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What is the news?
UN Environment Programme (UNEP) has recently released the Production Gap Report (PGR). The released document is the 3rd assessment of the production gap report. This report highlights the discrepancy between countries’ planned fossil fuel production levels and the global levels necessary to limit warming to 1.5°C.
About the Production Gap Report
PGR was first introduced in 2019. The report tracks how governments worldwide are supporting fossil fuel production through their policies, investments, and other measures.
What are the key findings of the Production Gap Report?
Increase in Production: All the world governments are still planning to produce more than double the fossil fuels than what the world requires to limit global warming to 1.5 °C.
These projections would lead to around 240% more coal, 57% more oil, and 71% more gas in 2030 than global levels consistent with limiting warming to 1.5 °C.
More investment in fossil fuels: There is an increase in the capital flow towards fossil fuels in comparison to clean energy in the post-Corona recovery phase.
G20 countries have channelized $300 billion to fossil fuels since the beginning of the pandemic, and the sector is still enjoying significant fiscal incentives.
Oil and gas production: There is an increase in oil and gas production in the United States, Canada, Australia, Saudi Arabia and China. But UK and Indonesia are going to decrease their oil and gas output. Denmark also decides to cancel all future licensing rounds for oil and gas, and completely phase out oil production by 2050.
Coal production: India and Russia are planning to increase their coal production. Although, China announced to end support for foreign coal plants.
Fossil Fuels: The G20 countries, have recently reduced financing for overseas fossil fuel projects.
What are the suggestions provided by the Production Gap Report?
To keep the temperature rise within limits, Global fossil fuel production must decline immediately. This should be accompanied by the decline of Global coal and oil.
Source: This post is based on the following articles:
- “Global plans on increasing fossil fuel production a bad sign for warming world: UNEP report” published in Down To Earth on 21st October 2021.
- “UNEP production gap report: Net-zero targets by countries are empty pledges without plans” published in Down To Earth on 21st October 2021.