The report indicated that international funding in clear vitality will virtually double the quantity going to fossil fuels in 2024, hitting $2 trillion notably in rising and growing economies. Which means that gasoline provide funding, over $1 trillion, stays overwhelmingly targeted on fossil fuels.
IEA notes a “major new wave of LNG
There was one other current report titled “Big Oil Reality Check” launched by Oil Change Worldwide, primarily based in Washington, DC, assessing the local weather plans from 8 of the highest international oil and fuel corporations.
In response to this analysis and advocacy group, “these 8 companies alone are on track to use 30% of our remaining carbon budget to limit global temperature rise to 1.5°C.”. In different phrases, the Paris Settlement goal.
As these corporations are headquartered in G7 nations – United States, UK, France and Italy – plus one from Norway, value a reference to the approaching G7 Summit talked about above. Till now, the one oil associated subject famous on its agenda pertains to curbing methane emissions.
Click on on the picture beneath for Oil Change Worldwide press launch and 63 pages report, together with an incredible variety of >450 endnotes hyperlinks.
About IEA, it would launch its July 2024 Oil Market Report quickly. Register here to be hold knowledgeable.
Vital to watch “The UAE Consensus”, the pledges from COP28 in Dubai. Amongst them to triple renewables capability by 2030 and “to transition away from all fossil fuels”.
