May 22, 2024
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OIL & GAS RENEWABLE ENERGY

UN Warns Fossil Fuel Production Plans could Derail Climate Goals

Global fossil fuel production in 2030 is expected to exceed the levels considered consistent with the climate goals set under the 2015 Paris climate agreement, warns a report by the United Nations Environment Programme (UNEP) and researchers.

This revelation comes ahead of the global COP 28 climate meeting, commencing on Nov. 30 in the United Arab Emirates (UAE), a significant oil-producing nation, according to Reuters.

The report underscores that phasing out fossil fuels is a crucial topic for negotiation at COP 28 and emphasizes the necessity for countries to commit to the complete abandonment of fossil fuels to maintain the Paris Agreement’s 1.5°C temperature target.

Under the Paris accord, nations have pledged to limit the average temperature increase to below 2 degrees Celsius above pre-industrial levels and strive for further constraints to 1.5°C.

Despite the consensus among scientists that fossil fuel consumption must decrease to achieve this objective, countries have not reached an international agreement on specific phase-out deadlines for coal, gas, or oil use.

The report assesses the plans of the 20 leading fossil fuel producers and reveals that they intend to produce approximately 110% more fossil fuels in 2030 than what is consistent with a 1.5°C warming limit, and 69% more than the 2°C threshold.

Moreover, none of these countries have committed to curtailing coal, oil, and gas production in alignment with the 1.5°C goal. It points out that 17 of these nations have vowed to achieve net-zero emissions but continue to endorse, subsidize, support, and expand fossil fuel production.

The report adds that the 20 countries analyzed are responsible for 82% of global fossil fuel production and 73% of consumption. These countries include Australia, China, Norway, Qatar, Britain, the UAE, and the United States.

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