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New oil and gas projects pose a threat to climate goals
Despite clear warnings from climate scientists, a surge in oil and gas projects led by the U.S. is setting the stage for a significant overshoot of the Paris Agreement's global warming limits, a new report warns.
In short:
- A recent report indicates a significant increase in oil and gas extraction projects, particularly led by the U.S., potentially undermining global climate objectives.
- Current and planned fossil fuel activities are projected to far exceed the extraction limits advised by climate scientists, risking surpassing the critical 1.5C global warming threshold.
- Major oil producers continue to prioritize new discoveries and expansions, despite clear scientific advice against further fossil fuel exploitation.
Key quote:
"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."
— Scott Zimmerman, project manager of the global oil and gas extraction tracker at Global Energy Monitor
Why this matters:
Despite global commitments to reduce carbon emissions and transition toward renewable energy sources, the U.S. maintains a significant stake in fossil fuel development, both domestically and internationally. These projects, spanning from drilling in Alaska to offshore operations in the Gulf of Mexico, signify a robust pursuit of energy independence and economic growth but also raise critical concerns regarding their compatibility with global climate goals.
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