Full Title: Investing in Disaster: Recent and Anticipated Final Investment Decisions for New Oil And Gas Production Beyond the 1.5°C Limit
Author(s): David Tong, Romain Ioualalen, Kelly Trout
Publisher(s): Oil Change International
Publication Date: November 16, 2022
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Description (excerpt):
This briefing, “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.
The briefing 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. This 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. 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.