Fossil fuel production far exceeds climate targets, UN says

The morning sun rises over a neighbourhood as a heatwave continues during the outbreak of the coronavirus disease in Encinitas, California, on Aug 19, 2020. LONDON: The world plans to produce more than double the amount of coal, oil and gas in 2030 than would be consistent with curbing global warming, the United Nations and research groups said on Wednesday in the latest warning over climate change.

Instead, countries are planning an average annual increase of 2 per cent, which by 2030 would result in more than double the production consistent with the 1.5 degrees Celsius limit, the report said. "Whether or not individual petrostates care about the physical effects of climate change, they must recognise the impact falling fossil fuel income will have on their economies and take action to diversify," he added.

US President-elect Joe Biden has promised to end US fossil fuel subsidies worth billions of dollars a year but is likely to meet resistance from lawmakers in a narrowly divided Congress, including from within his own party.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fossil fuel production far exceeds climate targets, UN saysAustralia, China, Canada and the US are among those pursuing major expansions in fossil fuel supply.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Fossil fuel pollution causes one in five deaths globally: Study
Source: TODAYonline - 🏆 1. / 99 Read more »

Big Oil hits brakes on search for new fossil fuelsTop oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exclusive: European officials urge World Bank to exclude fossil-fuel investmentsSenior officials from Europe have urged the World Bank's management to expand its climate change strategy to exclude investments in oil- and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Bank lending to fossil fuel industry down 9per cent in COVID-hit yearThe world's biggest banks cut lending to fossil fuel firms by 9per cent in 2020 as a result of the pandemic, although funding has still risen over ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »