This report examines the oil and gas industry’s expansion plans over the next five years, from 2020 to 2024. It finds the sector plans to invest USD 1.4 trillion into new extraction projects.
Investments in Oil and Gas Production Over the Next Five Years Will Lock-In More than 1.5°C of Global Warming. 85 Percent of Global Oil and Gas Expansion Plans are in North America.
Last week, San Francisco, California was a focal point for debate around this critical question: What does it mean to show leadership in tackling the climate crisis?
With deadly heatwaves and record wildfires hitting communities across the globe, the stakes for shifting off fossil fuels are hitting home for millions of people this month. Resistance to oil and gas expansion is also heating up.
Over the past month, prominent investors have urged both governments and the oil industry to begin planning more seriously for a carbon-free future.
Through the first half of 2018, we’ve seen a growing list of countries take first steps to place limits on fossil fuel production. The world will need more of these ‘first movers’ if we’re going to close the stark gap between current climate pledges and the ambition needed to achieve the Paris goals.
The data is clear: Already operating oil and gas fields and coal mines – those the industry has invested in extracting – contain more fossil fuel than the world can afford to burn if we’re going to stay within the Paris climate limits.