Burning fossil fuels, such as coal, oil and gas, is the main driver of the climate crisis. Despite a flurry of net-zero emission goals and increased pledges of many countries, some of the largest oil producers have failed to outline how they plan to drastically scale down fossil fuel use. Why are they missing from the conversation?
Analysts at NGO Reclaim Finance said the coalition of financial companies signed up to GFANZ was “missing the point” on fossil fuels. This is because, the analysts said, GFANZ had failed to mandate a halt to investments in fossil fuel expansion.
“An alliance on climate with no fossil fuel criteria in its guidelines is like an anti-smoking coalition which doesn’t address cigarettes,” Bill McKibben, author and co-founder of the grassroots climate campaign 350.org, said in a statement.
Kenneth Haar, researcher at campaign group Corporate Europe Observatory (CEO), said, “self-regulation” among companies with a heavy carbon footprint was at the heart of the private finance proposals on the table at COP26. “Sadly, the upcoming COP26 looks set to become the biggest finance greenwash event in history,” Haar said. Gretta Thunberg protested the event to accuse the organizers of greenwashing, and of relying on carbon offsets, which she called “climate sabotage.”
At the University of Delaware the Climate Change Scholars engage in discussion about what action World Leaders should tackle first: Phasing out Fossil Fuels, Deploying clean energy, or protecting the world’s forests. General consensus concluded that deploying clean energy while phasing out fossil fuels should be the highest priority. We must phase out fossil fuels while integrating a clean alternative. Fossil fuels are the leading cause of climate change and therefore that root problem must be addressed above all else.
Fossil fuels will also run out with or without climate change and to avoid international tensions and wars, clean energy must be created and deployed both efficiently and equitably. If governments, scientists, private industry, and activists can balance this transition appropriately, protecting the world’s forests can come next to aid in the restoration of biodiversity and the capture of additional carbon.
This agreement amongst the students is interesting considering that at COP26 world leaders focused on forest protection first, and have not talked about fossil fuel phase outs at all.
What are your thoughts on COP26 priorities and the absence of fossil fuel divestment and mandate discussions? Let us know in the comments below!
