Category Archives: Fossil fuel divestment

UAE urges countries to honour fossil fuels vow amid Cop29 impasse

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Petrostate’s rebuke comes as Saudi Arabia and allies try to derail transition promise made at climate talks last year

The world must stand behind a historic resolution made last year to “transition away from fossil fuels”, the United Arab Emirates has said, in a powerful intervention into a damaging row over climate action.

The petrostate’s stance will be seen as as a sharp rebuke to its neighbour and close ally Saudi Arabia, which had been trying to unpick the global commitment at UN climate talks in Azerbaijan this week.

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US students score win in push for fossil fuel divestment by private high schools

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Concerned students press for their high schools – some with $1bn endowments – to reinvest in clean energy

A high school in California has decided not to invest in coal, oil or gas, instead pledging to put money into clean energy. It’s the latest win in a new fossil fuel divestment campus campaign launched by high schoolers across 11 countries that is gaining support in the US.

The Nueva School, an elite private school outside San Francisco, pledged in spring 2024 to invest a portion of its $55m endowment in renewable power. The commitment followed months of pressure from students.

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More than £494bn subsidies a year are harmful to the climate, says report

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ActionAid says ‘parasitic behaviour’ is fuelling the climate crisis and represents ‘corporate capture’ of public finance

More than $650bn (£494bn) a year in public subsidies goes to fossil fuel companies, intensive agriculture and other harmful industries in the developing world, new data has shown.

The subsidies entrench high greenhouse gas emissions and are fuelling the destruction of the natural world, according to a report from the charity ActionAid.

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UK’s methane hotspots include landfills and last coalmine

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Greenpeace urges Labour to ‘fulfil international obligations’ as critics question accuracy of official data

The UK’s worst methane hotspots include the last coalmine, livestock farm clusters, landfills, power plants and North Sea oil and gas wells, according to an analysis.

The process has also thrown up serious doubts over the UK’s ability to calculate its methane emissions.

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‘Inexcusable’: should climate hypocrites get the petrostates label?

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Suggestions definition of petrostate is too narrow as many rich countries that could phase out fossil fuels double down

“Drill, baby, drill!” Donald Trump’s ominous avowal to pump up the oil and gas production of the US has horrified many people around the world about the intentions of the Republican candidate, who has also declared he wants to be “dictator for a day”. Rather than the prospective leader of the free world, the election frontrunner sounds more like the tyrant of a petrostate.

That should not be entirely surprising given the country’s recent record: it has ramped up fossil fuel production to become the world’s biggest producer. As a Guardian investigation reveals, the total number of projected licences by the US for 2024 could lead to an estimated 397m tonnes of planet-heating emissions.

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Cop29 host Azerbaijan seeks $1bn from fossil fuel producers for climate fund

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Countries and companies involved in oil and gas extraction to be asked to join scheme aimed at tackling global heating

Fossil-fuel producing countries and companies are being asked to pay into a new international fund to help poor countries cope with the effects of the climate crisis.

The climate investment fund is being set up by the Azerbaijan government, host country of the Cop29 UN climate summit in November.

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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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