Exploring for petroleum resources

During the Kyoto negotiations, a coalition of more than two hundred leading organizations from fifty-two countries drafted the Oilwatch Declaration, which calls for an immediate moratorium on all new fossil fuel exploration. Currently, more than $150 billion dollars are spent every year searching for new fossil fuel sources - despite the fact that there is already a forty year supply in existing reserves. Scientists estimate that burning more than a quarter of our existing reserves alone will release far more carbon than the atmosphere can absorb without dangerous consequences. Ultimately, funding for fossil fuel exploration must be redirected towards sustainable and renewable energy resources. One way to accelerate this transition is to pressure the corporate financial sector. to cut off the flow of investment capital to global warming industries.