Connect with us

Hi, what are you looking for?

Latest News

The world is planning to blow the fossil fuels production limit that would keep a lid on global heating, report says

Global fossil fuel production in 2030 is set to be more than double the levels that are deemed consistent with meeting climate goals set under the 2015 Paris climate agreement, the United Nations and researchers said on Wednesday.

The United Nations Environment Programme’s (UNEP) report, assessing the gap in fossil fuel production cuts and what’s needed to meet climate goals, comes ahead of the global COP 28 climate meeting, which starts on November 30 in the oil-rich United Arab Emirates.

“Fossil fuel phase out is one of the pivotal issues that will be negotiated at COP 28,” Ploy Achakulwisut, Stockholm Environment Institute (SEI) scientist and a lead author of the report said in a press briefing.

“We need countries to commit to a phase out of all fossil fuels to keep the 1.5C goal alive,” she said.

Under the Paris pact, nations have committed to a long-term goal of limiting average temperature rises to less than 2 degrees Celsius above pre-industrial levels and to attempt to limit them even further to 1.5C.

While scientists say fossil fuel use must be reduced to meet the goal, countries have failed to reach any international agreement set phaseout dates for unabated coal, gas or oil use.

The report analysed the 20 major fossil fuel producers and found they plan to produce, in total, around 110% more fossil fuels in 2030 than would be consistent with limiting the degree of warming to 1.5C, and 69% more than is consistent with 2C.

None of the 20 countries have committed to reduce coal, oil, and gas production in line with limiting warming to 1.5°C the report said.

It said 17 of the countries have pledged to reach net zero emissions but most continue to promote, subsidise, support and plan the expansion of fossil fuel production.

The 20 countries analysed account for 82% of global fossil fuel production and 73% of consumption, the report said and include Australia, China, Norway, Qatar, Britain, the UAE and the United States.

The report was produced by UNEP, as well as experts from the SEI, the International Institute for Sustainable Development and think-tank E3G and policy institute Climate Analytics.

This post appeared first on

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...


    President Biden is asking his Cabinet to ‘aggressively execute’ plans for federal employees to return to their offices for work this fall after years...


    Union members at Ford, Stellantis and General Motors have ratified a new 4½-year contract, locking in at 11% pay increases secured after a six-week...


    A group of House Democrats penned a letter Thursday to several top Biden administration and White House officials, demanding the immediate continuance of uninterrupted...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024