Saturday, June 21, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » Hundreds of new oil and gas projects approved despite climate crisis

Hundreds of new oil and gas projects approved despite climate crisis

December 4, 2023
in Featured, World News
0
543
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

by Valentin RAKOVSKY, Nathalie ALONSO

More than 400 oil and gas projects were approved globally in the last two years despite calls to abandon all new hydrocarbon development, new figures showed as the UN COP28 climate talks opened Thursday.

With greenhouse gas emissions threatening to heat the planet to catastrophic levels, countries at the talks in Dubai are under pressure to agree to phase out oil, gas and coal in order to meet the Paris Agreement goal of limiting warming to 1.5 degrees.

Nearly 200 private and public corporations across 58 countries were involved in the 437 new fossil fuel projects, according to figures from the nonprofit Reclaim Finance, based on data from Rystad Energy consultants.

The data demonstrates the mismatch between the continuing exploitation of fossil fuels—responsible for most of humanity’s greenhouse gases—and the target of limiting warming.

“We are in denial about the environmental emergency and the conclusions drawn by IPCC (Intergovernmental Panel on Climate Change) scientists,” Lucie Pinson of Reclaim Finance told AFP.

The UN’s IPCC climate expert panel has said emissions need to be slashed by over 40 percent this decade to keep the 1.5C threshold in sight.

And in May 2021, the International Energy Agency (IEA) issued an explosive warning saying “no new oil and gas fields” could be approved for its pathway to net zero emissions to be met, as well as no new coal mines.

Countries agreed at Glasgow’s COP26 in late 2021 to “phasedown” coal power that does not involve emissions being captured before they go into the atmosphere.

But attempts to widen ambition to include targets on reducing oil and gas have so far met stiff opposition, despite a surge in renewable energy.

Desperate’ need

And fossil fuel expansion shows no sign of stopping.
All of the 437 new projects since 2022 have received their “final investment decision”—a key commitment where investors sanction the development and production of a new hydrocarbon field.

Once in production, they will produce oil and gas in vast quantities for years to come.

State-backed oil companies were behind 57 percent of the projects.

Some 22 percent were linked to just seven oil giants: BP, ExxonMobil, Shell, Chevron, ConocoPhillips, Eni and TotalEnergies.
Qatar alone is due to host 17 percent of the total expected future production of these planned gas and oil projects, when measured in volume.

ReadAlso

Extraction of minerals needed for Green Energy must be ‘sustainable and just’, says Guterres

Macron at COP28: ‘Nuclear energy is back’

Saudi Arabia would host 13 percent, Brazil 10 percent, the United States eight percent and this year’s COP28 host, the United Arab Emirates would have six percent.

The IEA estimates that global demand for oil and gas will peak by 2030, but oil giants argue the transition to renewables is not happening fast enough to replace fossil fuels.

ADVERTISEMENT

There is a “desperate need” for oil and gas still, said Shell CEO Wael Sawan in July.

And several European oil giants—including Shell, BP and Enel—have recently rolled back on some of their energy transition targets.

In February, BP backtracked on plans to cut its oil and gas output by 40 percent from 2019 levels by 2030, targeting a 25 percent reduction instead.

Tags: COP28
ADVERTISEMENT
Previous Post

COP28: Oil and gas firms must convert to renewables or face decline, says IEA Chief

Next Post

Nigerian Senators move against Catholic Priest Governor Alia, Accuse Him Of ‘Damaging Democracy’

You MayAlso Like

Middle-East

Trump ‘considers US strike on Iran’ after chilling warning to its supreme leader Khamenei

June 18, 2025
Europe

Nicolas Sarkozy stripped of Legion of Honour over corruption conviction

June 16, 2025
Featured

Outsourcer in Chief: Is Trump Trading Away America’s Tech Future?

June 16, 2025
Column

Nigeria’s reforms have put the country on the global economic map

June 16, 2025
Middle-East

Trump ‘vetoed plan to kill Iran’s supreme leader’

June 16, 2025
Middle-East

Iran Threatens To Target American, British, French

June 15, 2025
Next Post

Nigerian Senators move against Catholic Priest Governor Alia, Accuse Him Of ‘Damaging Democracy’

Record US oil output challenges Saudi mastery

Discussion about this post

Chief (Ambr) Uchenna Okafor Celebrates Gov. Oborevwori at 62, Lauds Grassroots-Focused Governance

Trump ‘vetoed plan to kill Iran’s supreme leader’

Co-pilot error suspected in Air India crash

No Check-In, No Shame: Fact-Check Exposes Adams Oshiomhole’s Fabricated Lies Over Air Peace

Implement Electoral Reforms Now — Dr Okobah tells FG

LEAKED: Inside The Deal That Freed Binance Executive

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1237 shares
    Share 495 Tweet 309
  • Maids trafficked and sold to wealthy Saudis on black market

    1063 shares
    Share 425 Tweet 266
  • Flight Attendant Sees Late Husband On Plane

    966 shares
    Share 386 Tweet 242
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    901 shares
    Share 360 Tweet 225
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Ryanair Boeing 737 From UK Crashes Into Barrier On Runway At Greek Airport

June 19, 2025

Chief (Ambr) Uchenna Okafor Celebrates Gov. Oborevwori at 62, Lauds Grassroots-Focused Governance

June 19, 2025

Dr. Akpoveta Hails Gov. Oborevwori on 62nd Birthday, Commends Leadership in Health Sector

June 19, 2025

Rwanda quits ECCAS amid tensions with DRC

June 19, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.