{"id":64428,"date":"2024-07-25T12:12:04","date_gmt":"2024-07-25T19:12:04","guid":{"rendered":"https:\/\/energi.media\/?p=64428"},"modified":"2024-07-25T12:12:04","modified_gmt":"2024-07-25T19:12:04","slug":"oil-and-gas-exploration-surges-despite-promised-transition-out-of-fossil-fuels","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/oil-and-gas-exploration-surges-despite-promised-transition-out-of-fossil-fuels\/","title":{"rendered":"Oil and gas exploration surges despite promised transition out of fossil fuels"},"content":{"rendered":"<p><em>This article was published by <a href=\"https:\/\/www.theenergymix.com\/oil-and-gas-exploration-surges-despite-promised-transition-out-of-fossil-fuels\/\" target=\"_blank\" rel=\"noopener\">The Energy Mix<\/a> on July 24, 2024.<\/em><\/p>\n<p>Oil and gas exploration has surged to pre-pandemic levels this year, and Canada, the United States, the United Kingdom, Australia, and Norway account for two-thirds of the new oil and gas licences since 2020, the International Institute for Sustainable Development revealed today.<\/p>\n<p>This year\u2019s increase in activity flies in the face of companies\u2019\u00a0<a href=\"https:\/\/www.theenergymix.com\/change-in-tone-has-cop-decision-moving-in-right-direction-as-negotiators-work-overnight\/\">commitment<\/a> at last year\u2019s COP28 climate summit to embrace a transition out of fossil fuels, IISD says in a release.<\/p>\n<p>\u201cThe new oil and gas field licences forecast to be awarded across the world this year are on track to generate the highest level of emissions since those issued in 2018, as heatwaves, wildfires, drought, and floods cause death and destruction globally,\u201d the Guardian\u00a0<a href=\"https:\/\/www.theguardian.com\/environment\/article\/2024\/jul\/24\/new-oil-gas-emission-data-us-uk\">reports<\/a>. IISD\u2019s analysis of Rystad Energy data shows oil and gas companies pouring more investment into exploration and development than at any time since the 2015 Paris climate agreement.<\/p>\n<p>\u201cThe 11.9 billion tonnes of greenhouse gas emissions\u2014which is roughly the same as China\u2019s annual carbon pollution\u2014resulting over their lifetime from all current and upcoming oil and gas fields forecast to be licensed by the end of 2024 would be greater than the past four years combined,\u201d the Guardian writes.<\/p>\n<p>\u201cEnding oil and gas licensing is a logical next step in the transition to clean energy,\u201d IISD policy advisor Olivier Bois von Kursk said in the release. \u201cGovernments need to put the COP28 agreement into practice\u2014particularly those with the wealth to drive investment into more sustainable sectors.\u201d<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by The Energy Mix on July 24, 2024. Oil and gas exploration has surged to pre-pandemic levels this year, and Canada, the United States, the United Kingdom, Australia, and Norway account <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/oil-and-gas-exploration-surges-despite-promised-transition-out-of-fossil-fuels\/\" title=\"Oil and gas exploration surges despite promised transition out of fossil fuels\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":64429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[2518,80,14,95,2758],"class_list":{"0":"post-64428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-cop28","9":"tag-environment","10":"tag-featured","11":"tag-fossil-fuels","12":"tag-iisd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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