COP27 World’s dash for natural gas endangers climate goals -report

  • World has ‘overreached’ for gas to tackle the energy crunch – report
  • Proposed new gas capacity threatens 1.5C warming limit
  • Europe races to replace Russian gas with alternatives

SHARM EL-SHEIKH, Egypt, Nov 10 (Reuters) – Countries scrambling this year to find more natural gas to replace supplies from Russia are risking years of emissions that could thwart climate goals, the cooperation said. Climate Action Tracker research on Thursday.

Efforts to stop catastrophic climate change have collided this year with a global energy crisis of scarce gas and soaring fuel prices, as Russia abruptly cut gas supplies to Europe following its February 24 invasion of Ukraine.

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“We are witnessing a major push to expand fossil gas LNG production and import capacity around the world – in Europe, Africa, North America, Asia and Australia – which could cause global emissions to break dangerous levels,” said Bill Hare , Chief Executive Officer. research organization Climate Analytics, which together with the NewClimate Foundation forms the Climate Action Tracker (CAT).

The proposed projects could emit 10% of the world’s remaining carbon budget – the cumulative amount that can be emitted if we are to avoid warming beyond 1.5C, says CAT. Projects include new gas drilling in Canada and liquefied natural gas (LNG) import capacity in Germany and Vietnam.

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Countries agreed under the 2015 Paris Agreement on climate change to try to prevent greenhouse gases from warming the planet to more than 1.5C above pre-industrial levels.

Scientists have said that getting past 1.5C of warming would unleash far more severe climate impacts than the deadly wildfires, floods and rising seas already developing today. Currently, the world is 1.2C hotter than pre-industrial levels.

By October, Russian gas had plunged to 7.5% of European gas imports, down from 40% in recent years.

The dash to replace those supplies has boosted plans to expand fossil fuel infrastructure, even as the European Union has proposed higher renewable energy targets to try to replace mostly Russian fuel with clean energy.

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The International Energy Agency has said that no new oil and gas fields should be opened if the world meets the 1.5C target.

CAT also calculated that countries’ targets to cut emissions this decade would put the world on track for 2.4C of warming, against 1.8C in a best-case scenario where countries met all their published pledges including 2050 goals – and would require a harsher climate. much more policies and investments to move to green energy.

Reporting by Kate Abnett; Edited by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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