A new report by the UNEP has called upon world governments to take drastic action to cut fossil fuel production, if hopes of avoiding a climate crisis are to be sustained.
According to the 2021 Production Gap Report, published 20 October 2021 by the UN Environment Programme (UNEP), countries have funnelled over $300 billion in funds into fossil fuel activities since the beginning of the COVID-19 pandemic, dwarfing investments made in the clean energy sector thus far.
More than 40 researchers from leading research institutes and global think tanks, including the International Institute for Sustainable Development (IISD) and the Overseas Development Institute (ODI), contributed to the report, which found that governments around the world are set to produce approximately 110% more fossil fuels in 2030 than is concordant with 1.5°C limits to global warming.
The findings come despite a number of countries across the globe setting optimistic net-zero emission targets.
“Global coal, oil, and gas production must start declining immediately and steeply to be consistent with limiting long-term warming to 1.5°C,” comments Ploy Achakulwisut, a lead author on the report and scientist at the Stockholm Environment Institute (SEI).
“However, governments continue to plan for and support levels of fossil fuel production that are vastly in excess of what we can safely burn.”
These comments have been echoed by Inger Andersen, Executive Director of UNEP. “There is still time to limit long-term warming to 1.5°C, but this window of opportunity is rapidly closing”, said Mr. Andersen.
“At COP26 and beyond, the world’s governments must step up, taking rapid and immediate steps to close the fossil fuel production gap and ensure a just and equitable transition. This is what climate ambition looks like.”
The report concludes that verifiable and comparable information detailing fossil fuel production and its support, from both governments and private companies, is critical in addressing the mounting climate crisis.
“There is still a long way to go to a clean energy future,” says António Guterres, UN Secretary General.
“It is urgent that all remaining public financiers as well as private finance, including commercial banks and asset managers, switch their funding from coal to renewables to promote full decarbonization of the power sector and access to renewable energy for all.”
