A new briefing by Oil Change International, Investing in Disaster reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution.
INVESTING IN DISASTER
A new briefing released, titled “Investing in Disaster: Recent and anticipated final investment decisions for new oil and gas production beyond the 1.5°C limit”, reveals the countries and companies responsible for approving the most new oil and gas extraction in 2022 despite the clear evidence that fossil fuel expansion is incompatible with holding global warming to 1.5°C. It also warns that the oil and gas industry is poised for a disastrous surge of new expansion over the next three years – unless governments and communities put a stop to it.
That is equivalent to:
- Almost two years’ worth of global carbon emissions from energy at current levels;
- 17 percent of the world’s remaining 1.5°C carbon budget; or
- The lifecycle emissions of 468 coal power plants.
- The oil and gas fields and coal mines that were already producing or under construction before 2022 hold enough reserves to push the world well past 1.5°C, yet the oil and gas industry keeps approving new extraction projects that lock in even more pollution.
- New oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution – equivalent to almost two years’ worth of global carbon emissions from energy at current levels, or 17 percent of the world’s remaining 1.5°C carbon budget.
- New projects approved in 2022 or beyond will either push the world well past 1.5°C or force large-scale shutdowns of existing infrastructure to stay below that limit. New expansion is an investment in climate and economic chaos.
Governments Must Step In
Governments must step in to stop further expansion and adopt policies that ensure a managed phase-out of fossil fuels alongside a rapid scale-up of just transition support and clean-energy solutions. Specifically, we recommend:
- Governments in oil- and gas-producing countries halt new licensing and permitting of fossil fuel extraction projects and commit to phasing out production on a timeline that aligns with equitably limiting warming to 1.5°C,
- Governments in all countries, and the public finance institutions they control, should immediately end new public direct and indirect support for oil, gas, and coal projects both domestically and abroad, while rapidly increasing support for a clean energy transition. They should prioritize clean energy funding in low-income regions as well as support for transformative solutions; and,
- Wealthy governments must provide their fair share of debt cancellation, climate finance, and loss and damage support to countries in the Global South. This will allow for the rapid scale-up of affordable clean energy access and other climate solutions.
Big wealthy producer nations like the U.S. [and Canada] are undercutting their stated climate goals by continuing to drive up fossil fuel production.
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