Oil Change International in collaboration with:
African Climate Reality Project, Amazon Watch, Asian Peoples’ Movement on Debt & Development, Christian Aid, Earthworks, Engajamundo, Food & Water Europe, Food & Water Watch, Greenpeace, Health of Mother Earth Foundation, Leave it in the Ground Initiative, Legambiente, Observatori del Deute en la Globalització, Platform, Rainforest Action Network, Re:Common, Stand.earth, UK Youth Climate Coalition, urgewald, and 350.org
This report focuses on fossil gas development in the G20 and debunking the myth of fossil gas as a clean transition fuel. The report finds that:
- The concept of fossil gas as a “bridge fuel” to a stable climate is a myth. Emissions from existing gas fields, alongside existing oil and coal development, already exceed carbon budgets aligned with the Paris Agreement. Even if all coal mines were shut down tomorrow, the gas and oil in already-developed fields alone would take the world beyond the carbon budget for a 50% chance at staying below 1.5ºC of global warming.
- Despite this reality, G20 countries are projected to host investment of over $1.6 trillion USD in new gas projects by 2030. If this happens, emissions unlocked through 2050 would make it extremely difficult to meet the goals of the Paris Agreement, which has been signed by all G20 members.
- Five countries – the United States, Russia, Australia, China, and Canada – are projected to be responsible for 75% of capital expenditures in gas production in G20 countries from 2018-2030.
- Argentina’s push to open massive shale gas deposits to investment risks undermining its commitment to the Paris Agreement and the work of the Energy Transitions Working Group during its G20 Presidency.
This report is one of two reports published simultaneously that question the ongoing push for expanding fossil gas production in G20 countries.
This report, ‘Debunked: The G20 Clean Gas Myth,’ focuses on fossil gas development in the G20 and debunking the myth of fossil gas as a clean transition fuel.
The partner report, ‘Debunked: The Promise of Argentina’s Vaca Muerta Shale Play,’ published by Greenpeace in Argentina, focuses on the myths surrounding the development of shale gas in Argentina, particularly the Vaca Muerta shale play. It is available at: https://priceofoil.org/debunked-vaca-muerta