This new analysis, an update to the data in our landmark Sky’s Limit series, finds that the majority of the fossil fuel reserves within active fields and mines must now stay in the ground. Using updated 2023 data, the proportion of coal, oil, and gas reserves that must remain unextracted to meet the 1.5°C limit has increased from nearly 40% in 2018 to almost 60% in 2023.
We’re blowing through our carbon budget the way an addict blows through cash. At a time when carbon dioxide pollution is higher than it’s ever been.
The world is on track to produce about 120 per cent more fossil fuels in 2030 than would be consistent with limiting warming to 1.5 degrees, and 50 per cent more than would be consistent with limiting warming to 2 degrees.
Our new report reveals, for the first time, the climate impact of North Sea oil and gas extraction, and shows the way to a job-creating energy transition. To deal with the climate emergency, the UK needs to immediately stop approving new oil and gas drilling and redirect support to clean jobs and renewable energy.
What does the new carbon budgets study mean for the need to wind down fossil fuel production?