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Europe’s starvation for gasoline is driving €205bn in new investments to produce the bloc within the subsequent decade, in response to NGO International Witness evaluation based mostly on Rystad Power knowledge.
Oil-giants Shell, TotalEnergies, ExxonMobil, Equinor and Italian fossil-fuel large Eni are topping the listing of spenders with a mixed whole of €132bn within the subsequent decade.
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Annual expenditure by the highest 20 firms producing gasoline for Europe is ready to rise by 75 %, from €55bn in 2024 to €97bn in 2033 — regardless of local weather teams and power specialists’ warnings that any new fossil-fuel manufacturing will push the world past its agreed 1.5 Celsius temperature-rise ceiling.
“The numbers are stark — Europe is hurtling down a harmful path by doubling down on fossil gasoline,” stated Dominic Eagleton, a senior fossil gas campaigner at International Witness.
On 6 February, the European Fee is because of unveil its proposals for a goal to chop the EU’s emissions by 90 % by 2040, which would require massive cuts in gasoline consumption.
The Worldwide Power Company, for instance, contains no new fossil-fuel investments in its 1.5 levels warming state of affairs. However Europe’s consumption is on observe to develop by three % this 12 months.
And particular person nations, together with the Netherlands, have signed offers in latest months that may lock in gasoline till 2050.
Burning the fossil gasoline alone from forecast manufacturing for Europe would emit 6.6bn tonnes of carbon dioxide between now and 2033 — equal to 23 years’ value of France’s carbon emissions, the report says.
Business figures usually level out that gasoline, when burned, produces much less carbon dioxide than coal or oil.
However its impacts are sometimes underestimated resulting from unaccounted for methane leakages throughout extraction, which in some instances can imply the local weather affect of gasoline is worse than different fossil fuels.
Methane is the world’s second most-damaging greenhouse gasoline — with greater than 80 occasions the efficiency of carbon dioxide over a 20-year interval — and is liable for roughly one-third of the worldwide warming skilled so far.
To counter the danger of unseen international warming, the first-ever methane pledge was agreed on the UN local weather summit hosted in Glasgow in 2021.
In accordance with the newest 2023 IEA emission report tracker, methane emissions had been nonetheless rising in 2022 placing in danger local weather pledges.
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