"Four years after the International Energy Agency (IEA) stated that no new oil and gas fields have a place on a pathway to limiting planetary heating to 1.5°C - marking global energy experts' public endorsement of warnings that had come from climate scientists for years prior - 96% of fossil fuel firms are exploring and developing new oil and gas resources, said Urgewald."
"The fossil fuel industry is "racing toward climate breakdown with its foot on the accelerator," said one official at the German environmental rights group Urgewald on Tuesday as the group released its Global Oil and Gas Exit List. The report shows that as world leaders prepare to meet in Brazil for the annual United Nations climate summit, any discussion they have there regarding a green transition is being undercut by massive expansion in oil and gas extraction and production,"
Fossil fuel firms are expanding oil and gas extraction and production, including fracking and liquefied natural gas, at scale despite limits needed for 1.5°C. Ninety-six percent of fossil fuel companies are exploring and developing new oil and gas resources. Short-term expansion plans have increased 33% since 2021, with companies planning to bring 256 billion barrels of oil and gas equivalent into production. Five firms—QatarEnergy (26.2 bboe), Saudi Aramco (18.0 bboe), ADNOC (13.8 bboe), Gazprom (13.4 bboe) and ExxonMobil (9.7 bboe)—account for roughly one-third of short-term expansion. Environmental groups warn this trajectory accelerates climate breakdown.
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