Nils Bartsch describes the scale of the oil and gas industry’s expansion plans as "truly frightening," indicating that the fossil fuel sector is now larger than ever before. With 96% of oil and gas companies exploring and developing new reserves globally, the trend contradicts commitments made at COP28 to transition away from fossil fuels. This expansion poses significant threats to climate goals, particularly the aim for net-zero emissions by 2050, as millions of barrels of untapped oil and gas are targeted.
Research from think tank Carbon Tracker highlights a troubling reality: while some major oil and gas firms claim plans to peak production, there’s a broader trend toward increasing short-term production. This raises serious concerns about inconsistency in climate commitments and the acute risk of exacerbating the emissions crisis. Despite leaders pledging to move beyond fossil fuels, money continues to pour into their development, signaling a troubling divergence from the needed path.
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