’s exit from atomic energy.

The closures mark the conclusion of a stop-start approach to atomic energy and a victory for the country’s vociferous anti-nuclear movement.

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Confusion surrounds China’s energy policies as GDP and climate goals clash

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Wave of permits for coal-fired power plants sparks concern as ambitions for GDP growth and lowering emissions come into conflict

China’s energy policies are fast creating a type of “emissions ambiguity”, as the twin goals of boosting GDP growth and reducing carbon emissions come into conflict.

The uncertainty is whether and when the world’s biggest carbon emitter will start to curb greenhouse gas pollution. The release of the country’s annual statistics communique on Tuesday did not clear things up.

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Hancock Prospecting withdraws from $15m funding deal with Netball Australia after players revolt

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Gina Rinehart’s mining company instead offers short-term funding until the organisation finds a new sponsor

Gina Rinehart’s Hancock Prospecting has withdrawn a lucrative funding deal from Netball Australia after a players’ revolt against the company.

The mining company announced on Saturday that it would withdraw its $15m funding from Netball Australia. It has instead offered short-term funding until the organisation finds a new sponsor.

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Revealed: BP’s ‘greenwashing’ social media ads as anger over fuel costs rose

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Oil company spent £800,000 on social media influence ads after Labour proposed windfall tax

BP has spent more than £800,000 on social media influence ads in the UK this year that champion the company’s investments in green energy, it can be revealed.

On Tuesday, BP announced a 14-year high profit of £7bn for the second quarter of this year. In the previous eight days, the company paid about £570,000 to Facebook and Instagram for influence ads that reached tens of millions of viewers in the UK.

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Africa must forgo gas exploration to avert climate disaster, warn experts

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Call comes after former UN climate envoy urged African countries to exploit their natural gas reserves

Africa must embrace renewable energy, and forgo exploration of its potentially lucrative gas deposits to stave off climate disaster and bring access to clean energy to the hundreds of millions who lack it, leading experts on the continent have said.

Their call came as the UN secretary general, António Guterres, warned that exploring for gas and oil anywhere in the world would be “delusional”.

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G7 countries to stop funding fossil fuel development overseas

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Ministers from world’s biggest economies reach agreement that could shift estimated $33bn a year to clean energy sources

The world’s biggest economies are to stop funding any overseas fossil fuel development from the end of this year, in a move likely to choke off some of the investment in “carbon bombs” that are imperilling efforts to meet the world’s climate targets.

The agreement could shift about $33bn (£26bn) a year from fossil fuels to clean energy sources, according to analysts’ estimates.

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EU plans ‘massive’ increase in green energy to help end reliance on Russia

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European Commission says extra €210bn needed over next five years to pay for phasing out of Russian fossil fuels

The EU plans a “massive” increase in solar and wind power, and a short-term boost for coal, to end its reliance on Russian oil and gas as fast as possible.

In a plan outlined on Wednesday, the European Commission said the EU needed to find an extra €210bn (£178bn) over the next five years to pay for phasing out Russian fossil fuels and speeding up the switch to green energy.

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Will China’s plan to build more coal plants derail Cop26?

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Analysis: while the short-term consequences are grim, veteran analysts talk of a wobble rather than a fall

China’s decision to build more coal plants is a setback for climate action, but analysts say it could still meet its long-term emission reduction targets and may even have scope to raise its ambition at Cop26 in Glasgow.

In recent days, Beijing has announced a buildup of coal capacity to address the most severe power cuts in a decade, which have caused rolling blackouts in half its provinces.

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Europe’s top 25 banks failing on green pledges, campaigners warn

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ShareAction says lack of plans to tackle climate crisis and biodiversity loss casts doubts on banking’s sustainability pledges

Europe’s 25 largest banks are still failing to present comprehensive plans that address both the climate crisis and biodiversity loss, putting their sustainability pledges in doubt, campaigners have warned.

While some lenders such as NatWest are demonstrating leadership on specific issues – such as net zero targets and policies restricting financing for new fossil fuel – research by investment campaign group ShareAction found none of the banks it reviewed were taking action across all key areas.

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