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Strategies & Market Trends : World Outlook

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From: Les H10/20/2021 3:06:37 PM
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The oil, gas, and coal production plans of some of the world's biggest oil, gas, and coal producers far exceed the emissions targets set in the Paris Agreement on Climate Change, a UN report has warned.

The report by the United Nations Environmental Program found that 15 big fossil fuel producers intended to produce 110 percent more oil, coal, and gas in 2030 than is consistent with the Paris Agreement's scenario for limiting rising temperatures to 1.5 degrees from the pre-industrial era, and 45 percent more than is consistent with the 2-degree scenario.

What's more, the world's big fossil fuel producers plan to continue raising oil and gas production over the next twenty years. On top of that, coal production is seen declining only marginally, according to the authors of the report. This is even more out of sync with Paris Agreement targets, the report warned.

oilprice.com

They're skeptical of the ability to reduce reliance on fossil fuels.
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