· 3 min read
illuminem summarises for you the essential news of the day. Read the full piece on Al Jazeera or enjoy below:
🗞️ Driving the news: A coalition of environmental NGOs has identified 28 new "carbon bomb" projects launched globally since 2021, each capable of emitting over 1 billion tonnes of CO₂ across its lifetime
• Despite global climate commitments, including the Paris Agreement and the COP28 pledge to begin phasing out fossil fuels, the report reveals that 365 such mega-projects are still in operation today, with financing of over $1.6 trillion from major global banks since 2021
🔭 The context: “Carbon bombs” were first defined in a 2022 study as fossil fuel extraction projects with massive lifetime emissions
• The report, compiled by NGOs including Lingo, Data for Good, Reclaim Finance and Eclaircies, notes that while some older projects have been downgraded or closed, new developments — largely in oil, gas, and coal — have been approved, defying repeated warnings from the International Energy Agency that no new fossil projects are compatible with limiting global warming to 1.5°C
🌍 Why it matters for the planet: The potential emissions from these projects exceed the remaining global carbon budget by 11 times, placing the 1.5°C target in extreme jeopardy
• Continued fossil fuel expansion undermines progress toward climate neutrality and increases the likelihood of severe climate impacts
• With China, Russia, and the U.S. leading in carbon bomb development, and Western oil majors heavily involved, the report highlights the urgent need for finance-sector accountability and policy intervention to prevent further lock-in of high-emissions infrastructure
⏭️ What's next: The findings will add pressure ahead of COP30, where negotiations will focus on fossil fuel phase-outs and climate finance reform
• Banks such as Barclays — identified as the largest financier of carbon bomb-linked companies — are likely to face renewed scrutiny
• Calls for binding regulations on fossil fuel finance, stricter disclosure frameworks, and accelerated divestment strategies are expected to intensify as civil society and governments reassess how to align financial flows with climate goals
💬 One quote: “Major global banks are exacerbating climate change and future emissions by continuing to give carte blanche to these fossil fuel companies that are destroying the planet,” — Louis-Maxence Delaporte, Reclaim Finance
📈 One stat: Since 2021, the 65 largest global banks have financed $1.6 trillion to companies operating carbon bomb projects — with Barclays alone providing $33.7 billion to 62 firms, including ExxonMobil, TotalEnergies, and Eni
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