illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:

🗞️ Driving the news: One year after nations pledged at COP28 to phase out fossil fuels, wealthy countries like the U.S., Norway, and Australia have continued to expand fossil fuel projects, undermining global climate goals
• As COP29 begins, this expansion raises skepticism about the effectiveness of international climate agreements

🔭 The context: Despite a historic commitment in Dubai to address fossil fuels, high energy demands and profitable markets drive ongoing oil and gas developments
• Experts warn that the emissions from new projects could vastly exceed the remaining "carbon budget" needed to stay within 1.5°C of warming, risking severe climate impacts

🌍 Why it matters for the planet: Fossil fuels account for 90% of global emissions, and without a rapid shift, the world is likely to miss critical temperature targets
• This reliance on fossil fuels delays renewable energy adoption, putting climate stability and vulnerable communities at risk

⏭️ What's next: At COP29, fossil fuel transition is expected to take a back seat to financing discussions, particularly as host country Azerbaijan depends on oil and gas
• However, the International Institute for Sustainable Development warns of upcoming permits that could add 15 billion tons of CO₂ if fully exploited, stressing the urgency of emissions reductions

💬 One quote: “When governments sign new oil and gas licenses, they are signing away our future” – U.N. Secretary-General António Guterres

📈 One stat: Upcoming fossil fuel licenses could contribute 15 billion tons of CO₂ emissions, approximately one-quarter of the global annual emissions output

Click for more news covering the latest on oil & gas