Countries promised to ditch fossil fuels. Instead they’re booming.
When nations at last year’s global climate conference historically agreed to transition away from coal, oil and gas, Australia’s climate minister predicted that the “age of fossil fuels will end.” Norway’s foreign minister lauded countries for at last tackling the climate crisis “head-on.” President Joe Biden said the deal put the world “one significant step closer” to its climate goals.
But one year later, these same wealthy countries are undercutting it, by scaling up exports and launching new fossil fuel projects that could last for decades. At the same time, major oil companies have weakened their climate pledges.
As world leaders gather Monday in Azerbaijan to open COP29, the moves are fueling a sense among scientists and policy professionals that the world has squandered a crucial year and raising questions about how effectively the annual U.N. climate conference can address this core part of planetary warming.
One think tank analysis chronicles how countries are on course for an “oil and gas exploration spree” in the wake of the pledge. Using industry data, it listed the United States, Norway and Australia, as well as China, among the 10 largest issuers of drilling permits in the past 12 months — and said huge blocks will come up for bidding over the next months. The United States is producing more oil than any country, ever — a trajectory that is set to accelerate with the election of Donald Trump, who referred to oil and gas as “liquid gold” in a victory speech.
https://www.msn.com/en-us/money/markets/countries-promised-to-ditch-fossil-fuels-instead-they-re-booming/ar-AA1tPn6m?ocid=msedgntp&pc=HCTS&cvid=4fe043f6ebfe4df69c466afd36c04f81&ei=21
