Global Energy Monitor map of extraction sites discovered and sanctioned in 2022 and 2023, from the report “Drilling Deeper 2024: Global Oil and Gas Extraction Tracker”

According to a new study, the world’s fossil-fuel producers are on track to nearly quadruple the amount of extracted oil and gas from newly approved projects by the end of this decade.

In 2021 the authoritative International Energy Agency (IEA) found that the goal of the Paris Agreement to keep global warming under 1.5C can only be met if there is no new oil and gas infrastructure. A total of 45 projects have been fully sanctioned, with 16 billion barrels of oil equivalent, since the 2021 IEA report. The US had the highest number of new oil and gas projects in 2022 and 2023. For the past six years it has produced more crude oil annually than any country in history.

Source: “Surge of new US-led oil and gas activity threatens to wreck Paris climate goals,” Guardian

To read the report “Drilling Deeper 2024: Global Oil and Gas Extraction Tracker”: