New data shared exclusively with the Guardian reveals that a surge in new oil and gas exploration in 2024 threatens to unleash nearly 12 billion tonnes of planet-heating emissions, with the world’s wealthiest countries—such as the US and the UK—leading the charge despite their climate commitments.
The new oil and gas field licenses projected to be awarded globally this year are set to generate the highest level of emissions since 2018, even as heatwaves, wildfires, drought, and floods cause widespread death and destruction. Analysis by the International Institute for Sustainable Development (IISD) indicates that the emissions from these upcoming and current oil and gas fields will total 11.9 billion tonnes of greenhouse gases over their lifetimes, equivalent to China’s annual carbon pollution. This figure surpasses the combined emissions from licenses awarded over the past four years.
In addition, fossil fuel companies have been investing more in developing new oil and gas sites than at any time since the 2015 Paris Climate Agreement, where global governments pledged to reduce emissions and curb global heating. Despite being economically best placed to lead the transition to cleaner energy, wealthy nations with low economic dependence on fossil fuels are spearheading this latest expansion. In 2023 alone, these countries issued 825 new licenses, the highest number on record.
The paradox of wealthy nations driving fossil fuel expansion while committing to climate goals highlights a significant challenge in the global fight against climate change. Read More
News Credit: The Guardian
Picture Credit: The Guardian/Getty Images/Alamy
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