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.
MEDIA ADVISORY: 17 nonprofit organizations launch a new report – Oil, Gas and The Climate: An Analysis of Oil and Gas Industry Plans for Expansion and Compatibility with Global Emission Limits – and call for a phase out of production.
The Guardian published new data this month that shows just how far in the wrong direction Shell and other oil companies plan to go over the next decade. The top 50 oil and gas companies are set to increase their production by 8 percent between 2018 and 2030.
From the United States to Kenya to Australia, one of the fundamental demands of the four million youth and elders who joined the global #ClimateStrike last Friday was to keep oil, gas, and coal in the ground.
Global Energy Monitor released a new report this month that unpacks the results of its survey of proposed liquefied natural gas (LNG) terminals around the world. As CNN summed it up, the results show a massive LNG buildout on a “collision course” with global climate goals.
Following a wave of youth-led protests, rising citizen concern, and mounting climate destruction, several governments have recently declared a “climate emergency” or proposed new goals for reducing pollution. However, many of these same governments – Canada, the UK, and Ireland being prime examples – are acting at cross-purposes to their commitments.
This week, both Shell and BP claimed that their plans are aligned with the Paris Agreement, while diverting attention away from what really counts towards meeting it: reducing actual carbon emissions.
“When I use Google Maps, it gives me several options, but I usually take the one it highlights without thinking too much about it. Do energy and climate road maps work the same way?,” asked Liam Denning in a recent column for Bloomberg. In the text that follows, Denning lays out why more than 60 prominent business leaders, investors, and climate scientists sent a letter to the head of the International Energy Agency (IEA) earlier this month.
As we head into annual meeting season, oil majors are under pressure to respond to investors skeptical of their future profitability under climate constraints, or what the Financial Times terms the industry’s “existential crisis.” That pressure ratcheted up last week when Norway’s government moved to divest the world’s largest sovereign wealth fund from upstream exploration and production companies.