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.
“We’re not in an energy crisis, we’re in a fossil fuel crisis” — advocates discuss fossil fuels at onset of COP27
“Make no mistake — the fossil gas agenda is a neocolonial agenda and patriarchal one. Fossil gas will not provide ‘energy security’ in Africa or anywhere else.” –Lorraine Chiponda