For Immediate Release
Report: G20 Countries Set to Invest Over $1.6 trillion in ‘Fossil Gas,’ Jeopardizing Paris Climate Goals
New analysis finds G20 countries are investing heavily in fossil gas in direct contradiction with Paris Agreement goals they have agreed to.
BARILOCHE, ARGENTINA - As G20 energy ministers gather in Argentina, a new report out today entitled ‘Debunked: The G20 Clean Gas Myth’ finds that G20 countries, in the absence of new policies, are set to see investment of over $1.6 trillion USD in new gas projects. If this investment takes place – and if Argentina’s Vaca Muerta shale gas reserves are developed – it would seriously jeopardize the climate goals set out in the Paris Agreement.
Despite this reality, G20 countries are projected to host investment of over $1.6 trillion USD in new gas projects by 2030. If this happens, emissions unlocked through 2050 would make it extremely difficult to meet the goals of the Paris Agreement, which has been signed by all G20 members.
Five countries – the United States, Russia, Australia, China, and Canada – are projected to be responsible for 75% of capital expenditures in gas production in G20 countries from 2018-2030.
Argentina’s push to open massive shale gas deposits to investment risks undermining its commitment to the Paris Agreement and the work of the Energy Transitions Working Group during its G20 Presidency.
This report is one of two reports published simultaneously that question the ongoing push for expanding fossil gas production in G20 countries.
This report, ‘Debunked: The G20 Clean Gas Myth,’ focuses on fossil gas development in the G20 and debunking the myth of fossil gas as a clean transition fuel. It is published by Oil Change International and available at: http://priceofoil.org/debunked-g20-clean-gas-myth
Lidy Nacpil, Coordinator of the Asian Peoples’ Movement on Debt and Development:
“The G20 presents an opportunity for economically powerful countries to debunk the dangerous myth that fossil gas can act as a bridging fuel to a low carbon future. Fossil gas is a false solution, all the more egregious when there are sustainable renewable sources of energy that are cost-effective and provide energy access for the poorest people through using indigenous wind and solar. Why ‘bridge’ when you can leapfrog to truly clean energy?”
It is endorsed by African Climate Reality Project, Amazon Watch, Asian Peoples' Movement on Debt & Development, Christian Aid, Earthworks, Engajamundo, Food & Water Europe, Food & Water Watch, Greenpeace, Health of Mother Earth Foundation, Leave it in the Ground Initiative, Legambiente, Observatori del Deute en la Globalització, Platform, Rainforest Action Network, Re:Common, Stand.earth, the UK Youth Climate Coalition, urgewald, and 350.org.
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Oil Change International is a research, communication, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the coming transition towards clean energy.