Oil, natural gas & divestment

Offshore oil rig at sunset

Biden permanently bans offshore drilling in 625 million acres of ocean

President Biden has announced an executive action that will permanently ban future offshore oil and gas development in parts of the Atlantic and Pacific oceans in a way that could be especially difficult for the incoming Trump administration to undo. The ban will prevent oil companies from leasing waters for new drilling along the entire East Coast; the eastern Gulf of Mexico; the coasts of Washington, Oregon, and California; and portions of Alaska’s Northern Bering Sea.

Power plant polluting

New York to fine fossil fuel companies $75 billion under new climate law

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law at the end of 2024.
New York state will fine fossil fuel companies $75 billion over the next 25 years to pay for damage caused to the climate. The new law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil, gas, and coal companies. The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings and other infrastructure. Fossil fuel companies will be fined based on the amount of greenhouse gases they emitted between 2000 and 2018.

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77% of universities have now pledged to divest from fossil fuels

115 U.K. universities have now pledged to exclude fossil fuel companies from their investment portfolios, following Birmingham City University, Glasgow School of Art, Royal Northern College of Music, and the University of Bradford all incorporating fossil fuel industry exclusions into their Ethical Investment Policies. The divested universities represent 77% of the U.K. Higher Education sector and more than $22 billion USD worth of endowments.

The Hague waterfront and buildings

The Hague becomes world’s first city to pass law banning fossil fuel-related ads

New legislation in the Dutch city spells the end of publicly and privately funded advertising for petrol and diesel, aviation and cruise ships in city streets, including on billboards and bus shelters. It takes effect from the start of next year. It is the first time a city has banned high-carbon advertising through local legislation. The decision follows a call by the U.N. chief, António Guterres, earlier this year for governments and media to enact such bans, as they have done with tobacco.

Break Free From Fossil Fuels flyer

Australia and Norway to stop overseas fossil fuel financing

Australia and Norway have formally joined the Clean Energy Transition Partnership (CETP), a historic alliance aiming at ending international public subsidies for fossil fuels. The CETP was launched during COP26 in Glasgow and has grown to include 41 countries and organizations, signaling a significant step forward in combating the climate catastrophe.

Furnace flames

Massachusetts becomes first U.S. state to approve phase-out of natural gas as a source for residential heating

According to Inside Climate News, Massachusetts is the first state to take such a clear step to phase out natural gas, but it likely won’t be the last. At least 11 other states, including California, Colorado, Illinois, Maryland, Minnesota, Nevada, New Jersey, New York, Oregon, Rhode Island and Washington — as well as Washington, D.C. — have ongoing regulatory cases that are exploring the future of natural gas.

Volvo logo on headcap

Volvo Cars to cease production of all diesel models in 2024

This milestone follows Volvo’s previous announcement in 2022 to discontinue the development of new internal combustion engines. By selling its stake in Aurobay, the joint venture responsible for its remaining combustion engine assets, Volvo redirected its focus entirely towards electric powertrains.

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