Fuel Producers Literally Doubling Down

Despite pledges to cut fossil fuel production, government policies worldwide will lead to a doubling of production in 2030, according to new report from the UN Environment Agency (UNEP).

The report, known as the “2023 production gap report,” emphasizes the alarming data and calls for a near-total phase-out of coal production by 2040 and a 75% reduction in oil and gas production by 2050 compared to 2020 levels. The report urges countries to take action in line with limiting global warming to 1.5 degrees Celsius. Although 17 of the 20 countries featured in the report have committed to achieving net-zero emissions, none have committed to reducing coal, oil, and gas production accordingly.

The UN Secretary-General, António Guterres, called for an end to the licensing and funding of new oil and gas projects, emphasizing the importance of transitioning to renewable energy. The report’s co-authors suggest that governments with more resources should aim for more ambitious reductions and support transitions in countries with limited resources.

Guterres believes that world leaders at the upcoming UN climate summit (COP28) in Dubai must send a clear signal that the fossil fuel age is coming to an end and emphasize the need for credible commitments to renewables and energy efficiency to achieve a just and equitable transition.

Source : ABC news