What actions have countries taken to address the climate impact of fossil fuels?

At COP28 in 2022, countries around the world agreed to begin a phase-out of fossil fuels in an effort to curb the climate crisis. However, the report finds that 28 major "carbon bomb" projects have launched since 2021, undermining these global efforts.

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Fossil Fuel "Carbon Bombs" Defy Global Pact to Curb Climate Crisis

Q: What are "carbon bombs" and how do they impact the climate?

"Carbon bombs" are oil, gas or coal facilities capable of generating more than a billion tons of CO2 each over their lifetime. The report states that 365 such high-emission projects are still active, collectively producing emissions that are 11 times greater than the world's remaining "carbon budget" to keep global warming below 1.5°C.

Q: How have banks contributed to the expansion of "carbon bomb" projects?

According to the report, between 2021 and 2024, the world's 65 largest banks financed over $1.6 trillion to companies involved in these climate-damaging "carbon bomb" projects, despite a global agreement to phase out fossil fuels.

27 Oct

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Summary

28 major fossil fuel projects launched since 2021 despite climate impact
365 "carbon bomb" projects still producing over 1 billion tonnes of CO2 each
Banks financed over $1.6 trillion to companies involved in these projects

In a concerning development, a new report has found that the world is still grappling with a surge in fossil fuel extraction projects that threaten to derail global climate goals. According to the findings, some 28 so-called "carbon bomb" fossil fuel projects have begun operating since 2021, despite their catastrophic impact on the environment.

These "carbon bombs" are defined as oil, gas or coal facilities capable of generating more than a billion tons of CO2 each over their lifetime. Alarmingly, the report states that 365 such high-emission projects are still active, collectively producing emissions that are 11 times greater than the world's remaining "carbon budget" to keep global warming below 1.5°C.

The report also reveals that between 2021 and 2024, the world's 65 largest banks financed over $1.6 trillion to companies involved in these climate-damaging projects. This financing has continued despite a landmark agreement reached at COP28 last year, where countries around the world pledged to begin a phase-out of fossil fuels.

The findings underscore the urgent need for a concerted global effort to transition away from fossil fuels and towards renewable energy sources if the world is to have any chance of meeting its climate targets. As the report makes clear, the continued expansion of these "carbon bomb" projects poses a grave threat to the planet's future.

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