Contrary to the COP28 President’s assertions, ECO knows the science is abundantly clear that warming will continue as long as we keep producing and burning fossil fuels.
ECO reminds negotiators that not only does humanity need to agree to phase out all fossil fuels, but that the phase out needs to be rooted in equity. What’s more, ECO also reminds you that when you’re in a hole, the first step is to stop digging. In our current hole of fossil fuels the first step towards phasing out fossil fuels is to stop expanding them and their infrastructure.
Yet in a time where we should urgently stop pumping fossil fuels to protect our future, a tiny club of wealthy countries that have a historical responsibility for the climate crisis are adding fuel to the fire by planning to massively expand oil and gas production and further threatening the 1.5°C limit.
Just five countries – US, Canada, Australia, Norway and the UK – are on track to be responsible for over half (51%) of new oil and gas production by 2050.
The US is responsible for over one-third of all planned oil and gas expansion, a fact ECO would like to highlight as the US just announced a measly $17.5 million for the Loss and Damage Fund, while approving $1.7 billion in public money for fossil fuel projects just in 2023 alone.
These countries have the greatest financial means and moral responsibility to lead a fast and fair global phase out of fossil fuel production. Instead, they are leading in jeopardising the global 1.5ºC goal. ECO thinks it is inexcusable for countries with high incomes and outsized historical responsibility for causing the climate crisis, to drill for more fossil fuels while claiming to be climate leaders and asking others to phase out their own fossil fuels.
If these five countries were to heed the science and halt all new oil and gas, we could prevent a staggering 100 billion tonnes of carbon pollution from entering our atmosphere, equivalent to the lifetime emissions of over 620 new coal plants!
Record heat. Deadly floods. Toxic air. It has never been clearer that we must stop burning fossil fuels if we want a safe, livable planet – and ECO very much wants that. And yet, the fossil fuel industry and its government enablers are extracting more and more gas and oil, expanding its business, lying to us and feigning climate leadership, and raking in deadly profits. This has to stop.
Fossil fuel phase out is not a pipe dream, it’s happening: countries in the Beyond Oil and Gas Alliance and those seeking to negotiate a Fossil Fuel Non-Proliferation Treaty are taking the right steps to keep oil and gas in the ground – including fossil fuel dependent countries like Colombia. This leadership must become the norm.
At COP28, countries must agree to immediately stop new fossil fuel expansion, and build a fast, full, fair, and funded phase out of all fossil fuels while rapidly phasing in renewables. Governments will need to tackle fossil fuel production and use as well as deploy renewable energy at scale if they want to meet their own goal of limiting warming to 1.5°C – with no loopholes for abatement technologies like carbon capture and storage.