https://www.theguardian.com/environment ... els-report
and so (depressingly) on...The world’s fossil-fuel producers are on track to nearly quadruple the amount of extracted oil and gas from newly approved projects by the end of this decade, with the US leading the way in a surge of activity that threatens to blow apart agreed climate goals, a new report has found.
There can be no new oil and gas infrastructure if the planet is to avoid careering past 1.5C (2.7F) of global heating, above pre-industrial times, the International Energy Agency (IEA) has previously stated. Breaching this warming threshold, agreed to by governments in the Paris climate agreement, will see ever worsening effects such as heatwaves, floods, drought and more, scientists have warned.
But since the IEA’s declaration in 2021, countries and major fossil fuel companies have forged ahead with a glut of new oil and gas activity. At least 20bn barrels of oil equivalent of new oil and gas has been discovered for future drilling since this point, according to the new report by Global Energy Monitor, a San Francisco-based NGO.
Last year, at least 20 oil and gas fields were readied and approved for extraction following discovery, sanctioning the removal of 8bn barrels of oil equivalent. By the end of this decade, the report found, the fossil-fuel industry aims to sanction nearly four times this amount – 31bn barrels of oil equivalent – across 64 additional new oil and gas fields.
“Despite the constant and clear warnings that no new oil and gas fields are compatible with 1.5C, the industry continues to discover and sanction new projects,” said Scott Zimmerman, project manager of the global oil and gas extraction tracker at Global Energy Monitor. “It’s disappointing. It shows a lack of supply-side commitment to climate goals.”
Already operating oil and gas infrastructure will be enough to push the world beyond 1.5C and the extra activity planned will only further raise the global temperature. A total of 45 projects have been fully sanctioned, with 16 billion barrels of oil equivalent, since the 2021 IEA report, according to the new report, which is almost certainly an undercount of coming emissions as it doesn’t include “unconventional” extraction, such as fracking.
...
“Oil and gas producers have given all kinds of reasons for continuing to discover and develop new fields, but none of these hold water,” said Zimmerman. “The science is clear: no new oil and gas fields, or the planet gets pushed past what it can handle.”