Production of fossil fuel worldwide in 2030 is expected to be more than double which is what considered as consistent said in the Paris climate goals meeting. To avoid disastrous global warming, the entire government must reduce fossil fuel production by 6% per year.
The report from the United Nations Environment Programme (UNEP) showcases the gap in fossil fuel production cuts and what is required to meet climate goals ahead of the global COP 28 climate meeting, which begins on November 30 in the oil-rich United Arab Emirates.
Ploy Achakulwisut, scientist and report lead author in Stockholm Environment Institute (SEI) says that “the fossil fuel phase out is one of the crucial issues that will be negotiated at COP 28.” She also mentioned that the countries should put efforts together on keeping the fossil fuels 1.5C goal alive.
Nations have committed to a long-term goal of limiting average temperature rises to less than 2 degrees Celsius above pre-industrial levels, with the goal of attempting to limit them even further to 1.5 degrees Celsius. While scientists agree that fossil fuel use must be reduced to meet the target, no international agreement has been reached to set phase-out dates for unrestricted coal, gas, or oil use.
Source: Yale E360
The report examined the 20 major fossil fuel producers and found that they intend to produce approximately 110% more fossil fuels in 2030 that is consistent with limiting the degree of warming to 1.5 degrees Celsius, and 69% more than what is consistent with 2 degrees Celsius.
According to the UNEP report, none of the 20 major countries have committed to reducing coal, oil, and gas production in order to limit global warming to 1.5°C. Nearly 17 countries have pledged to achieve net zero emissions, but the majority continue to promote, subsidize, support, and even plan the expansion of fossil fuel production.
The 20 countries account for 82% of global fossil fuel production and 73% of consumption, and include Australia, China, Norway, Qatar, the United Kingdom, the United Arab Emirates, and the United States. UNEP collaboratively worked on the report with experts from the International Institute for Sustainable Development, think tank E3G, policy institute Climate Analytics, and the SEI.
According to the investigation report, the world’s largest fossil fuel companies are quietly planning dozens of “carbon bomb” oil and gas projects that would push the climate above the agreed-upon temperature limits, which will create disastrous global consequences.
Some exclusive data from the government agencies provided information says that, the companies in the list are effectively staking multibillion-dollar bets against humanity breaking global warming. Their massive investments in new fossil fuel production may pay off only if countries fail to reduce carbon emissions quickly, which scientists say is critical.
The oil and gas industry is highly volatile but extremely profitable, especially when prices are high, as they are now. Shell, Chevron, ExxonMobil, and BP have made around $2 trillion in profits over the last three decades, while recent price increases have prompted BP’s CEO to refer to the company as a “cash engine.”
The lure of massive payouts in the coming years appears to be irresistible to oil companies, despite the world’s climate scientists warning in February that any further delay in reducing fossil fuel use would mean missing our last chance to protect a liveable and sustainable future for all living beings.
Nature is very straight forward, in order to meet the climate goals, fossil fuel production must be drastically reduced. This must be done in a controlled, and globally equitable manner. All governments must initiate social conversation with workers and their unions, as well as with affected communities, in order to implement the transition plans that minimize negative consequences while maximizing the benefits of the clean energy transition.
