Trillions are lent for fossil extraction

Trillions are lent for fossil extraction

Twelve new giant fossil fuel oil, coal or gas projects make it virtually impossible to limit global warming to 1.5 degrees. It shows a report made by several environmental organizations from Europe and the United States.

These include new large-scale extraction of oil in the Arctic and from the deep sea off Guyana and Suriname, gas extraction in Australia and new coal-fired power plants in China.

– These 12 giant projects probably mean that we will not be able to limit global warming to 1.5 degrees, says Jacey Bingler at the German environmental organization Urgewald.

According to the report Five Years Lost The twelve fossil fuel projects together cause emissions of 175 gigatons of carbon dioxide – if they become a full-scale reality, and if emissions from the fuels produced are taken into account. That is three quarters of the carbon dioxide we can emit globally to, according to the UN Climate Panel IPCC, have a reasonable chance of limiting warming to 1.5 degrees. What is common is that the projects are built and planned according to the Paris Agreement in 2015.

– There is no room for any more fossil extraction projects in the remaining carbon dioxide budget, says Jacey Bingler.

UN Environment Program UNEP has stated that the extraction of fossil fuels must decrease every year if the 1.5-degree target is to be reached, but that the existing plans instead mean increased extraction.

In the report Five Years Lost, the environmental organizations have also examined which banks lend money to the companies in the twelve fossil projects – and how much it is about. Banks from the USA, Europe, China and Japan have lent a total of 1.6 trillion dollars.

According to Victor Galaz, researchers at Stockholm University and Stockholm Resilience Center, banks’ lending plays a role in emissions.

– To meet the climate challenge, capital must be moved away from fossil fuels to a transition. Banks play a role here, the capital that goes in, says Victor Galaz.

Hear more in Vetenskapsradion Klotet.






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