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Fossil Fuel Expansion Amidst Climate Crisis

Analysis of the surge in fossil fuel projects despite climate change commitments, examining financial drivers and the role of major institutions.

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Portuguese

Germany

Climate ChangeEnergy SecurityInvestmentFinanceEnergyFossil Fuels

Carbon TrackerUrgewaldInternational Energy Agency (Iea)Global WitnessOil Change International

Nils BartschNatalie JonesKatrin GanswindtFranziska MagerBen Cushing

How much money is being invested in the expansion of fossil fuel projects, and where is it coming from?: The expansion is fueled by lucrative profits from high energy prices, substantial government subsidies, and massive investments from both public and private institutions, including major banks and institutional investors.
What are the short-term and long-term plans of major oil and gas companies regarding their production levels?: While some companies plan long-term production declines, short-term increases are predominant. The International Energy Agency states that no new oil, gas, or coal projects are possible while meeting net-zero goals by 2050.
What are the main factors driving the increase in fossil fuel projects despite record emissions and extreme weather events?: Record profits in 2022, coupled with trillions in investments and expansion plans, are driving the increase in fossil fuel projects despite intensifying climate extremes.
How does the current expansion of fossil fuels align with global climate goals, and what are its potential environmental impacts?: This expansion contradicts global commitments to transition away from fossil fuels, as the current trajectory far exceeds what is compatible with achieving net-zero emissions by 2050. The increase in fossil fuel production releases enormous amounts of greenhouse gasses which worsens climate change.
What role do financial institutions play in the expansion of fossil fuel projects, and what measures could be taken to address this issue?: Financial institutions have a crucial role, as their short-term profit focus drives investment in fossil fuels despite long-term risks. Governments and investors must hold them accountable for the consequences of their actions.

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