Summary:
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Record Fossil Fuel Expansion: In 2024, the highest number of new oil and gas field licenses since 2018 are projected to be awarded, potentially resulting in 11.9 billion tonnes of greenhouse gas emissions over their lifetime. This surge in fossil fuel production occurs amidst escalating climate disasters globally.
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Wealthiest Countries at the Forefront: The United States and the United Kingdom, along with other affluent nations, are at the forefront of this expansion. These countries, economically equipped and obligated under the Paris Agreement to lead the transition to clean energy, have issued 825 new licenses in 2023 alone.
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Investment Surge: Fossil fuel companies are investing more in developing new oil and gas sites than at any time since the 2015 Paris climate deal, despite the global need to reduce emissions and transition to sustainable energy sources.
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