Trump administration will pay $1 billion to French energy giant TotalEnergies to abandon two U.S. offshore wind leases, the campaign group 350.org condemned the move as a reckless misuse of public funds that undermines clean energy progress and locks in future energy insecurity.
Soaring prices for fuel, fertilizer and food could be the last straw for millions of families in the global South already pushed into poverty by climate change. Governments must act now to stop oil and gas companies profiting from the war— by taxing their windfall profits to finance protections for ordinary people.
The new plan, the first update since 2008, sets out Brazil’s pathway to cut emissions by up to 67% by 2035 and reach net zero by 2050, with a continued focus on ending deforestation, a major driver of emissions in the Amazon. However, campaigners say the plan lacks the ambition needed to rapidly transition away from oil, gas and coal, particularly as Brazil remains one of the world’s top emitters.
If G7 countries are serious about stabilizing the market, they need to stop protecting profits and start taxing companies which fuel the climate crisis. Working people shouldn't be paying the price while oil majors treat the war in the Middle East like a winning lottery ticket.
While the plan confirms continued expansion of renewable energy and a carbon-intensity reduction target of 17%, notably lower than the previous carbon intensity target. The plan stops short of outlining the structural changes needed to put China firmly on a path toward declining emissions this decade, referring to peak instead of previous language to phase down coal.
The new war on Iran and the closure of the Strait of Hormuz lay bare the horrendous costs of a world chained to fossil fuels. When global energy security can be upended by a single flashpoint, it shows how unstable and risky our dependence on oil and gas is.
