Several of the world's largest fossil fuel producers plan to increase the extraction of coal, oil and gas in the coming decades, according to a new report from the climate think tank Stockholm Environment Institute (SEI).
According to the report, countries have downgraded their ambitions for the phase-out of fossil fuels, which could lead to production in 2030 exceeding the level compatible with the Paris Agreement's goal of a maximum of 1.5 degrees of global warming by more than a factor of two.
"The continued collective failure of governments to limit fossil fuel production and reduce global emissions means that production in the future will have to fall even more drastically to compensate. Achieving net-zero greenhouse gas emissions in the second half of the century, as required by the Paris Agreement, will require reducing both production and use of fossil fuels to the absolute lowest possible levels," says the report, which has analyzed the 20 largest fossil fuel producers, which together account for 80 percent of global production.
Only a few countries - including the UK, Australia and Norway - plan to scale back oil and gas production, while several major producers such as India, Russia and Colombia plan to increase coal extraction.
SEI warns that each year of delay in phasing out fossil fuels significantly increases pressure on the climate.
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