Photo Credit: unfccc-events
The Climate Action Tracker (CAT) has warned that the focus of the upcoming COP28 climate summit in UAE, should be on immediately halting new investments in oil and gas and phasing out their production. CAT released a summary showing that even developed countries like the US, Norway, Canada, and Australia are increasing their oil and gas production and exports, as well as providing subsidies to the sector.
The US has more than doubled its oil production since 2010 and increased gas production by 60%. Australia aims to increase LNG production by 11% between 2020 and 2030, while Norway’s fossil fuel exports are much higher than its domestic emissions. The CAT emphasizes that developed countries need to take the lead in setting phase-out dates for fossil fuel production and achieving global targets for renewable energy.
CAT also criticizes the UAE’s support for oil, gas, and carbon capture and storage (CCS), stating that it distracts from the necessary phase-out of fossil fuels. It argues that relying on technologies like CCS and using fuels like ammonia in coal plants are dangerous distractions from the readily available and cheaper renewable energy options. While there is a consensus on phasing out coal, there is no such agreement on oil and gas. Countries need to agree on a global target for renewable energy and highlights the lack of major countries strengthening their climate targets in 2022 and 2023. Despite minor improvements, the CAT’s estimates indicate that current targets will result in a temperature increase of 2.4°C by 2100.
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