UN: "Climate Change Is Severe, but the World Is Increasing Fossil Fuel Production"

UN Environment Programme Report "Destructive Shock Approaching... Window of Opportunity Closing"

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Suhwan] As the issue of climate change caused by global warming becomes increasingly serious, a survey has found that global fossil fuel production is expected to continue rising over the next decade.

According to the British BBC on the 20th, the United Nations Environment Programme (UNEP) stated in its 2021 Production Gap report released that day, "Many major producing countries are planning to increase fossil fuel production."

According to the survey conducted by the Stockholm Environment Institute (SEI), among the world's top 15 fossil fuel producing countries, only five countries?China, Germany, Indonesia, Norway, and the United Kingdom?plan to reduce fossil fuel production by 2030 compared to 2019.

The report stated that coal production is expected to decrease somewhat, but significant increases in oil and natural gas production are forecasted.

The report pointed out, "Major producing countries intend to produce 110% more fossil fuels than the limit that should not be exceeded to keep the global average temperature rise below 1.5 degrees Celsius, as agreed in the Paris Climate Agreement. Even if the limit is set at a 2-degree rise, production would still exceed it by 45%."

By type, coal production is estimated to be 340%, oil 157%, and natural gas 171% of the target levels.

The report also estimated that the new funds invested by the Group of Twenty (G20) in the fossil fuel industry for economic recovery after the COVID-19 pandemic amount to $297 billion (approximately 348 trillion KRW).

The report evaluated, "(G20) governments have allocated more of their COVID-19 recovery budgets to clean energy, but support for fossil fuels remains greater."

However, international financing related to fossil fuel production by G20 countries and multinational development banks has sharply declined since 2017. The report stated, "About one-third of all institutions by asset size have stopped new investments in fossil fuel production activities."

Inger Andersen, UNEP Executive Director, said, "Everyone is facing the destructive impacts of climate change. There is still time to limit long-term temperature rise to 1.5 degrees, but the window of opportunity is closing rapidly."

Earlier, the Intergovernmental Panel on Climate Change (IPCC) warned that if the Earth's temperature rises more than 1.5 degrees Celsius within this century, it could pose serious risks to humanity. It also advised that carbon emissions must be reduced by 45% by 2030 compared to 2010 levels.

More than 200 world leaders will attend the 26th United Nations Climate Change Conference of the Parties (COP26) held in Glasgow, United Kingdom, on the 31st of this month to discuss climate change responses. This meeting is the largest climate change conference since the 2015 Paris Climate Agreement.

This content was produced with the assistance of AI translation services.