Tuesday, June 11, 2024.
In response to the report, international funding in clear power will virtually double the quantity allotted to fossil fuels in 2024, reaching US$2 trillion, particularly in rising and creating economies. This additionally implies that greater than $1 trillion continues to be channeled into fossil fuels.
The IEA highlights a brand new and important wave of funding in pure fuel, “with 75% of growth coming from the United States and Qatar”. It additionally signifies that, when it comes to typical oil and fuel exploration, greater than half of the investments occurred in North America, Norway, China and Russia, whereas the most important discoveries have been recorded in Guyana and Namibia.
One other latest report titled “Big Oil Reality Check,” printed by Washington, D.C.-based Oil Change Worldwide, assessed the local weather plans of 8 main international oil and fuel firms.
In response to this analysis and advocacy group, “just these 8 companies must consume 30% of the remaining carbon budget to limit global temperature rise to 1.5°C”. In different phrases, the aim of the Paris Settlement.
As these firms are based mostly in G7 nations – america, United Kingdom, France and Italy – plus one from Norway, it’s price a reference to the upcoming G7 Summit talked about above. To date, the one subject associated to grease and fuel included within the agenda It refers to reducing methane emissions.
Click on on the picture beneath for Oil Change Worldwide’s press launch and its 63-page report, together with a powerful >450 end-linked references.
Concerning the IEA, it’s going to quickly launch its July 2024 Oil Market Report. Register here if you wish to learn about it.
You will need to monitor the “The UAE Consensus”, the commitments made at COP28 in Dubai. Amongst them, tripling renewable power capability by 2030 and “abandoning all fossil fuels”.
