Startling data reveals that a surge in new oil and gas production in 2024 could result in nearly 12 billion tonnes of greenhouse gas emissions, with leading wealthy nations like the US and the UK spearheading this fossil fuel expansion despite their climate commitments. This exclusive information shared with The Guardian highlights the concerning trend.
Analysis by the International Institute for Sustainable Development (IISD) indicates that the upcoming oil and gas field licenses set to be awarded globally this year could lead to the highest emissions levels since 2018. This comes at a time when extreme weather events are wreaking havoc worldwide.
The projected 11.9 billion tonnes of emissions from current and future oil and gas fields licensed by the end of 2024 surpass the total emissions from the past four years combined, equivalent to China’s annual carbon output. Despite the Paris climate agreement, fossil fuel companies are investing heavily in new sites, raising concerns about the lack of progress in reducing emissions.
While countries like Saudi Arabia and Russia have been criticized for their slow response to the climate crisis, wealthier nations such as the UK, US, Canada, Norway, and Australia are also under scrutiny for their significant role in issuing new oil and gas licenses. These countries, dubbed as the “other petrostates,” have the resources to facilitate a smoother transition to cleaner energy sources.
Despite their global image as climate leaders, these five nations have accounted for over two-thirds of all new oil and gas licenses granted since 2020. The urgency to halt the opening of new fields is emphasized by experts, signaling a critical need for action to address the escalating emissions.
2024-07-24 05:00:06
Original from www.theguardian.com