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Today at #COP27, we @priceofoil released a briefing peeling back the curtain on the oil & gas industry’s expansion plans: the new extraction approved in 2022 & what’s in the queue for 2023-2025ーunless govts put a stop to it ➡️ priceofoil.org/investing-in-d…
A thread 🧵
A thread 🧵
First, let’s look at the deep hole the fossil fuel industry has already drilled, dug, and fracked us into. 🔥Oil & gas fields already producing or approved PRIOR to 2022 would cause 490 GtCO2, if fully extracted. 🔥
That alone is enough to push the world past 1.5C warming.
That alone is enough to push the world past 1.5C warming.
Yet, the oil and gas industry keeps digging the hole deeper. We find new fields & fracking wells approved in 2022 + on the brink of approval in the next 3yrs would lock in an extra 70 Gt of CO2. That’s equal to 17% of the world’s remaining 1.5C carbon budget. #InvestingInDisaster
