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Fossil Fuel Companies Make Billions in Profit as We Suffer Billions in Losses: 2024 Edition

Union of Concerned Scientists

Last year, I wrote that fossil fuel companies made billions of dollars in profit during 2022 as people around the world suffered billions of dollars in damage from climate and weather related disasters. Above: Lahaina, Hawai’i after the devastating August 2023 wildfire that killed more than 100 people and destroyed 2,700 homes.

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Progress Possible at COP 28 Despite Fossil Fuel Industry Deception

Union of Concerned Scientists

Last week, I joined my colleagues at COP28 in Dubai , as negotiators and civil society push for a fossil fuel phaseout to meet climate goals. The industry is pushing a narrative that misleadingly calls out emissions , not fossil fuels as the problem. Source: IPCC Sixth Assessment Report.

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How Transmission—Not Gas—Will Bolster Winter Grid Reliability: A Look at MISO South

Union of Concerned Scientists

Investor-owned utilities want to protect the bottom line of their fossil fuel power plants and stave off competition from low-cost renewables that would be aided by transmission, even if those cleaner solutions would help ratepayers and boost grid reliability.

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We Need to Change Our Assumptions About Gas Plant Reliability

Union of Concerned Scientists

Gas plants failed at a scale that jeopardized grid reliability for large regions of the United States during severe winter storms in 2011 , 2014 , 2018 , 2021 , and 2022. Even with the clean energy transition well underway, gas plants will be around for a while as we phase out fossil fuels.

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How Much Battery Storage Does Illinois Need? 

Union of Concerned Scientists

So now it’s time to think seriously about what amount of energy storage the state may need to complement renewable energy resources that are coming onto the grid to replace fossil fuel plants. For example: Our 2018 report Soot to Solar included a case study looking at retiring the Waukegan coal plant in Illinois.

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Canadian governments have spent $23 billion on fossil fuel pipelines since 2018

Enviromental Defense

Instead, it turns out that the Government of Canada and the Government of Alberta have spent a minimum of $23 billion on fossil fuel pipelines since 2018. Take Action: Tell Canada to end subsides for fossil fuel projects. In 2018, the federal government bought TMX.

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Wildfires and Power Grid Failures Continue to Fuel Each Other

Union of Concerned Scientists

Both fossil fuel and utility companies bear some responsibility for wildfires’ damage, and must be held accountable to ensure disadvantaged and low-income communities aren’t left to shoulder the costs and impacts of these disasters. Emissions traced to fossil fuel companies, on the other hand, have contributed to 19.8