background image

Surge of new oil and gas activity threatens to wreck Paris climate goals

author image

By illuminem briefings

· 2 min read

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

🗞️ Driving the news: A report by Global Energy Monitor reveals a significant surge in oil and gas activity, particularly led by the United States, with fossil-fuel producers on track to nearly quadruple the output from newly approved projects by the end of this decade 
• This boom in fossil fuel extraction is at odds with the climate goals set by the Paris Agreement

🔭 The context: The International Energy Agency (IEA) has previously warned that to prevent exceeding 1.5C of global warming, no new oil and gas infrastructure should be built 
• Despite this, at least 20 billion barrels of oil equivalent in new oil and gas reserves have been discovered since 2021, with significant contributions from the US and Guyana

🌍 Why it matters for the planet: This unchecked expansion of fossil fuel extraction threatens to push the planet past the critical 1.5C warming threshold, jeopardizing efforts to mitigate climate change's worst impacts 
• Scientists warn that the current trajectory could see the world surpass this limit within a decade, exacerbating extreme weather events and environmental crises

⏭️ What's next: The fossil fuel industry aims to sanction an additional 31 billion barrels of oil equivalent across 64 new fields by the decade's end 
• This aggressive expansion underscores a glaring disconnect between industry actions and the urgent need for climate mitigation, with major oil companies continuing to prioritize exploration and extraction over environmental commitments

💬 One quote: "Despite the constant and clear warnings that no new oil and gas fields are compatible with 1.5C, the industry continues to discover and sanction new projects," (Scott Zimmerman, project manager at Global Energy Monitor)

📈 One stat: Last year, at least 20 oil and gas fields were approved for extraction, allowing for the removal of 8 billion barrels of oil equivalent

Click for more news covering the latest on energy


Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)