🚨 Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal.
A 🧵 on the must-read @guardian investigation into 'carbon bombs' from @dpcarrington & @mrmatthewtaylor theguardian.com/environment/ng…
The @guardian investigation discovered ⚠️ 195 carbon bombs ⚠️
These are gigantic oil & gas projects capable of producing at least 1bn tonnes of CO2 emissions over their lifetimes.
~60% of these have already started production.
22 of these carbon bombs are in the 🇺🇸 alone. 1/
In fact, the dozen biggest oil companies – including @Chevron @Shell @bp_plc @exxonmobil – are on track to ⚠️ spend $103m a day for the rest of the decade exploiting new fields of oil and gas ⚠️
These fields cannot be burned if we are to meet our global climate goals. 2/
If these fossil fuel "projects go ahead, they will blow the world’s rapidly shrinking cap on emissions that must be kept to enable a liveable future – known as the carbon budget." 3/
But it's not just the climate at risk.
1/3 of short-term expansion plans come from unconventional, riskier & inherently dangerous sources – like fracking & ultra-deep offshore drilling.
📈 "As oil & gas companies drill deeper, the # of spills, injuries & blowouts increase." 4/
🇺🇸 + 🇨🇦 + 🇦🇺 are among those with the biggest fossil fuel expansion plans & number of carbon bombs.
@POTUS, @ScottMorrisonMP & @JustinTrudeau give some of the world’s biggest fossil fuel subsidies per capita.
More in our Fossil Fuelled 5 report👇 5/ fossilfueltreaty.org/fossil-fuel-5
Fossil fuel subsidies reach $6tn a year.
That's $11m a minute globally.
Here's a list of who gives the greatest fossil road fuel subsidies per capita globally. The top four? 🇸🇦🇺🇸🇨🇦🇦🇺 6/
We really do need to talk about the USA – the top source of potential emissions with 22 carbon bombs, from the Gulf of Mexico to the Permian basin, despite claiming to be a climate leader,
These projects would create 140bn tonnes of CO2 (~4x annual global emissions). 7/
“Most oil & gas companies are just proceeding with business as usual,” said Nils Bartsch, @urgewald
“Some just do not care."
"Some do not see their responsibility because governments around the world let them proceed" 8/
This is despite climate scientists stating that delaying a fossil fuel phase out means missing our chance “to secure a liveable & sustainable future for all”.
In fact, @UN Secretary-General @antonioguterres warned world leaders: “Our addiction to fossil fuels is killing us” 9/
The authors also flag that "assessing oil & gas developments is challenging: the sector is complex & often secretive, public information is scarce & hard to find & assess."
This is why we are supporting the launch of a Global Registry of Fossil Fuels 10/ carbontracker.org/new-global-reg…
The investigation finishes with a crucial question at the heart of the call for a #FossilFuelTreaty:
"Will richer countries, historically most responsible for emissions, support a just transition for developing countries on the frontline of the escalating crisis?" 11/
It is clear that the fossil fuel industry will not change course on their own.
"If governments do not act, the companies could cash in as the world burns." /12
❌ Yet there is no international mechanism to manage this transition.
The #ParisAgreement doesn't mention fossil fuels & there is "no mention of oil & gas in the #COP26 final deal"
We need a #FossilFuelTreaty to end the expansion of coal, oil & gas 13/ fossilfueltreaty.org
Excellent work by everyone involved in this major investigation into carbon bombs – including @urgewald, @CarbonBubble the @guardian team & of course @kjellkuehne & @LINGOInitiative who led the way in sounding the alarm on carbon bombs.
See more: leave-it-in-the-ground.org/projects/carbo… 14/
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