Extinction Rebellion, Greta Thunberg; Meanwhile, Big Oil Spending Projected To Rise 85% In 10 Years
For many of us who have been working on oil and climate for years, the recent days, weeks and months have been inspiring, as we witness a surge in activism and awareness on climate change. Whether it be the Sunrise Movement, the youth climate strikes inspired by Greta Thunberg, the recent protests by Extinction Rebellion in London where over 1,000 were arrested, or the growing debate over the need for a Green New Deal, suddenly there feels like a seismic shift in public perception and political understanding of the climate emergency.
Every non violent protest, march, speech, blockade, picnic and action slowly pushes climate change to the top of the political and news agenda, where it needs to stay until action reflects the crisis we are in.
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Even though the science says we cannot carry on drilling, the oil industry capital investment over the next decade is forecast to rise over 85%, reaching over $1 trillion a year. The bottom line says Global Witness, is that “Right now, the industry is forecast to pump more oil and gas for decades to come. Our analysis shows not only that production from new fields is incompatible with limiting warming to 1.5°C, but also that production from existing fields is already more than enough.” To extract this oil and gas, the industry needs infrastructure, locking in carbon extraction for decades to come.
Another new survey, this time by Global Energy Monitor, has found that of a total 302 pipelines in some stage of development around the world, over half are in North America. In total, another $1 trillion is committed towards this oil and gas infrastructure. That is another $1 trillion we cannot afford to spend and another $1 trillion wrecking this climate. Ted Nance, co-author of the Global Energy Monitor report, told the Guardian. “This is a whole energy system not compatible with global climate survival. These pipelines are locking in huge emissions for 40 to 50 years at a time, with the scientists saying we have to move in 10 years. These pipelines are a bet that the world won’t get serious about climate change, allowing the incumbency of oil and gas to strengthen.”
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http://priceofoil.org/2019/04/25/the-climate-rebellion-maybe-growing-but-big-oil-keeps-on-drilling/