A new fossil-fuel tracker tallies global oil, gas, and coal reserves and projects to show how current production could drive the world above the threshold of 1.5 degrees Celsius.
The United States holds enough oil, gas and coal in reserves to burn through the world’s remaining carbon budget and topple existing international climate targets, according to a first-of-its kind database of global fossil fuel stores launched Monday by the think tank Carbon Tracker.
Incorporating information from 89 countries, the registry, which Carbon Tracker created with Global Energy Monitor, currently covers more than 50,000 oil and gas fields, representing more than 75 percent of global production. It includes reserve, production and emissions data by country, relative to the carbon budget.
The quantity of oil and gas being developed and used around the world has been an underlying—and seemingly immovable—force in debates about how to best curb dependence on fossil fuels. “There lies the truth when you look at the assets owned by the Exxons and the Chevrons and the Glencores, and look at what they plan to develop,” Campanale said. “The registry will remind policymakers, remind people working in climate exactly what is happening in the real world, the financing that is happening nearly all the time.”
ExxonMobil, which did not respond to a request for comment by press time, has said it aims to reach net-zero emissions by midcentury. A spokesperson for Shell noted that the company expects 50 percent of its capital expenses by 2025 to go towards low or no-carbon products. Stranded assets are an expected impact of the global transition away from fossil fuels, as market changes, regulations and extreme weather events make fossil fuel assets less valuable than they were expected to be, according to Carbon Tracker.
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