Governments at the Leaders Summit on Climate on 22-23 April should commit to phasing out oil and gas production. Many that claim to be climate leaders are failing to address the phase-out of ‘all’ fossil fuels.
To be consistent with the Paris Agreement target to limit global warming within 1.5°C UN backed research has shown that oil and gas production needs to decline by about 30% between 2020 and 2030 (c.4% for oil and c.3% for gas each year).
In contrast, certain countries are projected to substantially increase production to 2030 from a 2019 baseline:
The US is projected to increase oil production by 32% and gas by 27%
Canada is set to see growth of 17% in oil and 45% in gas
Norway is projected to see a 19% growth in oil
The UK is projected to see an 18% growth in oil. Gas production is set to continue at current levels
Research suggests the four countries which are best placed to transition fastest off oil and gas production are the United States, Canada, Norway, and the United Kingdom, given a combination of their relatively strong GDP and relatively low reliance on oil and gas for government revenue.
To be true climate leaders, governments must: stop the licensing and permitting of new oil and gas fields and wells, and associated infrastructure; end subsidies and public finance propping up fossil fuel producers domestically and internationally and instead shift these resources to a just and green recovery; ensure a just transition for workers and local communities currently entangled in the fossil fuel economy; and ensure that Covid-recovery packages help accelerate rather than slow down the energy transition.
Governments already taking action on oil and gas licensing include: Denmark, France, Ireland, Spain, Belize, Costa Rica, and New Zealand. Finance institutions leading on domestic or international financing include the European Investment Bank, the United Kingdom, and Ireland’s national investment fund.
AbibiNsroma Foundation is calling on US, CA, UK & NO: climate leadership means stopping oil & gas expansion. As rich countries with large historic emissions, you need to act. Join a growing group of countries in putting a ban on new oil & gas production and planning for a just transition. #ClimateLeadersSummit
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