Thread by @fossiltreaty

🚨 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/