US Leads Global Oil and Gas Expansion Despite Climate Commitments

Despite its proclaimed commitment to environmental leadership, the US has been identified as leading the world in planned oil and gas expansions. A recent report from the campaign group Oil Change International revealed that the US alone is responsible for over a third of global expansion plans set for mid-century.

Close on the US’s heels are Canada and Russia, followed by nations like Iran, China, and Brazil. Surprisingly, the United Arab Emirates, the host for this year’s UN climate summit, is seventh in line.

The findings have further illuminated that five countries from the “global north” – the US, Canada, Australia, Norway, and the UK – will be responsible for more than half of all proposed expansions until 2050. This expansion, if realized, will significantly contribute to greenhouse gas emissions, with potential impacts severe enough to push global temperatures well above the recommended limit of 1.5C over pre-industrial levels.

The International Energy Agency had already raised alarms in 2021, warning against any new oil and gas developments if we hope to maintain temperature rises within the 1.5C limit. Yet, only a few countries have heeded this advice, choosing to pause new exploration and drilling.

The aptly titled report, “Planet wreckers: how 20 countries’ oil and gas extraction plans risk locking in climate chaos,” found that these 20 countries alone could add approximately 173 billion tonnes of carbon dioxide to the atmosphere by 2050. To put this into perspective, this amount is equivalent to the emissions from over 1,100 coal-fired power plants.

However, if these nations were to rethink their strategies, the decline in existing oil and gas fields could lead to a 2% annual reduction in production until 2030, and a further 5% drop from 2030 to 2050.

The UN secretary-general, António Guterres, has been vocal about the urgent need to move away from fossil fuels, describing the current trajectory as “moral and economic madness.”

While the report brings stark realities to light, the hope remains that global leaders will take decisive action. Only by addressing the elephant in the room – our continued reliance on fossil fuels – can we genuinely start making a meaningful difference in combating climate change.