For Immediate Release

Organization Profile: 
Contact: 

Stefanie Spear, sspear@asyousow.org, 216-387-1609

Deflating Carbon Bubble Requires Oil & Gas Companies to Shrink

BERKELEY, CALIFORNIA - Today, Carbon Tracker released its Balancing the Budget report finding that companies cannot be considered “Paris-compliant” if they are sanctioning assets that would take the world past Paris limits. The report concludes that the world’s oil and gas majors must cut combined production by 35 percent by 2040 to keep emissions within international climate targets and protect shareholder value.

Danielle Fugere, president of As You Sow, made the following statement:

“This report underscores what we already know: Oil and gas companies’ investments are taking the world down a catastrophic pathway that threatens the planet and the global economy. We are already seeing destructive impacts worldwide — and the world has only warmed 1 degree. To right the ship and set us on a sustainable course, investors must demand that these companies set Paris-Aligned targets and begin strategically reducing investments in oil and gas projects. This is a necessary step on the pathway toward preserving a livable planet.”

Lila Holzman, energy program manager of As You Sow, made the following statement:

SCROLL TO CONTINUE WITH CONTENT

Never Miss a Beat.

Get our best delivered to your inbox.

“Oil and gas companies seem to be operating under a business as usual mindset in which they can grow without limit, while taking minimal steps to reduce the greenhouse gas emissions they are responsible for. This report emphasizes that no company is taking sufficient action to reduce the risk of climate breakdown.”

For more information on As You Sow’s work on climate change, click here.

###

Our pandemic coverage is free to all. As is all of our reporting.

No paywalls. No advertising. No corporate sponsors. Since the coronavirus pandemic broke out, traffic to the Common Dreams website has gone through the roof— at times overwhelming and crashing our servers. Common Dreams is a news outlet for everyone and that’s why we have never made our readers pay for the news and never will. But if you can, please support our essential reporting today. Without Your Support We Won't Exist.

Please select a donation method:



As You Sow is the nation’s non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit.

Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.

Share This Article