The report additionally reveals that burning the oil and gas projected to be produced in the Permian Basin by 2050 will release nearly 40 billion tons of CO2, almost 10% of the remaining global carbon budget for staying under 1.5°C. 80% of these emissions, over 30.6 billion tons of CO2, would come from burning the liquids and gas produced from new wells that were not in production at the end of 2020, signaling an urgent need — but an opportunity — for President Biden to immediately deny new oil and gas infrastructure permits.
Day: November 9, 2021
Germany joins commitment to end international oil, gas, coal finance, bringing total for potential finance shifted to USD 21.7 billion per year
This increases the number of signatories to 29 and the annual average of potential public finance shifted out of fossil fuels and into clean energy to at least USD 21.7 billion per year.