<
https://www.theguardian.com/environment/2022/nov/10/oil-and-gas-firms-planning-cop27-climate-crisis-frightening-fossil-fuels-growth-report-finds>
"Oil and gas companies are planning a “frightening” expansion that would result
in 115bn tonnes of climate-heating CO2 being pumped out, equivalent to more
than 24 years of US emissions, a new analysis has found.
Virtually all oil and gas companies are planning further exploitation of fossil
fuels, the report found, pouring $160bn dollars into exploration since 2020.
None of this investment is compatible with the International Energy Agency’s
(IEA) route to reaching net zero emissions by 2050 and limiting the climate
crisis, the report said.
It was released at the Cop27 climate summit in Egypt, where leaders have been
warned that deep and rapid cuts to carbon emissions are needed to avoid climate
catastrophe. But the analysis found that 655 of 685 (96%) of exploration and
production companies have expansion plans, with their short-term expansion
plans increasing by 20% since 2021.
The IEA said in 2021 that no new fossil fuel projects could go ahead from 2022
if the world is to tackle global heating and its worsening impacts on billions
of people. The analysis, by German NGO Urgewald and 50 NGO partners, also found
expansion plans for the export of liquefied gas around the world would more
than double under current plans.
This would lead to emissions equivalent to the current annual emissions of the
African continent.
Russia’s war in Ukraine and the continuing recovery from the Covid pandemic has
sent energy prices soaring this year, prompting some countries and companies to
increase their exploration. However, several major studies have shown that the
vast majority of existing fossil fuel reserves must remain underground to avoid
climate breakdown. Many observers argue that getting off fossil fuels, through
cheap renewables and efficiency, is the fast and permanent solution to high
energy prices."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
