"Potential CO2 emissions from new projects 11 times global carbon budget remaining to hit Paris Agreement targets. Twenty-eight new carbon bomb projects have launched across the globe over the past five years, according to a report issued by NGOs. Despite global efforts to phase out the use of fossil fuels, known to have catastrophic climate effects, the report, published on Monday by a quartet of environmental nonprofits,"
"Carbon bombs were defined in a 2022 research article as oil, gas or coal facilities capable of generating more than a billion tonnes of CO2 over their lifetime. At that time, the NGOs Lingo, Data for Good, Reclaim Finance, and Eclaircies counted 425 such projects worldwide. The report said some 365 projects are still producing more than one billion tonnes each, with the fall from the 2021 total due to operations that have either cut their output or been re-evaluated."
"Two years later, at COP28, countries around the world agreed to begin a phase-out of fossil fuels. Despite that, between 2021 and 2024, the world's 65 largest banks financed more than $1.6 trillion to the companies involved in the projects pinpointed in the report. Barclays Bank is the most involved in supporting companies behind carbon bombs, providing $33.7bn to 62 companies, including Eni, ExxonMobil and TotalEnergies."
Twenty-eight new carbon bomb projects launched globally between 2021 and 2024. Carbon bombs are oil, gas or coal facilities capable of generating more than a billion tonnes of CO2 over their lifetime. In 2022 there were 425 such projects; 365 still each produce more than one billion tonnes, with reductions owing to output cuts or re-evaluation. The International Energy Agency stated in 2021 that launching new oil and gas projects is incompatible with Paris Agreement climate targets. Between 2021 and 2024, the world’s 65 largest banks financed more than $1.6 trillion to companies involved in these projects, with Barclays providing $33.7bn to 62 companies.
Read at www.aljazeera.com
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