Today, the Beyond Oil and Gas Alliance, a diplomatic initiative of countries and subnational actors that have committed to phasing out oil and gas production in line with the objectives of the Paris Agreement, announced new supporters and an initial USD 10 million funding facility to help countries plan for a just transition.
Day: November 16, 2022
New briefing: Oil and gas industry on brink of major surge in expansion – new drilling plans approved through 2025 could exhaust 17% of the global carbon budget for 1.5°C
The new briefing, titled ”Investing in Disaster”, exposes the countries and companies that have approved the most new oil and gas extraction in 2022, and that could be responsible for major expansion through 2025.
Investing in Disaster: Recent and Anticipated Final Investment Decisions for New Oil And Gas Production Beyond the 1.5°C Limit
The briefing reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution. This is equivalent to almost two years’ worth of global carbon emissions from energy at current levels, 17 percent of the world’s remaining 1.5°C carbon budget, or the lifecycle emissions of 468 coal power plants.