Global reserves of fossil fuels contain the equivalent of 3,500 billion tons of greenhouse gases, which would be released if used with the risk of undermining international climate goals. This huge amount is consistent with what would be released into the atmosphere if the entire oil, gas and coal reserves were produced and used, as mentioned in global report Created by Carbon Tracker and Global Energy Monitor.
That is, “more than all emissions from the Industrial Revolution” and “more than seven times the carbon budget remaining to reach the 1.5°C temperature limit” (referring to the amount of carbon dioxide2 Which can be issued for a specific outcome, which in this case is the most ambitious goal of the Paris Climate Agreement.”
“Greenhouse gases and ocean levels at their highest in 2021”
Global warming since the industrial age, which has been fueled by fossil fuels, has already reached 1.1 degrees Celsius, causing a series of disasters. The International Energy Agency had proposed last year to abandon any new oil or gas projects to keep pace with a rapid decline in demand and to keep global warming under control.
The report – which contains data on more than 50,000 sites in 89 countries – aims to provide political leaders and civil society with the data they need to manage the phase-out of this fossil fuel. Notably, the ledger shows that both the US and Russia have enough reserves of fossil fuels to completely blow the global carbon balance, even though all the other countries immediately stopped production. The document also identifies the world’s most powerful emitter: the Ghawar oil field in Saudi Arabia.
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“The global record will help governments, companies and investors make decisions to bring their fossil fuel production into line with the 1.5°C temperature limit, and thus help prevent our islands from virtually disappearing,” he stressed. Simon CoffeeTuvalu, the foreign minister, is one of the Pacific archipelagos threatened by rising waters and global warming. “We now have a tool that can effectively help end coal, oil and gas production,” he hoped.
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