Fossil fuel expansion threatens to burn away Paris Agreement’s climate goals |
Ten years after the signing of the Paris Agreement – a historic accord meant to steer the planet away from catastrophic global warming – the world’s biggest fossil fuel producers and their financial backers appear to be moving in the opposite direction. Far from transitioning toward clean energy, they are doubling down on oil, gas, and coal, pushing global emissions far beyond the levels scientists say are safe.
New data released this week paints a stark picture of how deeply entrenched fossil fuel expansion remains, despite a decade of pledges, climate conferences, and urgent warnings from scientists. According to a coalition of nonprofit research groups – Eclaircies, Data for Good, LINGO, and Reclaim Finance – the number of massive fossil fuel projects, dubbed “carbon bombs,” has surged since the Paris Agreement was signed in 2015. These projects, each expected to emit more than one gigaton of carbon dioxide over their lifetimes, now number 601 globally, up from 425 when the tracker was first introduced two years ago.
The findings are being released just as world leaders convene in the French capital for the Paris Peace Forum, an event marking the 10th anniversary of the climate accord. But instead of celebrating progress, the mood is somber: the new data shows that governments and corporations are actively undermining the very goals they once vowed to achieve.
The Paris Agreement aimed to limit global temperature rise to “well below” 2 degrees Celsius, with an aspirational goal of 1.5°C. Scientists have long warned that breaching the 1.5°C threshold would unleash devastating and irreversible consequences, from more intense heatwaves and floods to the collapse of ecosystems. Yet, the updated data suggests that fossil fuel companies – backed by the world’s major banks – are not just ignoring these warnings, but expanding production at a pace that renders the Paris goals nearly impossible.
Lou Welgryn, director of Data for Good, one of the organizations behind the new tracker, put........