Nairobi: According to the UNEP production gap analysis, countries would drill or mine more than double the amount required to keep the 1.5C target alive. Oil and gas recovery is expected to rise considerably, while coal recovery is expected to decline slightly. Since the first report in 2019, there has been little change.
With the COP26 climate summit just over a week away, there is already a lot of focus on the top emitters’ carbon-cutting goals. Despite a flurry of net-zero emission goals and increased pledges from many countries, some of the world’s largest oil, gas, and coal producers have yet to layout plans for the rapid reductions in fossil fuels that scientists believe will be required to keep temperatures within safe limits in the coming years.
Researchers from the Intergovernmental Panel on Climate Change (IPCC) cautioned earlier this year about the hazards of permitting temperatures to climb by more than 1.5 degrees Celsius this century. To stay within this limit, carbon emissions must be reduced by about 45% by 2030 compared to 2010 levels.
However, the UN reports that instead of reducing carbon emissions, many of the world’s largest emitters plan to considerably boost fossil fuel production. According to the production gap research, countries intend to produce about 110 percent more fossil fuel by the end of the century than is compatible with a 1.5°C temperature rise. The plans are around 45 % higher than what is required to keep the temperature rise below 2 degrees Celsius.
According to the report, coal production will decline over the next 20 years, while gas production will rise to levels that are incompatible with the Paris Agreement. Australia, Russia, Saudi Arabia, the United States, and the United Kingdom are among the 15 major producers profiled in the research. According to the authors, most governments continue to give significant policy support for fossil fuel development.
While governments have spent significantly more of their recovery funds on fossil fuel operations after the Covid epidemic, there are some benefits in terms of finance. Oil, coal, and gas funding from international banks, as well as some of the world’s wealthier nations, has declined dramatically in recent years.
Source: BBC
