Fossil Fuel Production May Soar in Coming Decades
The Government Is Planning for The Extraction of Gas, Oil, And Coal in Safe Temperatures for Better Compatibility
Plans are currently being made by the government for the extraction of fossil fuel which would continue till 2030 but are not in compatibility with the keeping of the global temperatures within safe levels, according to the United Nations. In China, fossil fuel production has escalated in the year 2021.
It has been reported by the United Nations Environment Program report for production gap says that nations will be able to mine or drill more than two times the level which is required to keep the threshold of 1.5C alive.
Prevention for increased global temperature
The recovery for fossil fuel production, including oil and gas, is expected to have a sudden rise, with only a modest amount of reduction in coal production. Since the initial publication of the report in the year 2019, a small number of changes has been made.
As the COP26 climate conference is only just a week away, there has been a large amount of focus on the ambition of carbon-cutting by some of the biggest emitters.
Although despite a large amount of commotion regarding the reset goals of net-zero carbon emission, along with the increased number of pledges made by multiple nations for the reduction in the quantity of fossil fuel production, some of the largest producers for coal, gas, and oil have not yet made any kind of plans for the rapid reduction, which according to scientists, is a necessary requirement to limit down the temperatures of the year in the upcoming years.
In the early part of the year 2021, the researchers working at the Intergovernmental Panel on Climate Change (IPCC) had given a public warning in which they gave advice regarding the possible dangers that could befall on the entire humanity due to the increased amount of fossil fuel production across the world if the global temperature is allowed to further rise from 1.5C in the time duration of this century.
To be able to keep the temperature of the Earth under the given threshold amount, carbon emission is required to be cut down by about 45% by the year 2030, based on the levels taken in 2010.
Escalation in carbon emission
To prevent the worsening of climate change around the globe, fossil fuel production should be limited. But instead of curbing the usage of carbon, some of the biggest emitter nations are currently making plans to make a significant amount of increase in fossil fuel production, according to the United Nations.
It has been stated in the production gap report that several countries have made plans to increase around 110% of fossil fuel production, which would be in compatibility with the rise of 1.5C temperature by the end of this century. The planning is about 45% more than the required amount that would be keeping the global temperature below 2C rise.
According to a research study, the production of coal is likely to reduce, although gas will be increasing within the next 2 decades, to levels that are totally not in compatibility with the Paris agreement on climate change.
The report has been able to profile 15 countries with major production, which includes the United Kingdom, United States, Saudi Arabia, Russia, and Australia. Most of the governments around the world have continued to provide policy support of significant nature for fossil fuel production.
The lead author of the report, Ploy Achakulwisut, from the Stockholm Environment Institute, stated that the data provided by the research is very clear, the production of gas, oil, and oil around the globe must see a decline steeply and immediately to become consistent with limiting the warming of the Earth to 1.5C in the long-term. However, some of the nation’s government continues to make plans for fossil fuel production, which is in a vast excess amount that the quantity that can safely be burned to preserve climate changes.
While a large number of countries have only devoted themselves towards recovery spending after the onset of the coronavirus pandemic towards the production of fossil fuel to meet their nation’s demands, there are also some positive aspects when it comes to financing. The funds made for the gas, oil, and coal from multilateral banks have drastically reduced in the past recent few years, which also includes some of the richer countries of the world.