Surge of new US-led oil and gas activity threatens to wreck Paris climate goals


Surge of new US-led oil and gas activity threatens to wreck Paris climate goals

According to a new analysis, the global producers of fossil fuels are expected to almost triple the volume of extracted oil and gas from recently approved projects by the end of this decade, with the US spearheading a rise in activity that could completely undermine agreed-upon climate goals.

In order to prevent global warming over 1.5C (2.7F) and beyond pre-industrial levels, the International Energy Agency (IEA) has already declared that new infrastructure related to oil and gas cannot be built. Scientists have warned that if the warming threshold set by nations in the Paris Climate Agreement is exceeded, the consequences will grow over time, including heatwaves, floods, droughts, and more.

However, nations and significant fossil fuel corporations have pushed ahead with an abundance of new oil and gas developments after the IEA’s declaration in 2021. Since then, at least 20 billion barrels of oil equivalent of additional oil and gas have been found for future drilling, according to a new report by the non-governmental organization Global Energy Monitor in San Francisco.

Following discovery, at least 20 oil and gas fields were prepared and authorized for extraction last year, allowing the removal of 8 billion barrels of equivalent oil. The fossil fuel industry wants to approve roughly four times this amount, or 31 billion barrels of oil equivalent, over 64 additional new oil and gas fields by the end of this decade, according to the report.