U.S., Canadian Fossils Lead $1.4 Trillion in New Oil Gas – The Energy Mix
Fossils in the United States and Canada are leading plans to invest
another US$1.4 trillion in new oil and gas extraction projects over the
next five years, even though the industry already has enough existing
fields and mines to blow past a 1.5°C limit on average global warming
and nearly exhaust the carbon budget for 2.0°C, according to an analysis released late last week by the Global Gas & Oil Network (GGON).
another US$1.4 trillion in new oil and gas extraction projects over the
next five years, even though the industry already has enough existing
fields and mines to blow past a 1.5°C limit on average global warming
and nearly exhaust the carbon budget for 2.0°C, according to an analysis released late last week by the Global Gas & Oil Network (GGON).
The new projects “would lock in 148 gigatonnes of cumulative carbon
dioxide emissions, equivalent to 1,200 new U.S. coal-fired power
plants,” GGON writes in
a release. “The report reveals 85% of the expanded production is slated
to come from the United States and Canada over that period. The other
countries where the largest expansion is planned are Argentina, China,
Norway, Australia, Mexico, UK, Brazil, Nigeria.”