Countries around the world are pouring funding into new natural gas facilities in response to soaring energy prices and the Russian war in Ukraine, in a move that could destroy the chances of limiting global heating.
The United States, United Kingdom, Canada, Germany, and others are investing in new gas production, distribution, and use. The countries seek to sanction Russia over the invasion of Ukraine, according to new research and therefore are dashing for gas.
The Climate Action Tracker research initiative published new findings that countries are locking themselves into fossil fuel use at a crucial, critical moment in time in the fight for our planet.
Scientists have warned that a decisive turn towards lower-carbon alternatives within the next few years is the only way to stave off complete climate breakdown and disaster.
The world is about to see a new “gold rush” for new fossil gas production, pipelines, and liquefied natural gas facilities, said NewClimate Institute’s Nikas Hohne. NewClimate Institute is one of the partners behind Climate Action Tracker.
Hohne warned that this gold rush for fossil fuels will lock the world into another high-carbon decade.
The report highlighted the United States, which has signed a deal to export additional liquefied natural gas (LNG) to the European Union through an increased effort on fracking.
Oil and gas companies globally are enjoying a bonanza after the Ukraine war has sent energy prices skyrocketing.
But this mad dash for gas comes as scientists give grim, blunt warnings that it is quite literally “now or never” for the climate, and for the planet.
To give the world even a chance at limiting the rise of global temperatures, global greenhouse gas emissions must be halved by 2030. These new investments in gas will only derail this agreed-upon global limit, and will have grave consequences for global warming and the planet, scientists warn.
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